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Florida Lawmakers Optimistic About Possible Property Insurance Rate Reductions

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As reported by Florida Daily last week, eight insurance companies have announced their intention to lower their insurance rates, while an additional ten plan to keep rates the same.

A victory lap? Not so, says Stronger Safer Florida. The group, comprised of businesses, consumers, and environmental groups from throughout Florida, says much work remains to be done as Floridians continue to grapple with high rates. But reforms enacted over the last few sessions by the Florida Legislature and Governor Ron DeSantis have begun positively impacting the state’s property insurance market.

Here’s what some elected lawmakers are 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.”

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.

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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.”

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.”

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.”

Things are moving in the right direction for consumers back pocket, insurance analyst say a direct hit from a storm or two could wipe away those savings.

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