Florida's property insurance market improves due to new insurers, rate hike decline, and lawmaker efforts.
A recent report by Florida's Insurance Commissioner, Michael Yaworsky, indicates the state's property insurance market is improving, with the entry of new insurer Trident Reciprocal Exchange, Progressive Insurance's commitment to the state, declining rate hike requests and 768,692 Citizens policies targeted for private insurance offers. Additionally, lawmakers are working to create a level playing field to attract more insurers. The report highlights a decline in requests for rate hikes, with 12 companies seeking a rare decrease, and 24 considering zero rate increases.
August 12, 2024
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