Florida's insurance regulator said today that, depending on the policyholder's location, property insurers will be required to cut their premium rates from 10.2 percent to 52.8 percent.
The cutbacks announced by Insurance Commissioner Kevin McCarty are the result of recently enacted property insurance discounts that insurers are required to pass along to policyholders.
In reaction, one insurance trade group praised the commissioner's expedited release of rates, but said they are only a stopgap measure to remedy Florida's insurance problems.
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