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
tlogan@aiiflorida.com
813-512-6672
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SOURCE American Integrity Insurance Group