Governor Ron DeSantis today announced encouraging news for South Florida families: insurance rates are on the way. The announcement was made on the campus of Florida International University (FIU), where DeSantis highlighted the importance of competition in the insurance market and how it is benefiting homeowners.
During his visit, the governor emphasized that nearly three-quarters of policyholders in Miami-Dade and more than half in Broward will see a decrease of more than 6% in their rates. This represents a significant relief for many residents who have been drowning in high insurance costs. In Miami-Dade, rates are falling by a little more than that percentage, while in Broward a slightly smaller reduction is expected.
A Necessary Change in the Insurance Market
DeSantis said changes to Florida’s insurance market have been more significant in the past four or five years than in its entire history. “The reforms are working,” the governor said, noting that efforts have been made to make the market more attractive to insurance companies.
Since reforms began six years ago, consumers have begun to feel the positive effects of the reforms. However, DeSantis said there is still work to be done, especially regarding home hardening projects. The governor asked lawmakers to increase funding for home hardening programs, known as “My Safe Florida Home,” in order to eliminate the waiting list for applications.
The Importance of Competition in the Market
Competition among insurers is key to lowering rates. With more companies entering the market, homeowners benefit from a greater variety of options and more competitive pricing. “If the rules of the market are maintained, we can expect further reductions in premiums,” DeSantis said.
The governor also noted that attention to insurance market issues has been greater than in previous years. This attention has allowed for steps to be taken to address the concerns of homeowners and insurance companies, which in turn has led to an improvement in the insurance situation in the state.
Next Steps for Lawmakers
With the regular session of the legislature scheduled for next month, bills related to property insurance are expected to be introduced. However, lawmakers have expressed a desire to wait and observe the effects of the implemented reforms before making significant changes. This suggests that while there is a path forward, caution will be key in the legislative process.
In summary, the reduction of insurance rates in Florida is a positive development for homeowners who have faced high costs in recent years. With continued reforms and increased competition in the market, the situation is expected to improve further in the near future.
