JACKSONVILLE, Fla. – The cost of home insurance in Florida was a hot topic at this year’s Florida Chamber of Commerce Insurance Summit in Orlando.
State leaders are optimistic, saying the property insurance market is improving. However, some might be wondering—if things are getting better, why hasn’t their bill gone down?
Insurance experts shared promising news at the summit:
- Rates are stabilizing.
- Catastrophic claims are dropping.
- New companies are stepping in to offer more options.
Still, many homeowners are asking when they’ll see relief in their yearly premiums.
Mark Friedlander of the Insurance Information Institute explained that new laws cracking down on legal abuse and fraud have been game-changers.
Plus, Florida’s state-backed insurer, Citizens, has significantly reduced its policy count—from over 1.4 million at its peak to under 1 million now.
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Friedlander said profits are returning to the market, but passing those savings on to homeowners takes time. He recommends doing some legwork to find better deals.
Friedlander suggests:
- Ask your agent about companies lowering rates: Find out which companies have filed for significant rate decreases this year.
- Get quotes from new insurers: Many of the newer companies are competitive.
- Check for discounts: Active-duty military, seniors, and smart device users may qualify for savings.
Friedlander says it’s important to note that rate changes take effect on your policy’s next renewal date which could be any time over the next year.
In the meantime, shopping around might save people money now.