Florida Property Insurance Market Update 

I wanted to share some promising news I received this week from the Office of Insurance Regulation (OIR).

We know the cost of property insurance is posing a major affordability problem for Florida homeowners. Fortunately, the reforms passed by the Florida Legislature and signed into law by Governor
Ron DeSantis in recent years are working. We are seeing new insurers and new private capital enter Florida, while large companies recommit to our state, citing recent reforms.

Unfortunately, we all know it is taking time for the positive momentum we are seeing across the market as a whole to reach kitchen tables around the state. Families are understandably frustrated by the cost of premiums and need to see savings and stabilization now. For this reason, I was pleased to see that rate filings for 2024 show a slight trend downward for the first time in years. This indicates the beginning of the stabilization of the property insurance market. In fact, ten companies have filed a zero percent increase and at least eight companies have filed a rate decrease to take effect in 2024.

Every little bit helps. This news, in addition to the Legislature and Governor’s action to cut $500 million in taxes associated with flood insurance and property insurance premiums, is very positive and important for families trying to make ends meet as our insurance market strengthens.

Additionally, I was pleased to see the OIR take important action last week to protect consumers. As you may be aware, the OIR fined five companies for improper handling of claims or reporting requirements following Hurricane Ian, including a $1 million fine, among the largest in state history. Following the devastation of Hurricane Ian, I promised my constituents that we would work even harder to balance fair costs and protections for consumers while strengthening state review and analysis of the insurance market. The OIR’s actions are a huge step in the right direction.

Finally, the Governor recently signed into law the important updates to the My Safe Florida Home program that we passed last session. We know high-priced items like a new roof or storm windows can make homes safer while reducing insurance premiums, yet these resiliency enhancements can be financially out of reach for many. The My Safe Florida Home Program supports families across the state who are seeking to fortify their homes against natural disasters, while at the same time reducing property insurance premiums. Your Legislature and Governor increased funding for this great program, prioritizing lower-income Floridians and seniors, and started the process of expanding coverage to condominium associations, which will help many of our coastal residents, including those here in District 28.

I hope these updates are helpful. I want to make sure my constituents know that as our insurance market stabilizes, Florida’s Legislature and Governor will continue efforts to fortify homes and rein in costs for Florida families.

As always, please do not hesitate to contact my office any time that I can be of assistance.

Respectfully,

Kathleen C. Passidomo

Senate President
State Senator, District 28

Not paid for at taxpayer expense.

Paid political advertisement paid for by Working Together for Florida P.C., 133 South Harbor Drive, Venice, FL 34285.