What this insurance CEO is saying about rate reductions in Florida

WPTV continues to search for solutions and any signs of relief as residents continue to pay for inflated home insurance costs.

We learned in July that American Integrity Insurance based in Tampa is asking for a rate decrease of 6.9% for about 55,000 customers and no rate increase for 215,000 customers.

However, we're still hearing about large hikes from other carriers when customers get their renewal notices.

Scripps News Tampa recently sat down with American Integrity Insurance CEO Bob Ritchie, who told homeowners to be patient and more decreases are on the way.

"Everybody wants to get reform immediately. They want to see rate reductions immediately. Unfortunately, it's a slow movement downward," Ritchie said. "But I'm excited as CEO of this company where nearly 7% of our rate on a select group of customers are realizing a real rate reduction, and what I promise all of our customers is that as we see the benefits of reform we will pass them along."

Ritchie is talking about the reforms by state lawmakers in Tallahassee on litigation.

Several CEOs have said they are seeing a difference in their bottom lines, but experts tell WPTV that it will still take time for rates to decrease after surging over the last few years.

Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.

Read WPTV's latest "Coverage Collapse" stories below:

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  What this insurance CEO is saying about rate reductions in Florida

  WPTV continues to search for solutions and any signs of relief as residents continue to pay for inflated home insurance costs.

  Which residents will have first dibs to live at this new complex?

  WPTV spoke to the developer to find out who will get the first chance to live in this new building and when it will be finished.

  What's the future of homeowners insurance in Florida?

  Katherine Hempstead, the author of "Uncovered: The Story of Insurance in America," shares her insight on the future of insurance in the U.S.

  STILL NO DECISION: What's the latest on Citizens' 14% rate hike request?

  State regulators held a hearing four weeks ago about the rate hike request. A decision was expected to be made by Aug. 26.