ORLANDO, Fla. – Florida’s troubled property insurance market is showing small signs of improvement, according to the state Office of Insurance Regulation and the Florida chief financial officer.
But homeowners say their insurance premiums are still sky-high as we brace for another hurricane season.
For the first time in years, there is a slight trend downward in the rates that some insurance companies are charging, according to CFO Jimmy Patronis.
The question is will consumers actually start paying less?
When 74-year-old Bill Rosado lost his wife, he also lost half their income. What he didn’t lose was the increases in his property insurance.
“It’s impacted me a lot,” Rosado said. “Last year, I thought I was going to have to go out and look for a job after being retired for three years and my wife dying, because that increase was going to put me right on the fence of whether I could afford to buy food and pay my other bills.”
In 2021, Rosado’s property insurance was $1,885.00 a year, according to his annual premium statements shared with News 6.
In 2022, it increased to $2,195 a year.
In 2023, it went up to $3,393.
If he were to renew this year, it would jump to $5,446 per year, almost a 200% increase in three years.
“So the insurance is going up faster than my social security increases yearly are going up,” Rosado said.
In 2024, 10 companies have filed a zero percent increase, and at least eight companies have filed a rate decrease, according to Florida’s Office of Insurance Regulation.
One of those companies, Security First, plans to lower rates for its Signature Home Insurance by 5.2%, according to a news release.
Patronis says it indicates the market is improving.
“The rates now across the board in our industry are starting to trend downward,” Patronis said.
There are also signs there is still turbulence in the market.
ASI Progressive is dropping 100,000 policies in Florida just before the start of hurricane season.
“Sure, we’ve had nine new companies come into the state of Florida, so the good is outweighing the bad,” Patronis said.
We also told Patronis about Rosado and his retirement being contingent upon how much his property insurance increases.
“If I’m sitting in front of 200 people, I ask how many of you have had your insurance go up by 50% or more in the last two years?” Patronis asked. “And you know what? I raise my hand too, because it’s not just unique to the citizens of the state of Florida. It also affects those in Tallahassee.”
“I would say to Mr. Patronis you make a hell of lot more money than I do too. You can afford it,” Rosado said.
Patronis says the slight decreases are due to the reforms the legislature passed over the last couple of years.
Rosado says he did not renew with his previous company this year because of the dramatic increase.
Now he is with Citizens Property Insurance, Florida’s state-run insurance of last resort.
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