Two Florida private property insurance companies want to increase premiums by 53%– The Florida Office of Insurance Regulation announced that eight property and casualty insurers are coming to Florida following legislative reforms designed to promote market stability.
The price to insure a home in Florida remains the highest in the United States after insurance premiums rose 68% from May 2021 to May 2023.“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” Insurance Commissioner Michael Yaworsky. “OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state.
With eight new property insurance companies entering Florida, how do you hope this will impact your policy?Copyright 2024 by WJXT News4JAX - All rights reserved.