One of Florida's largest property insurers has moved forward to cut its homeowners' insurance premiums, in a move that could make coverage significantly cheaper for tens of thousands of policyholders in the state.

Florida Peninsula Insurance, the state's ninth-largest property insurer, has requested the Florida Office of Insurance Regulation (OIR) to approve a statewide reduction of 8.4 percent in its homeowners' premiums and of 12 percent in its condo owners' premiums.

The proposal comes as Florida's property insurance market is showing strong signs of recovery after years marked by skyrocketing premiums and shrinking coverage across the state. These include the fact that home insurers in the Sunshine State collected more premiums than paid out claims last year for the first time sinc

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