Florida’s Office of Insurance Regulation (OIR) issued a new update, saying the state’s insurance market is strengthening and showing continued stabilization.
Insurance Commissioner Michael Yaworsky highlighted several factors for the optimism, including the following:
8 companies asking for rate reductions 10 companies filing for no increases Improving reinsurance Many insurers posting profits in 2023
Locke Burt, the CEO of Security First Insurance, announced outside their Ormond Beach headquarters last week the intention to ask the state for a 5% reduction in rates.
“What you’re looking at in total for the average customer is savings somewhere between $260 and $350 a year,” Burt said.
However, in many parts of South Florida, relief is seemingly hard to find.
“Everybody chiming in is like, ‘Mine went up X amount, mine went up, mine went up,'” Lori Lanni, a Royal Palm Beach resident, said referring to the insurance feedback she gets over social media. “People can’t be patient. They’re being forced out of their homes.”
The OIR update also cited a new law in Florida that requires insurers to supply more data to the state and bans any policy cancellations within 90 days of completed repairs after a storm.
If you have a question or comment on homeowners insurance, email WPTV reporter Matt Sczesny at matt.sczesny@wptv.com