Governor Ron DeSantis Florida Governor | Official Website
Governor Ron DeSantis announced several developments in Florida's insurance market aimed at stabilizing rates and expanding consumer protections. In Miami, he revealed that Citizens Property Insurance will decrease homeowners' insurance premiums for three-quarters of Miami-Dade County, with a statewide average decrease of 5.6%. Additionally, auto insurance rates are set to drop for companies like GEICO (10.5% decrease), State Farm (6% decrease), and Progressive (8.1% decrease).
"For the last four years, inflation spurred by the Biden Administration, active hurricane seasons, and unchecked litigation in Florida made for an environment that caused turbulence in insurance markets and steep increases in premiums," said Governor Ron DeSantis. He noted that despite these challenges, Florida had the lowest average homeowners' premium increases in the nation in 2024.
Since 2019, Florida has enacted five major laws targeting tort reform and consumer protection to reverse instability in the insurance market. These include HB 7065 (2019) addressing litigation tied to Assignment of Benefits (AOBs), SB 76 (2021) encouraging dispute resolution over lawsuits, and SB 2D (2022) eliminating one-way attorney fees for AOBs.
The Governor reported that Florida now has 7.58 million active insurance policies, an increase of over 130,000 from the previous year. This growth is supported by the entry or expansion of 11 new insurance companies into the state market.
Recent reforms have also led to a reduction in auto insurance costs across Florida. Major insurers such as GEICO, Progressive, and State Farm have filed for rate reductions due to decreased litigation related to auto glass repairs.
In summary, recent legislative changes have contributed to a more stable insurance market in Florida with reduced premiums for both property and auto coverage.
Information from this article can be found here.
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