Florida Insurance Commissioner Mike Yaworsky announced on Friday he’s approved major rate decreases for rent insurance policies starting this month.

In a release, his office revealed that American Modern Home Insurance Company was approved for an average 12.8% rate decrease for rental policies, affecting around 121,898 policies in total.

Furthermore, some policyholders could even see higher rate decreases, as that 12.8% rate is just the average.

“The Office of Insurance Regulation (OIR) is approving major rate decreases across the board, including decreases in insurance for our Florida renters,” Yaworsky said. “We are working hard to get rates down for all policies and we will continue to reach out to companies and ask them to do more. Stay tuned!”

According to the release, policyholders in over 30 Florida counties will have an average rate decrease between 13.1% – 13.9%. The highest concentration of business is reportedly in Orange and Broward counties.

The rate change will be effective starting on Oct. 11 for new policies and renewals.

Similarly, the OIR announced approved insurance rate decreases for homeowners late last month, including those covered by:

• One Alliance North American Insurance Company
• Safe Harbor Insurance COmpany
• Unique Insurance Company
• Vyrd Insurance Company

For more information on those approved rate decreases, click here.