SARASOTA, Fla. — Following skyrocketing insurance premiums for Floridians in recent years, Gov. Ron DeSantis announced Wednesday that the top five auto insurance companies are reducing their rates in the state by up to 6 percent.
Progressive policyholders are set to receive nearly $1 billion in refunds, DeSantis said at a news conference at The Westin Sarasota.
DeSantis didn’t specify when the rebates would be distributed.
“With thanks to the commissioner, we have secured almost a billion dollars in credits for Progressive insurance policyholders,” he said adding that the announcement is a result of Florida’s insurance reforms.
Florida Insurance Commissioner Michael Yaworsky, who joined DeSantis at the news conference, said the Office of Insurance Regulation has been proactive in ensuring that credits owed to policyholders are paid.
“Companies must act in the best financial interest of Florida consumers,” he said adding that the state is also working with other insurance companies to provide refunds or credits to drivers.
>>> STREAM ACTION NEWS JAX LIVE <<<
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
