The Florida Legislature set about fine tuning its previous attempts to shore up Florida’s property insurance landscape during the 2023 regular session which ended on May 5.

Some positive changes came out of the session, but there’s still work to be done.

  • Condo owners were exempt from the Citizens flood insurance requirement, but single family homes are still feeling the burden.  
  • HB 799 established that all insurers’ rate filings must allow for appropriate discounts for mitigation measures.  The bill also added wind up-lift prevention to the list of approved methods for discounts/credits.
  • SB7065 gives more oversight to the state to increase insurer accountability and strengthen consumer protections.
  • SB881 expands My Safe Florida Home Program which offers free home inspections and mitigation upgrades for homesteaded properties. The bill increased the value of grant-eligible homes, expanded the scope of eligible participants, and increased the grant award for low income recipients.

FIRM is still pushing for a Monroe County exemption from the flood insurance requirement, and a increase in the coverage limit.

The December session offered concessions to the industry, but no reduction in premiums as a result of those reforms.

Citizens is required by law to recommend actuarially sound rates while complying with a legislative glidepath that caps individual rate increases at 12% in 2023 and 13% in 2024 for primary residences, excluding coverage changes and surcharges.

The Citizens Rate Hearing before Insurance Commissioner Michael Yaworsky is scheduled for June 8 in Tallahassee.  FIRM Board members will be in attendance and will provide a statement arguing that Monroe County should not see rate increases, based on years of paying over $850 million in premiums over claims.

FIRM will be sending out a Call to Action requesting comments from the public to be sent the the OIR.

For a more detailed review of the property insurance bills, read more here.


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