ORLANDO, Fla. — State officials have released new details about Florida’s troubled homeowners insurance marketplace.
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The state’s Office of Insurance Regulation reports that 19 insurance companies are seeking a rate decrease or no increase this year.
However, experts say this does not mean you may pay less because inflation can add 3% to 8% percent to your premium.
Read: This property insurance company wants to raise premiums by 53% in Florida
“The inflation factor was instituted years ago in order to keep pace with the cost of reconstruction. So, as buildings are more expensive to rebuild, the carrier put that in so they could keep pace with what’s going on,” said Robert Norberg, president of the Independent Insurance Agents of Palm Beach County
Officials said it is possible more insurance companies could be added to the list.
Read: Florida property insurance costs in 2023 saw double-digit increases
See more in the video above.
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