Florida insurance company Heritage Property announces rate decrease

Heritage Property and Casualty Insurance announced significant rate reductions for Florida policyholders, with some customers seeing savings of nearly 10% starting in February 2026.

The Tampa-based insurance company received approval from the Florida Office of Insurance Regulation for rate decreases of up to 9.6% in some counties. On average, Heritage policyholders will see a 3.3% decrease in their rates.

The new rates will become effective for both new and renewal policies starting February 18, 2026. This marks the second rate decrease Heritage has received in two years, following a 3.3% rate reduction approved in August 2024.

In Lee County, the average Heritage customer will see rates drop by about 6.4%.

The company attributed the rate decrease to recent legislation passed following Hurricane Ian that reduced fraud and lawsuits in the insurance market.

"This rate decrease is an important change for our Florida policyholders and a sign of our continued commitment to affordable and reliable insurance solutions," CEO Ernie Garateix said.

"The approval of this rate decrease also demonstrates how the reforms Florida has made to its insurance market are paying off. Most importantly, we are putting Floridians first and supporting the communities who rely on us."

Last year, the state fined Heritage $1 million because of how customers were treated after Hurricane Ian.

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