DeSantis says insurance rate drops on the horizon
Key Points(5)
- <strong>MIAMI-DADE COUNTY, Fla.</strong> – Governor Ron DeSantis announced that Florida's insurance market is showing signs of improvement, with more companies offering policies and increased competition helping to drive down rates for many homeowners.
- New data reveals that nearly 73% of Miami-Dade policyholders and 52% in Broward County will experience premium reductions, with average savings of over 6% in Miami-Dade and slightly less in Broward.
- Governor DeSantis added that insurers believe they can achieve similar or even greater premium reductions, as long as the current rules remain in place.
- State leaders also noted that it has been six years since significant reforms were introduced to make Florida’s insurance market more appealing to providers.
- Florida Insurance Commissioner Michael Yaworsky stated, "The reforms are working," but emphasized that it takes time for consumers to fully experience the benefits.
MIAMI-DADE COUNTY, Fla. – Governor Ron DeSantis announced that Florida's insurance market is showing signs of improvement, with more companies offering policies and increased competition helping to drive down rates for many homeowners. Speaking at Florida International University on Wednesday, DeSantis highlighted that the issue has received more attention in the past four to five years than ever before in the state's history.
New data reveals that nearly 73% of Miami-Dade policyholders and 52% in Broward County will experience premium reductions, with average savings of over 6% in Miami-Dade and slightly less in Broward. Governor DeSantis added that insurers believe they can achieve similar or even greater premium reductions, as long as the current rules remain in place. State leaders also noted that it has been six years since significant reforms were introduced to make Florida’s insurance market more appealing to providers.
Florida Insurance Commissioner Michael Yaworsky stated, "The reforms are working," but emphasized that it takes time for consumers to fully experience the benefits.
Governor DeSantis is also urging lawmakers to increase funding for the "My Safe Florida Home" grant program, which assists homeowners in fortifying their properties against storms. DeSantis argued, "If you’re going to do it and you have people on the waitlist, you might as well do it now and put the funding out there," warning that waiting to include the funding in the official budget would delay access until after July 1.
