As Florida’s primary election approaches, property insurance remains a significant concern for many voters, driven by escalating rates and the aftermath of Hurricane Debby, which caused widespread flooding and claimed four lives across the state.
Despite the urgency of the issue, legislative candidates have presented only vague strategies for overhauling the system, with few short-term solutions to alleviate the soaring rates.
Jeff Brandes, a former state senator from St. Petersburg and founder of the Florida Policy Project, criticized the Legislature’s lack of vision. Brandes, who championed market reforms before his term ended in 2022, expressed frustration over the absence of concrete plans.
“The Florida Legislature, in numerous areas of public policy, lacks direction,” Brandes noted. “They simply don’t have plans.”
Currently, Florida holds the distinction of having the highest property insurance rates in the nation. In 2023, homeowners faced an average annual premium of $3,340, a staggering 37% increase from 2021, representing an additional $903, according to the Insurance Information Institute.
However, this average masks even steeper rates in higher-risk regions. For instance, Citizens Property Insurance, the state’s primary insurer of last resort known for its lower rates, covers 96,941 standard homeowners policies in Miami-Dade County with an average premium of $5,113. The proposed 13.5% rate hike could elevate this to $5,804.
In Broward County, where 71,196 policies are in force, average premiums would rise from $5,385 to $6,112. Similarly, in Palm Beach County, the average rate for 61,357 policies would increase from $4,904 to $5,561. These proposed rate adjustments are awaiting approval from the state’s Office of Insurance Regulation.
The significant increase in insurance rates has placed considerable financial strain on Floridians, making it a top issue in the upcoming elections. An Associated Industries of Florida poll, released on Tuesday, revealed that 22% of likely voters consider property insurance costs their most pressing issue, ranking second only to inflation, which was identified by 27% of respondents.
