Insurance Premium Reductions About to Start

Those discounts you've been hearing about on your homeowner's insurance are about to become a reality.

The state Office of Insurance Regulation this week ordered every company that insures homes in Florida to recalculate their rates by the middle of next month.

The lower rates required by last month’s special legislative session should start taking effect in June with new policies or renewals.

Spokesman Bob Lotane says look for anywhere from five to 30 percent less than your current bill. “We expect even possibly more savings down the road. They’re going to file this now based on what we know now, but once insurers get their actual, what’s called reinsurance programs in, we expect that some of those rates are going to decline some more and they’re going to have to pass those along."

Lotane went on to say, "They passed those increases along over the past few years as we well know. They’re going to have to pass those decreases along as well. And there may be further decreases down the road.”

Insurance companies can refuse to adopt the discount required by the Office of Insurance Regulation. But they would have to provide sworn statements of top executives explaining why they’re unable to comply, and justify the higher rates they say they need.

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