Heritage Insurance Holdings, a super-regional property and casualty insurance holding company, recently announced a 3.3% rate decrease approval from the Florida Office of Insurance Regulation for its Florida homeowner’s (HO3) business. This rate reduction is a result of positive changes in Florida’s laws, including the elimination of one-way attorney fees and other unfair claims practices.
After facing challenges for years, reforms in the state have led to better loss trends and a more stable reinsurance market. As a result, Heritage can now pass on savings to its policyholders while expecting its profit margins to remain steady or even improve. Ernie Garateix, Chief Executive Officer of Heritage Insurance, expressed the company’s commitment to providing affordable and reliable insurance solutions in Florida.
The approved rate decrease is seen as a testament to Heritage’s efforts in effective risk management and strategic underwriting practices, as well as the positive impact of legislative changes made in the 2022 special session of the Florida legislature. Garateix emphasized that the company is dedicated to offering essential homeowners insurance while maintaining a high level of customer service.
This rate decrease reflects broader industry trends, where improved risk management and favourable loss ratios have led to reduced costs for both insurers and policyholders. It also highlights Heritage’s strong financial position and its ability to respond efficiently to market conditions. Overall, Heritage Insurance Holdings is focused on providing quality insurance solutions to its customers in Florida while adapting to changing market dynamics.