St. Pete-Clearwater Sun

Florida’s top insurance regulator is encouraging homeowners to comparison shop for coverage, saying the market has improved significantly following years of turmoil — though consumer advocates and independent analysts say many policyholders have yet to feel meaningful savings.

Florida Insurance Commissioner Michael Yaworsky opened the state’s first Office of Insurance Regulation Insurance Summit since 2019 last week in Tallahassee, telling attendees he is confident the state is “on the right track.”

Yaworsky credited legislative reforms that have reduced insurance-related lawsuits, saying the changes have resulted in more than 200 rate reduction requests or requests for zero increases from insurers. He also highlighted 17 new companies that have entered the Florida market in recent years.

Despite the optimism, Yaworsky acknowledged that not all homeowners are experiencing relief, noting that some parts of the state remain harder to insure than others — a reference that includes South Florida, which carries the highest storm risk in the state.

Dr. Charles Nyce of Florida State University’s School of Risk Management graded the current Florida insurance market a C-plus — an improvement from two and a half years ago, he said, but still only average. He noted that inflation, which is driving up home replacement costs, remains a key factor pushing premiums higher.

Consumer advocate Amy Bach of United Policyholders, who attended the summit, offered a cautiously skeptical view. While she said the market is moving in the right direction in some ways, she warned that many trends remain deeply unfavorable to consumers. She also raised concerns about the growing number of non-admitted insurance companies entering the state — carriers with no track record of paying claims.

Tom Gallagher, chief operating officer of People’s Trust Insurance in Deerfield Beach, said competition has increased in South Florida, which is good for consumers. He added that reinsurance costs — the insurance that insurers purchase to cover large claims — are declining, savings he said his company passes directly to policyholders.

For homeowners frustrated with their current rates, Yaworsky’s advice was straightforward: call your agent and shop around. “Now is a great time,” he said.

Looking ahead, Yaworsky said he would like to see legislation requiring greater transparency in how premiums are calculated, as well as stronger building codes. Nyce said his priority is to ensure that newer entrants to the insurance market remain financially stable and remain committed to Florida long-term, regardless of future storm activity.

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