Jessie Pate’s Post

Florida's insurance market continues to show signs of stabilization. Security First Insurance, one of the state's largest property insurers, has announced an 8% average statewide rate decrease, following similar reductions by other carriers after Florida's 2022 insurance reforms. This move could bring some long-awaited relief to policyholders, signaling improving conditions within a market that has faced years of volatility. Read more about the implications for homeowners, insurers, and the future of Florida's property insurance market: https://lnkd.in/eVCSvvGT #BoggsLawGroup #FloridaInsurance #InsuranceReform #InsuranceLaw #HomeInsuranceUpdates #PolicyholderRights #FloridaHomeowners #InsuranceMarket #InsuranceNews #LegalInsight #PropertyDamageLaw

Florida Auto Policyholders to Receive $1 Billion in Refunds, while Homeowners Start Seeing Relief Governor Ron DeSantis announced nearly $1 billion in auto insurance refunds for Floridians, thanks to sweeping reforms driving down rates and restoring market confidence. With litigation declining and new auto and homeowners insurers entering the market, Florida’s insurance landscape is transforming—delivering real savings to both homeowners and drivers. https://lnkd.in/eP_U53DD

RT Specialty, a major insurance wholesaler, had a recent fall update with highlights on what insurance brokers are seeing: The property market is continuing to soften and it's carrying momentum into 2026. Catastrophe-exposed property rates are actually down ~8% after adjusting for higher replacement cost values and inflation. Despite the wildfire and severe convective storm losses, reinsurers remain profitable and capitalized. There is more property capacity everywhere, even coastal. Markets that pulled out back in 2021 - 2023 are actively re-entering the market putting downward pressure on pricing. However, the liability market is the exact opposite. Casualty carriers are dealing with higher claim severity, rising legal costs, and big jury verdicts. This is driving the push for 5-15% rate increases going into 2026. Challenging risks will remain difficult, but carriers are aggressively going after clean, loss-free accounts. Heading into 2026, those who are taking advantage of the softer property market while staying smart on casualty will see favorable premium decreases. I'm looking forward to delivering more good news and helping my clients benefit from these trends. Reach out if you want to make sure your next acquisition or renewal is insured correctly and competitively! https://lnkd.in/gq4ChzN2

The WSJ reports that home insurance is up 50% and auto up 42% since 2020, while overall consumer prices rose just 26%. Politicians in Illinois, Louisiana, and New York are responding with price caps and rate restrictions. It can even get personal: A billboard on an interstate highway in Louisiana attacks the state insurance commissioner as "Trust Fund Tim." Soaring costs always present a challenge in customer experience. Carriers are making actuarially sound decisions based on catastrophic losses and reinsurance costs. But if customers can't understand why their rates are increasing—at the precise moment they're deciding whether to renew—trust evaporates. Our Property & Casualty Insurance Monitor research shows that insurers can soften the blow of these rate increases with better communication around policy renewals. With customer acquisition costing nine times more than retention, you'd think insurers would excel at renewal communication. They often don't. What we found in our report on policy renewal: - Renewal messaging is inconsistent across policyholder sites - Only 73% of carriers alert policyholders on their homepage about upcoming renewals - Few insurers incorporate robust educational resources into renewal messaging - Promotion of renewal documents varies widely We did like aspects of how certain firms handled policy renewal: - Allstate offers abundant renewal messaging across its policyholder site and allows users to set additional communication preferences - Liberty Mutual Insurance provides a policy comparison tool on the Your Renewal Policy page that clearly lists current versus renewal coverage costs and premiums The renewal moment is where retention is won or lost. Carriers that invest in transparency, proactive education, and tools that help customers understand their options will weather this crisis. Those that treat renewal as an administrative formality will face both customer defection and regulatory backlash, and maybe even a billboard or two. Our research shows the playbook exists—most insurers just aren't using it. Want to see how your renewal experience compares to industry leaders? Let's talk. https://lnkd.in/ek6zrm_a #Insurance #CustomerExperience #PropertyCasualty #PolicyRenewal #FinancialServices

IMPORTANT UPDATE: For Louisiana Homeowners: The Louisiana Department of Insurance is introducing Regulation 136—Fortify Homes Premium Discounts. This new regulation requires all property and casualty insurers in Louisiana to offer premium discounts or rate reductions for homes built or upgraded to the fortified standards set by the Insurance Institute for Business and Home Safety. What does this mean for you? If your home is constructed or improved to meet these fortified standards, you may be eligible for lower insurance premiums or discounts on your property coverage. Regulation details and official information can be found directly through the Louisiana Department of Insurance. For questions about your eligibility or to review your current policy, contact TruvaLink Insurance Agency at (813) 492-2535 or visit truvalinkinsurance.com. We’re licensed to serve clients in all 50 states and can help you navigate these changes.

The American Property and Casualty Insurance Association (APCIA) recently held its annual meeting, addressing key industry challenges, including affordability and availability issues, as well as abuse within the legal system. A key focus of the meeting was emphasizing trust as the foundation of the insurance industry, and strategies to bring it back to the forefront. Dive into the full details of the meeting at https://zurl.co/nk5J7 #APCIA #InsuranceIndustry

Charley Todd of Charley Insurance and Oscar Seikaly of NSI Insurance Group say the real challenge in today’s hard market lies in post-loss communication, expectation-setting, and navigating emotional fallout when coverage doesn’t respond. https://hubs.la/Q03RDFy90

This article breaks down how inflation is reshaping commercial property insurance—from rising replacement costs to evolving coverage strategies. A must-read for property owners, managers, and anyone navigating today’s insurance landscape. #InsuranceInsights #CommercialCoverage #InflationImpact #RiskManagement #GoldsboroBusiness http://pbynd.cc/bux5r

🌴 Finally, some good news for Florida policyholders! After years of steep premium increases, a few private insurers are starting to reduce rates — a promising sign that Florida’s insurance reforms are working. As someone who follows this space closely, it’s encouraging to see early signs of stabilization across both home and auto markets. 🏡 Home Insurance Relief: Florida Peninsula Insurance Company recently filed for an 8.4% average decrease on homeowners’ policies and a 12% reduction for condo policyholders. 🔗 Insurance Journal article Security First Insurance Company announced a 5.2% drop for homeowners (HO-3) and a 5.9% cut for renters’ (HO-4) coverage. 🔗 Insurance Journal source 🚗 Auto Insurance Movement: GEICO filed for a 10.5% reduction, and Progressive followed with an 8.1% decrease for Florida drivers. 🔗 Carrier Management article The Florida Office of Insurance Regulation also reported an average 6.5% rate drop among the state’s top auto insurers. 🔗 FLOIR Bulletin 💡 Why these matters: These changes reflect a healthier underwriting environment — less litigation, more stability, and (finally) some relief for Floridians who’ve weathered record rate hikes in recent years. If you’re a Florida homeowner or driver, it may be worth reviewing your renewal documents to ensure you’re benefiting from these rate updates.

🏠 New infographic highlights continuing property insurance crisis 🏢 According to data collected from more than 43,000 comprehensive property assessments, only a worrying 7% of UK properties are insured accurately, with 70% of properties underinsured and 23% overinsured.