Gov. DeSantis hails ‘stable market’ in once-embattled insurance sector

Homeowners and vehicle owners are in line for cost savings after some tough years, thanks, according to Gov. Ron DeSantis, to the hard work of state policymakers.

DeSantis announced Wednesday that 73% of Miami-Dade homeowners on Citizens Insurance will get a premium decrease that averages 6.3%, in what is the latest sign of recovery for the state’s once-embattled insurance market.

In Broward, 52% will get a decrease, he added. And statewide, 20% will pay less year over year.

Citizens continues to rightsize, meanwhile.

It closed 2024 with slightly more than 936,000 policies in force, down from more than 1.4 million policies at the peak in 2023. CEO Tim Cerio anticipates the company could be further depopulated by a few hundred thousand policies in the next couple of years.

The Governor noted Citizens’ reduction in policies show a private market with a lot of competition. To that end, Florida had the lowest private premium increases in the nation in 2024, DeSantis said, in another good sign, with 11 new companies coming in in the last year.

Mangrove Property Insurance Co. is the latest company to enter the market, joining recent entrants ASI Select Insurance Corp., Trident Reciprocal Exchange, Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Exchange.

“We have an opportunity to bring in more companies,” he said, if policy stays as it now is.

He credited the Legislature’s reforms in recent years as helping to stabilize the “complex market,” noting crackdowns on assignment of benefits schemes, tightening eligibility and claim filing deadlines, eliminating “roofer scams” and attendant litigation, shoring up the reinsurance market, cracking down on one-way attorney’s fees, the My Safe Florida Home program, and protecting consumers from being dropped by insurers.

“Rank and file folks” are benefiting, he said, as businesses bring “capital” into the state.

DeSantis also said major auto insurance companies would cut rates, with Geico, Progressive, and State Farm rolling out cuts between 5 and 10%. New companies are coming in.

DeSantis made the comments at Florida International University – Wall of Wind, billed as “a national facility that enables researchers to better understand wind effects on civil infrastructure systems and to prevent wind hazards from becoming community disasters.” New roofing materials will be tested there this year to help the condo market, he said.

The Governor noted he wants to clear the My Safe Florida Home wait-list this year, saying the program has been “effective” and has led to lower premiums in many cases.