TALLAHASSEE, Fla. (WFLA) — Florida’s Office of Insurance Regulation announced that the predicted catastrophe events resulting in tens of billions of dollars in insured losses were largely avoided and that Florida insurers will see “minimal financial repercussions” when it comes to rising rates after 2024’s bruising hurricane season.
Even with the news, that may not be good enough for those who feel that home insurance has already grown so expensive that some are even thinking about leaving the Sunshine State.
“Though we cannot prognosticate on what the future insurance market will or will not do, we are heartened by the trends we are seeing and are confident in the robust set of financial regulation tools used to evaluate the financial condition of companies in Florida’s market. We are evaluating the data being provided by insurers after the impacts of Hurricanes Helene and Milton and we will gain a better understanding of the overall impacts of these storms as time goes on,” said Shiloh Elliott, Press Secretary for Florida’s OIR.
At the State Capitol:
Leaders on both sides of the aisle say affordability could be the most pressing matter next session. House Speaker Daniel Perez shared with reporters in Tallahassee that affordability has gone “through the roof,” including property insurance.
“If we were to couch my priorities all under one word that I had to give you all, it would be affordability,” said Speaker Perez.
Property insurance is nothing new for state Representatives and Senators to act on. In recent years, there’s been a handful of bills on the House and Senate floor that aimed to bring transparency and accountability measures to protect homeowners.
However, even with those efforts, House Minority Leader, Fentrice Driskell, says it needs more attention.
“In light of the hurricanes that hit our communities this season and insurance costs, we must revisit the systems that were implemented by the majority of the legislature over the past several sessions,” said Leader Driskell.
Senate President Ben Albritton shared with reporters that before Milton and Helene, insurance companies in the state were filing for rate decreases. Even so, he still expects insurance companies to keep their end of the bargain during these difficult times.
“I want to make sure that impacted Floridians and insurance companies hear me loudly and clearly. We are watching,” said Senate President Albritton.
Florida’s Office of Insurance Regulations shared with WFLA that as of November 16, 2024, OIR has received 25 filings requesting rate decreases, and 49 filings requesting a 0% rate decrease in 2024.
Senate President Ben Albritton assures Floridians that we are going to recover and rebuild together.
“I’m not going to sit idly by if legitimate claims get denied while rates continue to rise,” said Senate President Albritton.
When lawmakers return next session to tackle this complex issue, Are the measures and plans put in place going to be enough to help Floridians?
OIR recently issued an insurance market update, which contains information on the continued stabilization of Florida’s property insurance market. That update is available on OIR’s website here.
