Following Hurricanes Helene and Milton, Florida’s property insurance market is supposedly showing signs of stabilization as national insurers, including USAA, Progressive, and State Farm, reaffirmed their commitment to the state’s homeowners in a recent press release by the Florida Office of Insurance Regulation. According to the release, insurance Commissioner Michael Yaworsky announced positive updates, pointing to recent reforms and the growing involvement of major carriers. USAA, after discussions with Governor Ron DeSantis and Commissioner Yaworsky, expressed optimism about Florida’s insurance market, crediting the state’s 2023 reforms with fostering a more stable environment. The company committed to expanding its presence in Florida despite cutting back operations elsewhere. USAA shared its confidence, stating: “is very encouraged to see the progress toward a healthy insurance marketplace in Florida, and we are optimistic the 2023 legislative reforms will bring about a more robust, stable environment.” Commissioner Yaworsky echoed this optimism, addressing recent concerns about the insurance market. “I am extremely pleased to share these announcements, as they point to continued strengthening of Florida’s property insurance market, which is contrary to the narrative that has been circulating about our industry in recent months,” he said. Improvements in the Market Several factors point to a stronger property insurance landscape:
Consumer Protections The Florida Office of Insurance Regulation (OIR) continues to monitor insurers’ conduct to ensure they meet consumer protection standards. This year, insurers have returned $8 million to consumers in restitution as part of regulatory enforcement actions. Commissioner Yaworsky emphasized that OIR remains vigilant in ensuring that Florida’s insurance providers act in good faith and resolve consumer issues promptly. Florida's property insurance market appears poised for sustained growth as reforms continue to attract private carriers and drive down costs, a positive sign for policyholders across the state. For more information and updates, the OIR provides detailed market statistics and trends on its website or read the full press release here
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