FOR IMMEDIATE RELEASE
Contact: Jennifer Fennell
May 29, 2024
(850) 222-3767
What They’re Saying: Reason for Optimism as Property Insurance Rate Reductions on the Horizon
Tallahassee, Fla. – As hurricane season quickly approaches, Florida’s Office of Insurance Regulation, elected officials and others are sharing reasons for optimism for the state’s property insurance market. Eight insurance companies have announced their intention to lower their rates, while an additional ten plan to keep rates the same.
While there remains much work to be done as Floridians continue to grapple with high rates, reforms enacted over the last few sessions by the Florida Legislature and Governor Ron DeSantis have begun making a positive impact on the state’s property insurance market.
WHAT THEY’RE SAYING:
Florida Chief Financial Officer Jimmy Patronis:
“We’re at 15 months right now and days like today are the good days in the process, where the legislature can look at our partners and the regulated industries like insurance and say thank you for helping us do the right thing for the policyholders of this state. Thank you to all of you that make a difference in making Florida the best place to live.” (Statement, 5/17/2024)
Florida Office of Insurance Regulation Commissioner Michael Yaworsky:
“As Insurance Commissioner, my top priority has been increasing protection for Florida’s consumers and today’s announcement demonstrates Governor DeSantis’ ongoing commitment to ensuring a strengthened and reliable insurance market for policyholders. I want to thank Governor DeSantis and bill sponsors Senator Trumbull and Representative Stevenson for their continued leadership and support as we work to regulate one of the most complex insurance markets in the world.” (Statement, 5/17/2024)
Senate President Kathleen Passidomo:
“We know the cost of property insurance is posing a major affordability problem for Florida homeowners. Fortunately, the reforms passed 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.” (Memorandum, 5/16/2024)
State Senator Jim Boyd:
“The property insurance reform, coupled with tort reform, is going to make a massive difference in homeowners’ premium costs over the foreseeable future.” (Florida Seeing ‘Downward Trend’ in Insurance Rate Filings, State Says Stabilization is Here, Florida Voice, Owen Girard, 5/21/2024)
State Representative Adam Anderson:
“FINALLY some good news regarding our property insurance market! Rate filings for 2024 show a slight trend downward for the first time in years! 10 companies have filed a 0% increase and at least 8 companies have filed a rate decrease to take effect in 2024.” (Tweet, 5/20/2024)
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Stronger Safer Florida is a nonpartisan coalition comprised of businesses, consumer and environmental groups from throughout Florida. This diverse membership seeks to protect consumers before, during, and after catastrophic events impact Florida.
