Written by A Wall Street Journal editorial captures how Florida’s successful legal reforms are bringing costs down for Floridians:
Florida Gov. Ron DeSantis’s litigation reforms are starting to pay off for the state’s citizens in a big way. Auto and home insurers are announcing rate cuts—and get this—even issuing rebates.
State Farm said recently it will reduce auto rates in the Sunshine State by 10%. Combined with last year’s premium cut, its policyholders will save $400 a year on average. The Florida Office of Insurance Regulation says the state’s five largest auto insurers have reduced rates by 6.5% on average this year, saving policyholders hundreds of dollars.
Progressive Insurance also plans to send policyholders refunds averaging about $300. “Since Florida insurance reform was enacted in early 2023, we have seen lower loss costs on certain types of personal auto accident claims and favorable reserve development, and we have experienced strong profitability in our Florida personal auto business,” Progressive said. Its total auto refunds add up to nearly $1 billion, Mr. DeSantis said.
Read the whole thing here.