With hurricane season in full swing and a new state leader overseeing financial matters, insurance experts say it’s a smart time for Florida homeowners to review their policies and explore other options.

Blaise Ingoglia was sworn in Monday as Florida’s new Chief Financial Officer, taking over the role left vacant by Jimmy Patronis’ resignation. A Republican from Spring Hill and ally of Gov. Ron DeSantis, Ingoglia pledged to be a strong advocate for consumers.

“You are not going to see anyone fight harder for the taxpayer, for the consumer, than I will,” Ingoglia said at his swearing-in ceremony in Tallahassee.

Shifting Market Brings New Opportunities

Homeowners have faced steep insurance premium hikes in recent years, but industry analysts say recent reforms are starting to reverse that trend.

“Florida had the lowest average rate filing increase in the nation in 2024 — just one percent,” said Mark Friedlander of the Insurance Information Institute. “That’s a sign of real stabilization, and now consumers can benefit from a more competitive market.”

Fourteen new insurers have entered the Florida market over the past year, and existing carriers are broadening their coverage areas — creating more choices and, in some cases, lower premiums for homeowners.

“We’re hearing from agents around the state that some customers are actually seeing premium decreases,” Friedlander noted.

He cautioned, however, that premiums still depend heavily on property-specific risks, location, and claim history. While the overall market is stabilizing, individual rates can still rise.

“If your premium has increased, now is the time to shop around,” he said. “Contact a local agent and get at least three quotes — you could save money without sacrificing coverage.”

Citizens Shrinks as Private Insurers Step In

Florida’s state-backed insurer, Citizens Property Insurance, is also shedding policies as private carriers take on more customers. More than 220,000 Citizens policies are expected to shift to private companies this fall.

“Citizens should be the insurer of last resort, not the first choice,” Friedlander said. “A smaller Citizens pool means less risk of a hurricane tax on all policyholders if a major storm hits.”

Citizens currently covers just over 750,000 policies — down from a high of 1.4 million in late 2023. It remains an option for homeowners unable to find a private insurer within 20 percent of Citizens’ price.

Flood and Auto Coverage: Often Overlooked

Friedlander also stressed the importance of flood insurance, which is not included in standard homeowners policies. He urged residents to secure coverage well in advance of any approaching storms.

“Flood policies typically have a 30-day waiting period, so don’t wait until a storm is on the radar,” he said. “And it’s more affordable than many people think — inland homes can be covered for as little as $40 to $50 a month.”

He also advised Floridians to review their auto insurance.

“If you don’t have comprehensive coverage, your car won’t be protected from flood or storm damage,” he said. “Now’s the time to check.”

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