Florida reveals new insurance rate drops effective this month

On Thursday, the Florida Office of Insurance Regulation announced new rate drops approved for insurance companies in the state — effective this month.In a release, state officials said more than 800,000 Florida homeowners will receive rate decreases in their new policies or renewals, with some drops measuring up to 12.1%.Florida Insurance Commissioner Mike Yaworksy highlighted the following rate decrease requests this month:CompanyPolicy TypeDecreaseConsumersEffective DateCypress P CHO3, HO6-12.1%64,300Oct. 1Manatee Insurance ExchangeHO6-3.5%3,850Oct. 1Kin InsuranceHO3-3.4%99,800Oct. 8Castle Key IndemnityHO6-12%51,580Oct. 11Castle Key IndemnityHO6-10.3%4,700Oct. 11Universal P CHO3, HO4, HO6, HO8-5%512,000Oct. 16Security FirstHO6-7.3%17,300Oct. 20Mangrove InsuranceHO3-5.6%4,000Oct. 27Olympus InsuranceHO3, HO6-0.1%66,800Oct. 31The OIR also revealed that several rate decrease requests are pending that are slated to take effect in November, December and January, including another 450,000 F