Former Florida House Speaker Renner: Insurance reforms are creating 'more insurers, more competition, and better rates'

Paul Renner, former Speaker of the Florida House of Representatives, emphasized the importance of Florida's insurance reforms in protecting consumers from an exploitative legal system and addressing rising costs. This statement was made in an op-ed.

"Trial lawyers had a system that guaranteed profits at the expense of homeowners," said Renner. "We chose to stand up for the people paying the premiums, not those exploiting the system. These reforms are delivering results — more insurers, more competition, and better rates. Floridians shouldn't be forced to fund a litigation machine that adds no value to their coverage."

According to The Wall Street Journal (WSJ), before Florida’s reforms, trial attorneys often leveraged laws like one-way attorney fees to guarantee payouts regardless of case merit, contributing to a high volume of litigation. The state accounted for more than 70% of the nation’s homeowners' insurance lawsuits despite having under 15% of claims. The legislative overhaul directly targeted this imbalance by closing loopholes that enabled systematic legal profit.

As reported by the Florida Office of Insurance Reform, since the enactment of reforms in 2022 and 2023, Florida has approved entry for more than a dozen new property insurers. This development signals renewed confidence in the market as these companies bring hundreds of millions in surplus and expand competition, which regulators say is key to easing consumer costs. Early rate filings suggest a shift away from steep premium hikes toward greater rate moderation.

According to Florida Politics, Citizens Property Insurance Corporation, Florida’s state-run insurer, is projected to face a litigation cost shortfall between $100 million and $200 million under its current five-year contract for legal services, initially budgeted at $500 million. Despite reforms aimed at reducing legal expenses, monthly litigation costs have escalated, peaking at $17.1 million in October 2023. These elevated legal expenditures have contributed to financial pressures on the insurer and have been a factor in rising premiums for policyholders.

Renner is currently Of Counsel for Nelson Mullins and was appointed to the Board of Governors of the State University System effective April 15, 2025. He is a veteran of the United States Navy and began his legal career as a state prosecutor. Renner earned his bachelor’s degree in history from Davidson College and his juris doctor from the University of Florida.