Heritage Insurance Holdings, a super-regional property and casualty insurance holding company, has received approval from the Florida Office of Insurance Regulation for a 3.3% rate decrease for its Florida homeowner’s (HO3) business. This rate reduction comes as a result of positive changes in Florida’s laws, such as the elimination of one-way attorney fees and other unfair claims practices.
Recent reforms have led to improved loss trends and a more stable reinsurance market in the state of Florida. This has enabled Heritage to pass on savings to its policyholders while maintaining or even improving its profit margins. Ernie Garateix, the CEO of Heritage Insurance, emphasizes the company’s commitment to providing affordable and reliable insurance solutions in Florida.
Garateix credits the rate decrease to 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. He highlights the company’s dedication to offering essential homeowners insurance and maintaining a high level of service for its customers. The rate decrease reflects broader industry trends towards improved risk management and favorable loss ratios, resulting in reduced costs for insurers and policyholders. Additionally, it demonstrates Heritage’s strong financial position and its ability to adapt efficiently to market conditions.