By Owen Girard
Published May. 21, 2024, 2:22 p.m. ET | Updated May. 21, 2024
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation celebrated the state’s strengthening of its property and casualty insurance market on Monday, saying some firms are lowering rates.
The “slight trend downward” is the first in “years,” the office said.
The announcement came after the agency, also known as OIR, reported that Florida saw a downward trend in property insurance rates in 2024’s filings, indicating stabilization.
It added that while 10 companies have filed for 0% increases, at least eight have filed decreases for 2024.
Insurance Commissioner Michael Yaworsky thanked Gov. Ron DeSantis and the legislature for their commitment to helping Floridians solve the state’s insurance issues.
“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,” Yaworsky said.
“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,” he added.
The announcement also follows the signing of HB 1611 by DeSantis, which establishes additional consumer protections by providing OIR the tools and authority needed to hold the market accountable.
OIR also pointed to other legislation signed in 2023 and 2022 strengthening the Citizens Property Insurance Corporation and increasing market clarity for insurers and reinsurers who seek to invest into the state.
The organization also reported in April how a total of eight new property insurance providers were given approval to do business in the state, ultimately expanding options for Floridians.
Sen. Jim Boyd, R-Bradenton, told Florida’s Voice that he was proud of the insurance reform that Florida has done under DeSantis.
“The property insurance reform, coupled with tort reform, is going to make a massive difference in homeowners’ premium costs over the foreseeable future,” he said.
“The reality is is that most people haven’t seen it in their rate reductions, or most of it, because it takes a year and a half to 18 months for those changes to filter through the rate making process,” he added.
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