Jessie Pate, a realtor with Counts Real Estate Group, Inc., has indicated that Florida Peninsula is seeking approval for significant insurance rate cuts that could ease costs for homeowners and condo owners. This statement was made on LinkedIn.
“Good news for Florida homeowners + condo owners,” said Pate, according to LinkedIn. “Florida Peninsula is asking regulators to approve biggest rate cuts in its history. -8.4% for homes and -12% for condos, possibly starting Oct. 31. Relief could finally be on the way after years of rising insurance costs.”
According to Insurance Journal, Florida Peninsula has filed for its largest-ever rate cuts, 8.4% for homeowners and 12% for condo owners. This move is supported by state reforms aimed at reducing litigation and stabilizing the insurance market. Acentria Insurance said that this marks a significant shift following years of rapid premium growth, offering “meaningful premium savings to tens of thousands of Florida households.” Regulators are likely to approve these reductions, which directly counterbalance prior increases secured by the company.
Best’s Review and the Florida Office of Insurance Regulation (OIR) report that these exchanges are helping stabilize the state’s insurance market. Since 2017, at least 21 new reciprocal insurance exchanges have been launched in the U.S., nearly half in Florida, boosting competition in a catastrophe-prone market. Reciprocals, owned by policyholders, allow faster surplus growth and potentially lower premiums. Florida regulators approved new entrants like Trident Reciprocal and Condo Owners Reciprocal, showing support for diversification and capacity expansion.
Conning reports that seven new reciprocal exchanges backed by $1.7 billion in capital have recently entered Florida’s insurance market. Many grew rapidly by renewing existing books and assuming Citizens Property Insurance policies. This capital influx expands consumer choice and reduces Citizens’ risk concentration, creating a healthier insurance environment. According to Conning and the Florida OIR, reciprocals have been instrumental in stabilizing capacity and restoring balance to the market.
Pate is also a Loan Consultant at New American Funding based in Panama City Beach, Florida. She specializes in first-time homebuyers, condos, and single-family homes, representing both buyers and sellers with a focus on patience, dependability, and clear communication. Pate earned a Bachelor of Arts in Professional Communication from Florida State University in 2007 and has worked in real estate since 2014. Her official bio states she is known for her client-focused service and commitment to helping people achieve homeownership.
