Commissioner Mike Yaworsky Approves an Average -12.8% Rate Decrease for More Than 120,000 Rental Insurance Policies, Effective this Month
TALLAHASSEE, Fla.—Florida Insurance Commissioner Mike Yaworsky is approving major rate decreases for rental insurance policies that will be effective this October. American Modern Home Insurance Company is now approved for an average -12.8% rate decrease for HO-4 policies, affecting approximately 121,898 exposures. The rate change will be effective starting Oct. 11 for new policies and renewals.
Commissioner Mike Yaworsky said, “The Office of Insurance Regulation is approving major rate decreases across the board, including decreases in insurance for our Florida renters. We are working hard to get rates down for all policies and we will continue to reach out to companies and ask them to do more. Stay tuned!”
Some tenant policyholders of American Modern Home may even see higher rate decreases than the -12.8% average. Policyholders in over 30 of Florida’s counties will have an average rate change ranging from -13.1% to -13.9%. The company’s highest concentration of business is in Orange and Broward counties with rate change averages of -13.4% and -13.8%.
An HO-4 policy, widely referred to as renter’s insurance, is designed specifically for individuals living in rented homes, apartments, or condominiums. The policy provides essential protection for a tenant’s personal belongings against covered risks such as fire, theft, vandalism, etc. In addition to protecting personal property, an HO-4 policy provides personal liability coverage that helps safeguard tenants if someone is injured within the rented space or if the tenant accidentally causes damage to another party’s property. An HO-4 policy does not cover the physical structure of the building itself, which remains the sole responsibility of the property owner or the landlord through their property insurance.
OIR also recently announced rate decreases for homeowners. Commissioner Yaworsky approved four companies to decrease rates that will be effective at renewals. For more information, click here.
For highlights on Florida’s insurance market, click here.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
