Insurance

(The Center Square) — A new report shows that insurance rates for property owners in the Sunshine State have increased exponentially over the past few years.

Florida TaxWatch released an in-depth analysis of Florida's property insurance market, examining underlying factors contributing to its instability and 42.5% rise since 2019. These include damages from hurricanes and litigation, which have put pressure on insurers and forced some to leave the state.

TALLAHASSEE, Fla. - The Florida Office of Insurance Regulation (OIR) issued an update on the continued strengthening of Florida’s property and casualty insurance market, including that property insurance rate filings for 2024 show a downward trend for the first time in years, indicating the continued stabilization of the property insurance market.

(The Center Square) — Gov. Ron DeSantis signed two new bills Wednesday intended to strengthen Florida homes against hurricanes and other severe weather events.

DeSantis signed Senate Bill 7028, which will add another $200 million in funding for the My Safe Florida Home Program which allows homes to be assessed after major storm events and assists in improving resilience in structures.

(The Center Square) — Several bills related to property taxes and homestead exemptions were taken up this week by the Florida House’s Ways & Means Committee.

TALLAHASSEE, Fla. - Today, Florida Office of Insurance Regulation (OIR) Commissioner Michael Yaworsky highlighted accomplishments made in 2023 to promote a stable and competitive insurance market for Florida’s policyholders.

Commissioner Yaworsky was nominated by Governor DeSantis in February to serve as Insurance Commissioner and was formally appointed by the Financial Services Commission, comprised of the Governor, Attorney General Ashley Moody, Chief Financial Officer Jimmy Patronis, and Commissioner of Agriculture Wilton Simpson in March.

(The Center Square) – Florida’s Insurance Commissioner is pushing back on a U.S. Senate investigation into Citizens Property Insurance Company, which is backed by the state government.

“The committee is … increasingly concerned about Florida’s uniquely large and growing exposure to climate-related property losses, Citizens’ rapidly expanding market share, and state law allowing Citizens to levy special assessments on all policyholders in the event that losses exceed its ability to pay,” U.S. Sen Sheldon Whitehouse, D-R.I., said in a recent statement.

The Florida Office of Insurance Regulation will conduct a rate hearing to hear testimony from the Citizens Property Insurance Corporation and receive public comment on their proposed rate filings.