A.G. Gancarski
It’s unknown what impacts Florida ultimately will face during the upcoming hurricane season. Yet the Senate President is confident that the once-embattled property insurance market can rise to the challenge, with legislative work in recent years paying off.
Though conceding that rates still pose a “major affordability problem” for homeowners, Sen. Kathleen Passidomo said (perhaps contrary to public perception) that people are actually paying less year over year, with an average premium currently of $3,600.
The Naples Republican noted in a memo to Senate colleagues that “rate filings for 2024 show a slight trend downward for the first time in years, indicating the beginning of stabilization of the property insurance market. Ten companies have filed a zero percent increase and at least eight companies have filed a rate decrease to take effect in 2024.”
In contrast to previous years, companies are making money, she noted. And the reinsurance market is taking notice: “Early signs from the 2024 reinsurance purchasing season show further positive indications. Reinsurance is a direct and significant cost to consumers and relief in this area is a significant sign that the reforms are working.”
Depopulation of Citizens Property Insurance Corporation, the state’s insurer of last resort, has been a priority for policy makers. And Passidomo’s memo suggests that process is working as well, with roughly 389,000 policies taken out of Citizens between January 2023 through March 2024.
This is a good thing given Gov. Ron DeSantis’ warnings earlier this year that the company was “not solvent,” after he noted in 2022 that Citizens was “unfortunately undercapitalized” and that the company could go “belly up” if it actually had to weather a major storm.
The ultimate test of the market’s resilience will be how it handles the next few months.
Accuweather predicts a “blockbuster” storm season, especially given the fading El Nino pattern that insulated Florida from storms in 2023.
2 comments
Julia
May 16, 2024 at 7:17 pm
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Elvis Pitts "AMERICA'S BIG VOICE ON THE RIGHT" American
May 16, 2024 at 7:19 pm
Good evening America,
Remember, its not “NEWS” until Elvis Pitts American “WEIGHS IN”.
America as Professor “Emeritas” with Flo and Jimmy’s Progressive University of Insuranceology I am the Best Qualified to “Make The Complex World of Insurance understandable to “Regular Americans”.
EARL WEIGHS IN:
America, the insurance rates are coming down in anticipation of “TRUMP IN THE OVAL OFFICE”.
Thats it, America, and you are all welcome.
BUT WAIT ….. THERES MORE:
Now that you all have been brought up to speed by Elvis, I invite you, one and all, to “RELAX YOUR SPHINCTERS” for your first good night of relaxing sleep since “THE 0BIDEN SAD-MINISTRATION” took office.
You are welcome citizens,
Elvis Pitts “Professor Emeritas” American
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