August 24, 2023, Spectrum Bay News 9, St. Petersburg – “The insurance companies that have taken a pause, they are watching,”Miller said. “They see things improving, and I think they will be coming back sooner rather than later.” (Original story location, including video version: https://baynews9.com/fl/tampa/news/2023/08/23/optimism-in-florida-s-homeowner-s-insurance-market)
TAMPA, Fla. — For the first time in years there may be some small amounts of optimism about homeowners insurance in Florida.
Experts say there are no signs that prices will relax dramatically, but they say it appears the market is stabilizing, which could lead to some easing in 2024.
Lisa Miller, with Lisa Miller Associates, is Florida’s former deputy insurance commissioner.
“The insurance companies that have taken a pause, they are watching,”Miller said. “They see things improving, and I think they will be coming back sooner rather than later.”
Moves by the Florida Legislature earlier this year are being credited with helping ease litigation involving insurance claims, as well as reducing the cost of re-insurance.
Re-insurance is the kind of insurance that companies carry to cover catastrophic losses like during Hurricane Ian last year.
Miller also said a new program called My Safe Florida Home has helped get discounts to homeowners putting new roofs on, installing new windows, and completing other storm hardening projects on their home.
“Chief Financial Officer Jimmy Patronis has been a champion of the My Safe Florida Home program,” Miller said. “Free inspections, call, get someone to come out to your house. They will give you the recipe to make your home stronger and reduce your premiums.”
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