In crisis for years, Florida’s troubled property insurance market is showing small signs of improvement, according to the state Office of Insurance Regulation.
But homeowners say their insurance premiums are still sky high.
In fact, News 6 found the average price of insurance premiums has increased in every county in Central Florida in the last 6 months.
Sherri Holstrum and her husband are both retired, and she says the constant increases in their property insurance are taking a toll
“People can’t afford this to keep going,” Holstrum told News 6. “I mean it takes a big hunk out. You think, oh gosh, I could be doing a lot with this money.”
In 2022, Holstrum says they were paying $3,200 a year to insure their 1,800 square foot, 3-bedroom, 2-bath home in St. Cloud.
In 2023, the price went up to $4,767.00, even with them putting a new roof.
If they were to renew this year, it would jump to $6,878.00 a year.
“When I saw it I thought, what’s it going to be next year? I also thought, ‘What are they doing in Tallahassee about this?’” Holstrum said.
There is “overall market stabilization,” that’s the word from the Office of Insurance Regulation in Tallahassee in its July Property Insurance Stability Report.
While the state says the market is stabilizing, News 6 has learned the average price of premiums has increased in every Central Florida county in the last six months.
Keep in mind, in 2023, the average U.S. premium was $1,700 a year, according to the Insurance Information Institute, but Florida blows that away.
- In January, Brevard County residents were paying the most with the average annual premium $3,202 per year.
- In July that has increased to $3,243, not a huge increase, but still inching up.
- Orange County residents were paying $3,100 per year in January, now the average is $3,196.
- Seminole was $3,050, but now it’s $3,118.
- In Volusia County, the average was $2,608 now it’s $2,693.
- Osceola was $2,527, now it’s $2,594.
- Lake was $2,241, now it’s $2,345.
- Marion was $2,039, now it’s $2,136.
- Sumter was closest to the national average at $1,824 annually, now it’s $1,965.
Consumers tell News 6 they will continue the market “stable” when their rates stop going up.
“It just increases every year for us,” Holstrum said.
The July report confirms more Floridians will also be dropped from their carrier.
The Property Insurance Stability Unit, which was created to detect and prevent insurer insolvencies, is currently monitoring 19 companies for filing a notice that they plan to non-renew more than 10,000 policies within a 12-month period.
“I would say [to legislators] look at what’s important to the consumers in our state, and do something about those things, instead of nitpicking on other things in the state,” Holstrum said.
The Holstroms say they will likely end up with Citizens because they offered a much better rate than the other provider.
The state is still trying to depopulate Citizens because Citizens still has more than a million policies and was never designed to be so big.
July 2024 Isu Report by Christie Zizo on Scribd
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