State's Insurance Rates Finally Dropping

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A statewide report revealed that Florida's insurance rates are finally declining. Ironically, the report from the state's Insurance Commissioner Kevin McCarty was released less than a month after a national report found Floridians paying the highest homeowner insurance rates in the country. A report by the National Association of Insurance Commissioners found that the average premium for most Florida homeowners is $1,933 a year, or nearly twice the national average of $978.

McCarty released a copy of his report to Chief Financial Officer Jeff Atwater, who had previously complained about Florida’s high insurance rates. Atwater asked McCarty for a detailed review of why insurers weren’t lowering rates since the cost of reinsurance – a kind of insurance for insurers – has been going down.

NBI Properties, Inc. and NBI Residential co-founder Jayme Nabors said lower rates will be welcomed by property owners who have complained about high insurance rates for years.