While it may sound too good to be true, according to industry experts, there is finally a bit of optimism about Florida’s homeowners insurance market. While they don’t foresee rates dropping anytime soon, they are hopeful that the insurance market is stabilizing which could lead to minor rate drops next year or at least a break from the constant premium increases.
“The insurance companies that have taken a pause, they are watching, “Miller said. “They see things improving, and I think they will be coming back sooner rather than later,” said Lisa Miller, with Lisa Miller Associates, in a recent Bay 9 New article. Miller served as Florida’s former deputy insurance commissioner under Gov. Ron DeSantis.
Legislation passed earlier this may finally be help ease some of the pain Florida residents have experienced over the last decade. The legislation helps reduce litigation over insurance claims which has been a major driver of premium increases. It also helps reduce the cost of re-insurance which insurers use to backstop their risk if a major storm, fire, or other claim event hits.
A new program called My Safe Florida Home has also helped, it is designed to help homeowners get a discount on their policy for putting new roofs on, installing new windows, and completing other projects that help harden a home against storms.