Drew Dixon
Florida Chamber of Commerce officials are celebrating a marked increase in property insurance carriers opening for business in the Sunshine State following the implementation of insurance industry reforms by lawmakers in recent years.
Florida Chamber President and CEO Mark Wilson said legislative modifications to the state’s insurance laws in 2022 and 2023 have sparked a “wave” of insurance companies entering the market. There are now 15 new companies that have emerged in the state’s property insurance market since those changes a few years ago, which restricted incentives for frivolous lawsuits and meritless litigation that prompted many insurance businesses to hike premiums or leave the state entirely.
Viceroy Preferred Insurance Co. is the latest company to join the market in Florida. The carrier announced its offering of property insurance policies in late August. The company is based in Florida.
“While more than a dozen new insurers already joining the Florida market show our reforms have been working the past two years, homeowners, local businesses, and other consumers are the real winners,” said Wilson.
“Removing the ‘get rich’ incentives for billboard and TV trial attorneys have already seen rates stabilize and drop recently. The leadership shown by Gov. Ron DeSantis and legislative champions will continue to pay off for hardworking Floridians across the state.”
A recent Florida Chamber press release detailed how the property insurance industry has rebounded since the legislative changes in regulations. The Chamber pointed out that in 2024 alone, Florida had the lowest average homeowners’ insurance rate increase in the nation at an average statewide uptick of 1%. Going upon that, some 29 active homeowner insurance companies operating in the state have filed for rate decreases and another 44 have sought no change at all.
In August, Florida Peninsula Insurance Co. disclosed that it’s seeking a statewide rate decrease of 8.4% for home insurance premiums and went further, asking for a 12% decrease in premiums for condominium owners. That proposal could take effect as early as this Fall.
The Chamber also noted that litigation against homeowner insurance companies has decreased by approximately 30%.
“The good news isn’t limited to property insurance. Reforms in 2023 also have auto insurance rates dropping substantially. Last month, Insurance Commissioner Michael Yaworsky announced an average rate change of -6.5% from the state’s top five insurers, who provide coverage to nearly 80% of Florida drivers,” the Florida Chamber press release said.
