TALLAHASSEE, Fla. — Florida enacted sweeping reforms to stabilize insurance markets and provide relief to consumers.
Today in Davie, officials announced that Citizens Insurance customers will see an average rate reduction of 8.7% statewide, with South Florida policyholders benefiting from an average reduction of 13.4%.
The reforms aim to curtail legal abuse and ensure the stability of Florida’s insurance markets, directly benefitting homeowners and auto insurance policyholders across the state. Citizens Insurance, the state’s largest insurer, is leading the charge with significant rate cuts.
Citizens Insurance customers will experience an average statewide rate reduction of 8.7%.
In South Florida, policyholders will see a 13.4% reduction, alleviating some financial pressure on homeowners.
Additionally, Peninsula is reducing homeowners’ insurance rates by 8.2%, further contributing to the downward trend in insurance costs.
State Farm is also reducing auto insurance rates by 10%, helping consumers save on their auto premiums.
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