Florida-based residential property insurer American Integrity Insurance announced a 6.9% rate cut for more than 55,000 customers. Meanwhile, about 215,000 homeowners will see rates stabilized, with no increases, after the company files its annual return in the middle of this month.

According to American Integrity, the price cuts stem from pivotal legislative reforms implemented in late 2022 and early last year. The reforms are said to have effectively addressed cap-related claims and litigation abuse issues.

“Historic legislative reforms have begun to dismantle the costly ‘tort tax’ that consumers have been paying for years,” said CEO Bob Ritchie. “As these unnecessary costs come down, we look forward to passing the savings directly to our policyholders.”

American Integrity highlighted that Florida’s property insurance market has been strained by frivolous claims and lawsuits for nearly 10 years. It said the passage of Senate Bill 2A in December 2022 was a turning point, eliminating one-way attorney fees and allocating benefits to thwart the predatory practices of so-called “billboard attorneys” who exploited regulatory loopholes.

Chief Operating Officer John Ritchie (pictured) thanked the legislative leaders behind the reforms, saying: “We extend our sincere 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 pave the way for a more affordable and sustainable future for both insurance customers and companies.”

With the significant reduction in costs associated with litigation, American Integrity is optimistic about what lies ahead.

“Without significant hurricane activity, we expect the trajectory of price increases to continue to stabilize,” the COO added. “This will create a more stable and affordable market, ensuring our customers receive the best possible protection at competitive prices.”

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