Florida insurance rates drop again as AAA...

Florida drivers and homeowners are getting relief on their insurance bills as AAA announced it has filed a fourth rate decrease this year.

If approved, those adjustments would take effect early next year. AAA said it has lowered auto premiums by more than 15% and homeowner's premiums by 5%. That has resulted in more than $70 million in savings statewide.

"AAA is proud to be part of the positive shift in Florida's insurance market," said Jennifer Pintacuda, President of AAA's Florida-based insurance providers.

"As the claims environment becomes more predictable, we're able to pass meaningful savings along to our members, delivering more affordable coverage when it matters most. And we're not done yet. As market conditions continue to improve, AAA expects to extend this rate relief into 2026 and beyond," Pintacuda said.

The move is part of an ongoing trend in the state's insurance marketplace. In October, Progressive Insurance announced it would refund nearly $1 billion to Florida drivers. Days later, State Farm filed to lower auto rates for drivers by 10% statewide.

Mark Friedlander with the Insurance Information Institute said the reductions are due in large part to insurance reforms passed in the wake of Hurricane Ian that cut down on lawsuits.

"Now, the true test is, are our rates going to go down? The answer is yes. We look at data all across the country and there's no other state that's seeing this type of relief," Friedlander said.

Insurance companies reported $954 million in net income in 2024, while in 2022, the same year as Hurricane Ian, insurance companies reported a $741 million loss in the Sunshine State.

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