Some homeowners insurance companies are reducing rates in Florida

We have a new details on homeowners insurance rates right here in Florida. The state's Office of Insurance Regulation reports 19 insurance companies are either staking a rate decrease or no increase at all this year. These are the nine companies that have filed to lower their rates. Meanwhile, the state says these ten companies are not asking for any increase. However, experts say this does not mean you may end up paying less because inflation can't add 3 to 8% to your premium. The inflation factor was instituted years ago to in order to keep pace with cost of reconstruction. So as you know, buildings were more expensive to rebuild. The carrier put that in so they could keep pace with what's going on. It's possible more insurance companies could be added to that list as well.