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Florida Property Insurance Rates May Skyrocket This Summer

Florida’s property insurance market continues to falter as state-backed Citizens takes on more homeowners policies.

FLORIDA — Housing costs are increasing in Florida at levels outpacing inflation. Home to more than 22 million people, the Sunshine State is experiencing a booming economy, but it’s also experiencing growing pains. While rent, interest rates, and other housing-related costs rise, those who own homes in Florida are watching their property insurance premiums skyrocket.


John Rollins, a former chief financial officer and chief risk officer who served on the state-backed Citizens property insurance board, told WFLA that Floridians saw policy rates increase by 100 percent in the past three years, and the rate increases are not stopping. Rollins said the insurance industry and various state officials expect premiums to go up between 40 to 50 percent or more in June.

In December, The Florida Standard reported on the upcoming special legislative session to address property insurance. House Speaker Paul Renner told the Florida Standard that the Legislature “will not allow Florida’s insurance market to fail.” Before Hurricanes Ian and Nicole, the Legislature took steps to stabilize the property insurance market and lawmakers set aside record reserves for future disasters.

But consumers are frustrated because they see no end in sight for premium increases. In May, millions of Floridians will have to renew their policies, and many will have to find new insurers because their coverage was dropped or their insurance company went insolvent.


Marlis Cintra, a retired resident on a very tight budget, said her insurance went up another $7,200. To afford it, she had to sell her car and ask her teenage son to get a job. “He is 17, and I was like, ‘Hey, the mortgage was raised, you need you to start working to help us,’” she told WSVN in Miami.

None of the changes to Florida law that were passed in the special session on property insurance had a direct impact on the rates that Floridians must pay. Instead, it focused on altering the business climate to attract new companies to the state and curb excessive litigation.

Finding a solution to the property insurance crisis is challenging. According to Samantha Bequer, Communications Director for the Office of Insurance Regulation, policyholders may not see relief due to measures made in last year's special session for 18 to 24 months.


When an insurance company leaves the Florida market or enters receivership – where the Office of Insurance takes control – residents end up paying more through surcharges. Citizens, the state’s insurer of last resort, saw enormous growth in policies, now covering 1,177,027 homeowners as of February 10 – double the amount it protected at the end of 2021.

“OIR's greatest priority is ensuring consumers have access to insurance, especially during hurricane season, and because of the uncertainty with the status of Demotech’s ratings, we’ve been forced to take extraordinary steps to protect millions of consumers,” said former Insurance Commissioner David Altmaier last July when multiple insurance companies went insolvent.

In a 2022 report by the Insurance Information Institute, summer property insurance renewals across hurricane-prone states went up by 15 to 20 percent for catastrophe-exposed states and as much as 50 percent for Florida.