Byron Donalds wants to fix the insurance market. But Gov. DeSantis says things are improving already

Since announcing a run for Governor, U.S. Rep. Byron Donalds continues to hone in on problems with Florida’s insurance market.

The Naples Republican appeared on the “Charlie Kirk Show” and offered the most detail yet on how he would improve a market that has become costly for many homeowners in recent years under Gov. Ron DeSantis.

“We’ve got to fix the insurance problems in Florida. Insurance rates have gone up against our citizens. My property insurance rates have gone up. So (have those of) every other Floridian,” Donalds said.

His goal is to “find a way to stabilize costs” by “reexamining some of our reinsurance capital requirements, reexamining cap requirements on insurance carriers,” along with a “lot of other things that we’re going to have to get into and really figure out how to synthesize the Florida insurance market so it can become a little bit more affordable for the people of Florida.”

Donalds’ comments come weeks after DeSantis said the market was “stable” after previous turbulence. More than half of those in Broward and Miami-Dade on Citizens Insurance are getting price reductions year over year, he said last month.

The state insurer of last resort continues to rightsize. 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.

Florida had the lowest private premium increases in the nation in 2024, DeSantis noted, 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.

Michael Yaworsky, the Commissioner of Florida’s Office of Insurance Regulation, said earlier this year that the market is in a good place.

He told the Senate Banking and Insurance Committee in January that “most people are managing to afford insurance,” the cost of which has stabilized around $3,700 per household.

He also credits legislative reforms for stopping “new insolvencies” after last year’s hurricanes, expressing faith in the companies in the state.

“We have these legacy domestic carriers that have been in this state for a long time. We’re seeing infusion of capital into those companies and we’re seeing those companies that have survived learning lessons and beginning to grow again at a pace, which is what we want,” he said.

If First Lady Casey DeSantis does run for Governor, it is a reasonable expectation that she will have to defend the work the state has done to fix the sector in the Primary season, as Donalds will be on the offense.