A.G. Gancarski
State leaders continue to insist the state of Florida’s embattled homeowners’ insurance market is improving, offering corrections to lingering public perception to the contrary.
The latest endorsement comes from the Office of Insurance Regulation.
“As Insurance Commissioner, my top priority has been increasing protection for Florida’s consumers and today’s announcement demonstrates Gov. Ron DeSantis’ ongoing commitment to ensuring a strengthened and reliable insurance market for policyholders,” said Insurance Commissioner Michael Yaworsky.
“I want to thank (DeSantis) and bill sponsors Senator Jay Trumbull and Representative Cyndi Stevenson for their continued leadership and support as we work to regulate one of the most complex insurance markets in the world.”
The OIR dispatch hailed HB 1611, sponsored by the two Republicans, as a measure to “ensure OIR has the tools and authority necessary to maintain accountability within the market.” The bill compels insurers to report more data to the Office of Insurance Regulation on a monthly, rather than quarterly, basis.
The “overall market stabilization following the historic legislative reforms of 2022 and 2023 … enhanced protections for consumers, strengthened Citizens Property Insurance Corporation, and encouraged investment by insurers and reinsurers by providing clarity to the market and the risk they underwrite,” the OIR adds.
The messaging joins a similar notice from the Senate President this week.
Though conceding that rates still pose a “major affordability problem” for homeowners, Sen. Kathleen Passidomo said this week 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.”
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.
4 comments
I.N. Zurinse
May 18, 2024 at 1:32 pm
“Are your rates going down?”
Don’t be such a simp. If you want a lower rate, get on the phone.
MH/Duuuval
May 19, 2024 at 1:00 pm
I am paying for home and flood this year about what I paid last year, but my former flood company dropped me and I had to go elsewhere. My longtime insurance agency provided me with 3 quotes and we went with the lowest. So, no money saved and about the same coverage.
Carolyn Price
May 22, 2024 at 9:53 am
My insurance has gone up $4000 in the last 3 yrs for a total of $6000 and another $800 this year now a total of $6800 this year. That is Almost $600 a month despite shopping already and my insurance company was suppose to have lowered their rates this year
rick whitaker
May 22, 2024 at 4:50 pm
CAROLYN , remember this on election day. throw maga out.
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