Florida approves 12.8% average cut in renters insurance rates

Florida Insurance Commissioner Mike Yaworsky has approved an average 12.8% reduction in renters insurance rates for more than 120,000 policies issued by American Modern Home Insurance Company. The rate decrease applies to HO-4 policies and is scheduled to take effect on October 11 for both new policies and renewals.

The reductions vary by location, with over 30 counties seeing average cuts between 13.1% and 13.9%. Significant decreases are expected in Orange County at 13.4% and Broward County at 13.8%.

HO-4 policies provide coverage for a tenant’s personal belongings against risks such as fire, theft, and vandalism, as well as personal liability protection. These policies do not cover the physical structure of the rental property, which remains the responsibility of the landlord.