Transformative Litigation Reforms Lead to Lower Costs for Florida Homeowners
TAMPA, Fla., July 2, 2024 /PRNewswire/ — American Integrity Insurance, Florida’s premier residential property insurer, announces a significant rate reduction of 6.9%, benefiting more than 55,000 customers. Additionally, nearly 215,000 homeowners will enjoy stable rates, with no increases following the annual filing set for mid-July 2024.
This rate reduction is a direct result of groundbreaking legislative reforms enacted in late 2022 and early 2023, which have effectively curbed the rampant roof claim and litigation abuse that plagued the industry. “Historic legislative reforms have begun to dismantle the costly ‘tort tax’ that consumers have shouldered for years,” stated Bob Ritchie, President and CEO. “With these unnecessary costs diminishing, we are looking forward to passing the savings directly to our policyholders.”
For nearly a decade, frivolous claims and litigation drove Florida’s property insurance market to the brink. The enactment of SB 2A in December 2022 marked a turning point by eliminating one-way attorney fees and the assignment of benefits. These crucial changes have curtailed the predatory practices of “billboard attorneys” who exploited regulatory loopholes for personal gain.
Jon Ritchie, Chief Operating Officer, expressed deep gratitude for the legislative champions behind these reforms. “We extend our heartfelt thanks to Governor DeSantis, former Senate President Kathleen Passidomo, and former House Speaker Paul Renner for their unwavering commitment to restoring Florida’s property insurance market. These reforms are paving the way for a more affordable and sustainable future for both insurance customers and companies.”
Market Leadership and Commitment to Excellence
As a leading Florida residential property insurer, American Integrity Insurance prides itself on its market leadership, innovation, and unwavering commitment to its agents, policyholders, and employees. Our dedicated team works tirelessly to provide exceptional service, ensuring peace of mind and financial security for Florida homeowners. This rate decrease underscores our ongoing commitment to enhancing customer value and supporting the health of Florida’s property insurance market.
With the substantial decrease in litigation-related costs, American Integrity Insurance is optimistic about the future. “Absent significant hurricane activity, we anticipate that the trajectory of rate increases will continue to flatten,” Jon Ritchie added. “This creates a more stable and affordable market, ensuring that our customers receive the best possible protection at competitive rates.”
About American Integrity Insurance
American Integrity Insurance is Florida’s premier residential property insurer, dedicated to protecting homeowners with innovative and reliable coverage options. Our mission is to deliver exceptional service and value to our policyholders, ensuring peace of mind and financial security. We are committed to market leadership, excellence, and the well-being of our agents, policyholders, and employees.
For more information, please visit the company’s website at www.aiiflorida.com, call 866-968-8390, or connect with the company on Facebook, Twitter, LinkedIn, or Instagram.
Media Contact:
Toni Logan
[email protected]
813-512-6672
SOURCE American Integrity Insurance Group
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