Florida Sees Stabilization in Property Insurance Market as Hurricane Season Approaches
As hurricane season draws near, Florida homeowners are preparing for the worst. Fortunately, recent data from the Insurance Information Institute suggests that the state’s property insurance market is more stable than it has been in over a decade. According to Mark Friedlander, a spokesperson for the Institute, Florida saw only a 1% average increase in property insurance rates last year, a stark contrast to the double-digit increases experienced by most other states.
This stability is welcome news for homeowners like 83-year-old Lloyd Murphy from Azalea Park. Murphy has been without home insurance for the past eight years due to high premiums. He’s still recovering from Hurricane Ian, with visible damage remaining in his kitchen. “We thought we were going to be able to get it the last time, but I just couldn’t come up with anything they wanted,” Murphy explained, recalling being asked for a $500 down payment on a $1,500 premium.
However, Friedlander shared that the situation is improving. “We saw a 0.7% average premium decline in Florida in the fourth quarter last year,” he said, noting this was the first decline since 2016. This positive trend is attributed to legislative reforms implemented in 2022 and 2023. The reforms have led to 13 new insurance companies entering Florida’s market over the past two years, creating a more competitive environment.
“There are now more choices, a more competitive market, and it’s great for consumers because now they have an opportunity to shop their coverage, and they might be able to find better rates than what they’ve been paying,” Friedlander explained.
Murphy is taking advantage of this new market dynamic, making daily calls to insurance companies in hopes of securing a policy. “It would mean the world,” he said, expressing his desire for more protection and peace of mind during this storm season.
For those currently seeking insurance, Friedlander recommends obtaining at least three quotes to compare coverage and prices. As Florida braces for another hurricane season, the improved insurance market offers a glimmer of hope for homeowners who have faced challenging times in recent years.
