Olympus Insurance Company, one of the newer entries in theFlorida marketplace, said it is offering rate decreases of up to 35percent in northern and central Florida.

A spokesman for the Florida Office of Insurance Regulation saidthat Florida homeowners have on average experienced a rate decreaseof 16 percent.

Since the hurricane losses of 2005 Florida has been one of fivestates with the highest average home insurance premiums. In January2007, state legislation provided insurance companies with discountreinsurance and required them to pass their savings along to theircustomers.

Orlando, Fla.-based Olympus said it is also offering an upfrontcredit for newer homes. This age-of-home credit is offered becausenewer homes are built to strict construction standards, have yet toface any maintenance issues, and therefore pose less risk, saidWilliam Lowry, president of Olympus.

Olympus' base rate decreases apply to both new and renewalbusiness. The lower base rates will have the greatest effect on 33inland counties in the northern and central parts of Florida.

The company wrote its first Florida policy in August 2007, andOlympus grossed $30.5 million in premiums that year. “We are proudwe could achieve so much in so little time,” said Mr. Lowry.

Olympus currently has 25,000 policyholders.