Despite much-publicized reforms in the homeowners’ insurance market, a new survey of 800 likely Florida voters suggests that renters are the only ones dodging higher rates.
The poll conducted by Cygnal between Nov. 11 and Nov. 13 shows that just 0.5% of all respondents say that their rates have decreased in the last year.
Meanwhile, 76% of all respondents say their rates have gotten higher. And 56% of all respondents claim the coverage price is “much higher” than a year prior.
Another 17% say they don’t own homes, while 2% are unsure whether their rates have increased.
Only two cohorts deviate from a full majority, saying the cost is “much higher,” in fact. Among men under 55 and residents of North Florida, only 49% make that claim.
Regarding whether voters are “concerned” about higher rates, the numbers are also startling, with 91% of respondents saying yes and just 5% saying no.
The polling comes as the state also brings new insurers into the market, including Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Companies. Those insurers take a burden off the state insurer of last resort; Citizens Property Insurance is seeing hundreds of thousands of so-called “takeout” policies being absorbed from its books.
Gov. Ron DeSantis has warned about Citizens’ bloat in the past. He noted last year that Citizens was “unfortunately undercapitalized” and that the company could go “belly up” if it had to weather a significant storm.
Questionable messaging isn’t just a thing of the past, though. DeSantis, on successive days this summer, blamed the Legislature for not implementing insurance reforms he wanted, then refused to say what those reforms were when asked directly.
The Governor also made news earlier this year when he suggested homeowners should “knock on wood” and hope the state didn’t get hit by a storm.
While hurricane season is all but over in Florida until next spring, the Cygnal survey should signal to policymakers that most of their constituents aren’t enjoying the benefits of reforms just yet.