Florida — Governor DeSantis announced the reductions during an event in Davie, adding that most policyholders statewide will get lower premiums, averaging nearly nine percent.
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Gov. Ron DeSantis, spoke alongside Insurance Commissioner Mike Yaworsky, & Chief Financial Officer Blaise Ingoglia, announcing a critical series of insurance rate reductions earlier today.
The upcoming cuts, especially in South Florida, are slated to target policyholders of Citizens Property Insurance, the state’s insurer of last resort.
A statewide average reduction of 8.7% is expected take effect for renewals this spring.
Also, the state has seen a “remarkable reduction” in loss ratios, with auto insurance liability falling to the lowest in the nation at 53.3%.
For the Tampa Bay area, reductions are expected to land between: five & seven percent on average.
During the conference earlier in Davie, the Governor touted the expected insurance cuts, “The vast majority of policyholders will receive a significant reduction.” Which includes over 150,000 citizens who will see their rates drop by more than 10%.
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