Relief: Florida Insurance Company Announces a Statewide 2% Average Reduction in Homeowner Premiums
Inflation in Florida has been crushing us all, so it comes as a very welcome surprise that one Florida insurance company plans to lower their homeowner premiums. As a Southwest…
Inflation in Florida has been crushing us all, so it comes as a very welcome surprise that one Florida insurance company plans to lower their homeowner premiums. As a Southwest Florida homeowner that has seen more than my fair share of hurricanes, Florida insurance only goes up, right? I did not expect this.
The news of a reduction in premiums comes fresh off the heels of an article from Newsweek that alleges "Florida's Inflation Crisis Is Spiraling out of Control." In the article they state that Florida's inflation rate is currently at 3.9%, much higher than the national number of 3.4%. I believe it. I also believe the root causes of Florida's inflation outpacing the rest of the country is simple. Housing and insurance.
Florida Peninsula Insurance Company announced today a 2% statewide rate reduction for homeowner and condo policies. The updated rates will be implemented for new customers effective on July 15th and for renewals on August 1st. This homeowner's insurance premium decrease is due in part to the recent legislation changes as well as Florida Peninsula Insurance's analyst team, which has identified opportunities where additional savings can be passed on to the insureds making this the right time for a rate reduction.
"We are happy to be able to offer this reduction to Florida residents. The industry is showing indications of stabilization thanks to the hard work of our state legislators," said Clint Strauch, President of Florida Peninsula Insurance.
Why this Florida insurance statement means a lot.
Let's take this for what it is. Sure, if you're currently paying $4,000 a year for your homeowner premium this will save you around $80. The big picture? They don't plan on raising rates again this year.
I have Florida Peninsula Insurance on my home in Southwest Florida, and it renews this fall. Now, instead of bracing myself for huge increases like I did last year, I can look forward to a decrease. Also, the flood maps have been redrawn and I'm no longer in Flood Zone AE. Because my bank handles my insurance payments, my mortgage may actually go down next year. (!!!)
*I mentioned that I have a homeowners policy from Florida Peninsula only in full disclosure. I do not endorse their company, nor do I receive any special discounts. Actually, I'm hoping that other Florida insurance companies will make similar announcements, soon.
Let's not forget what we went through less than 2 years ago. Start making plans for this year's hurricane season.
The entire Bonita Beach area of Bonita Springs area is absolutely destroyed. Our entire Southwest Florida area is reeling from Hurricane Ian. Most of us are without power and internet. We have limited cell and text messaging available. Many of you reading this are from outside of our area, so if can help:
We are currently live and taking phone calls and texts 98.1 FM, 106.3 FM, and 96.1 FM. You can also steam via the B103.9, 96K-Rock, ESPNSWFL, and Sunny1063 apps. To hear the broadcast in Spanish, tune to 99.3 fm or via the Playa99.3 app.
Hurricane Ian made landfall near Cayo Costa, an island off the coast of Fort Myers, just after 3 p.m. on Wednesday. With Ian, came 150 mph winds, the fifth-strongest hurricane to make landfall in the U.S. According to ABC News, “Ian then made a second landfall 90 minutes later, still as a Category 4 storm with 145 mph winds, just south of Punta Gorda, near Pirate Harbor.”
While the efforts to restore Southwest Florida's beaches will be a years long recovery, our whole area is suffering greatly. The causeway to Sanibel collapsed and the docks sustained heavy damage, making the island only accessible by helicopter. There’s some areas where we don’t even know yet the extent of the damage. As you'll see in the pictures, law enforcement is limiting access to certain areas.
Bonita Springs will rebuild. But this is going to take a long time.
Florida's Southern Gulf Coast Continues Clean Up Efforts In Wake Of Hurricane Ian
BONITA SPRINGS, FL - OCTOBER 01: A storm damaged Bentley rests against a tree in the wake of Hurricane Ian on October 1, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon. (Photo by Sean Rayford/Getty Images)
Florida's Southern Gulf Coast Continues Clean Up Efforts In Wake Of Hurricane Ian
BONITA SPRINGS, FL - OCTOBER 01: John Vest looks at his storm damaged business, Capt. Johns Subtropic Charters, at Fish Trap Marina on October 1, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: People walk along the beach looking at property damaged by Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. The storm made a U.S. landfall on Cayo Costa, Florida, and brought high winds, storm surges, and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A man retrieves a mop bucket among debris on the Beach caused by Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. The storm made a U.S. landfall on Cayo Costa, Florida, and brought high winds, storm surges, and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: People walk along the beach looking at property damaged by Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. The storm made a U.S. landfall on Cayo Costa, Florida, and brought high winds, storm surges, and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: People walk along the beach looking at property damaged by Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. The storm made a U.S. landfall on Cayo Costa, Florida, and brought high winds, storm surges, and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: People walk along the beach as a helicopter flies by after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. The storm made a U.S. landfall on Cayo Costa, Florida, and brought high winds, storm surges, and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Debris is strewn across the beach caused by Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. The storm made a U.S. landfall on Cayo Costa, Florida, and brought high winds, storm surges, and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Docs Beach House after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A man talks in the phone outside Docs Beach House after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Muscle cars sit in front of a home after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A storm damaged truck after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A Jeep door rests on a sand covered driveway after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A man walks through a hole in a wall caused by storm surge after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A storm damaged home after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Florida's Southern Gulf Coast Continues Clean Up Efforts In Wake Of Hurricane Ian
BONITA SPRINGS, FL - OCTOBER 01: People talk near boats resting on a sidewalk on October 1, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Vehicles float in the water after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Storm damaged vehicles after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Jason Crosser, left, and his wife, Erica Crosser sit outside Jasons storm damaged business, 8-Bit Hall of Fame, after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Crosser said he had $2 million dollars in inventory but is only insured for $150,000. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: Boats are strewn about after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A storm damaged floating dock is raised in the air after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A boat blocks a road after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A storm damaged building after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: People walk along a sidewalk blocked by boats after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 29: A storm damaged building after Hurricane Ian on September 29, 2022 in Bonita Springs, Florida. Hurricane Ian brought high winds, storm surge and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Jordan Reid walks past storm debris in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Motorists wait in traffic to access gulf beach communities in Bonita Springs, Florida in the wake of Hurricane Ian on September 30, 2022. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Storm debris and an upended boat litter the mangroves in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Storm debris litters a mangrove in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: A partially sunk boat rests near an upended dock in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: People walk along a sand covered road in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: A storm damaged car sits among debris in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Michael Figueroa, left, and Chase Martinicchio catch a ride out of a beach community in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The hurricane brought high winds, storm surges and rain to the area causing severe damage. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Kristie Reid, left, Chase Martinicchio and Chase Martinicchio carry belongings out of their beach community in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon causing severe damage due to heavy rain, high winds and storm surges. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Lance Martinicchio photographs storm-damaged property in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon causing severe damage due to heavy rain, high winds and storm surges. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Storm damage in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon causing severe damage due to heavy rain, high winds and storm surges. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: Lance Martinicchio points to where a home once stood in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon causing severe damage due to heavy rain, high winds and storm surges. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: A Jeep rests among storm debris in the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon causing severe damage due to heavy rain, high winds and storm surges. (Photo by Sean Rayford/Getty Images)
Hurricane Ian Slams Into West Coast Of Florida
BONITA SPRINGS, FL - SEPTEMBER 30: A police officer checks for identification as cars approach a beach community the wake of Hurricane Ian on September 30, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon. (Photo by Sean Rayford/Getty Images)
Florida's Southern Gulf Coast Continues Clean Up Efforts In Wake Of Hurricane Ian
BONITA SPRINGS, FL - OCTOBER 01: A man carries boots past motorists waiting for a resident identification checkpoint in the wake of Hurricane Ian on October 1, 2022 in Bonita Springs, Florida. The category four storm made a U.S. landfall on Cayo Costa, Florida Wednesday afternoon. (Photo by Sean Rayford/Getty Images)
