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State Senator Blaise Ingoglia has good news about insurance rates in Florida.
He says more companies have entered the market creating competition and most of the companies already doing business in Florida aren't hiking rates.
"Ten of them have submitted rate filings with no increase in premium and eight filed decreases in premiums."
Ingoglia says more work needs to be done in Tallahassee, but recent reforms to the insurance market appear to be working.
He blames "reinsurance" which defrays the insurer's risk to the reinsurer and replacement costs for the recent jump in premiums.
Ingoglia says Florida is hurting itself because it is so attractive to home buyers because of limited regulation and no state income tax.