Heritage Insurance Holdings, Inc. announces approved 3.3% rate decrease for property and casualty insurance in Florida

Press release from Heritage Insurance Holdings, Inc.

TAMPA, Fla. – Heritage Insurance Holdings Inc. (NYSE: HRTG) (“Heritage” or the “Company”), a super-regional property and casualty insurance holding company, is pleased to announce that the Florida Office of Insurance Regulation has approved a 3.3% rate decrease for its Florida homeowner’s (HO3) business. This new rate will become effective for both new and renewal policies starting August 20, 2024.

This rate decrease is reflective of the positive impacts of the Florida legislative changes that eliminated one-way attorney fees and reduced other abusive claims practices, improving loss trends, and the stabilization of the reinsurance market. These positive developments have enabled Heritage to pass savings on to its policyholders while expecting its margins to remain stable or continue to improve.

“Our commitment to providing Florida with affordable and reliable insurance solutions remains steadfast,” said Ernie Garateix, Chief Executive Officer of Heritage Insurance. “The approved rate decrease is a testament to our efforts in effective risk management and strategic underwriting practices, as well as the favorable impact of legislative changes made in the 2022 special session of the Florida legislature. We are dedicated to offering our customers essential homeowners’ insurance while maintaining the high level of service they expect from us.”

The rate decrease aligns with recent industry trends where enhanced risk management and favorable loss ratios have contributed to lower costs for insurers and policyholders alike. This adjustment is also indicative of the Company’s robust financial health and its ability to adapt to market conditions efficiently.