Florida Peninsula Insurance, one of the state’s largest private property insurers, revealed last week that it was looking to significantly lower insurance premiums for its roughly 170,000 policyholders.
The company has filed a request with the Florida Office of Insurance Regulation seeking approval of a statewide average decrease of 8.4% for homeowners’ premiums and a 12% reduction for condominium owners.
Experts suggest that Peninsula’s planned rate cut might be an early indicator that Florida’s distressed insurance industry is finally on the road to recovery.
Legislative reforms made in late 2022 have contributed to a measurable drop in frivolous lawsuits and inflated claims. As a result, there is a significant increase in the number of new companies competing in Florida and existing insurers have increased their capacity in the market.
Source: realtor.com
Mortgage Rates
Level Off
The 30-year fixed-rate mortgage remained flat this week. Over the summer, rates have come down and purchase applications are outpacing 2024, though a number of homebuyers continue waiting on the sideline for rates to further decrease.
