Home Local News Florida Property Insurance Rates Show No Sign of Abating

Florida Property Insurance Rates Show No Sign of Abating

Florida Property Insurance Rates Show No Sign of Abating

Lawmakers have returned to Tallahassee for another legislative session, and a Pinellas Park mom is urging them to prioritize curbing home insurance rates. With her renewal coming up in March, she hopes for some relief.

Rates are Still Going Up

Marisa Borgia, a Pinellas Park homeowner, recently expressed her frustration with the skyrocketing insurance rates on her property. According to Borgia, since purchasing her home in 2018, she has experienced not one, but two instances of her insurance rates doubling. After meticulously archiving copies of every policy over the years, it was discovered that her policy in 2018 amounted to $711. The amount was $740 in 2019, and it increased to $763 by 2020. There was a gradual and consistent rise…until 2021.

In 2021, the individual received a notice stating that their insurance company would no longer be operating within the state. The customer’s plan has been canceled, with the customer stating that “The cheapest I could find was Progressive.”

The policy in 2021 increased to $1494. In 2022, her rates decreased by nine dollars to $1485. Borgia was filled with hope that the increases were finally coming to an end, but her optimism quickly faded when she received the renewal letter for 2023.

The rates have increased once more, reaching a new high of $2909. “That’s an increase of over four times,” Borgia stated. “How do individuals manage to afford such expenses?” Borgia, a single mom, had to juggle two part-time jobs in addition to her nursing career. The woman is feeling anxious about her upcoming policy renewal in March.

The Insurance Market Has New Companies

Florida is starting the new year with signs that the fractured insurance market is improving, according to some insurance experts. Stories similar to Borgia’s serve as evidence of this positive trend. According to Mark Friedlander, Florida spokesperson for the Insurance Information Institute, the Florida property insurance market is in a significantly improved state compared to a year ago.

In a recent statement, Friedlander announced the arrival of six fresh private insurance companies in the market. These companies are poised to offer new policies and provide homeowners with a wider range of options.

“Florida will now have a competitive insurance marketplace,” stated Friedlander, emphasizing the significance of this development after many years. “By capitalizing on this opportunity, there is a chance that you could improve your current insurance payments.”

Citizens’ Insurance Plans are Going Down

According to Friedlander, Citizens Property Insurance is also discontinuing policies. A significant shift in population distribution. Supported by the government Many Floridians had no choice but to turn to Citizens, the “insurer of last resort,” in recent years. According to Friedlander, over 600,000 Floridians who are currently on Citizens policies are anticipated to be transitioned to other insurance companies by 2024.

The depopulation of citizens has been observed to persist during the first quarter, encompassing the months of January, February, and March. “We will see if citizens can continue to decline,” he said.

According to Friedlander, if you receive one of those letters and another company makes an offer that includes a maximum increase of 20%, you will be compelled to choose the other company.

“You cannot continue to reside with Citizens,” he stated. “Attention, Citizens customers should take note of the following information if they receive one of these letters.” According to his statement, it has been revealed that for certain individuals, the rates are expected to increase once again in 2024. “Regrettably, there is no miraculous solution to lower prices.” “This scenario is not realistic,” stated Friedlander.

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