Florida TaxWatch has released its briefing on the state's property insurance market, highlighting the need for long-term solutions to address high insurance costs that could drive residents out of Florida.
Florida TaxWatch President and CEO Dominic M. Calabro stated, “The high cost and availability of property insurance is an issue that impacts all of us, and Florida TaxWatch once again reminds policymakers that while initial measures in bringing premiums down and attracting insurance companies into the market – and ending frivolous lawsuits – show promise, it will take continued vigilance, so all Floridians have peace of mind, knowing they can obtain affordable insurance for their homes this hurricane season and beyond.”
In recent years, Florida lawmakers have implemented measures aimed at stabilizing the property insurance market. These initiatives focus on reducing insurance fraud, maintaining sufficient reinsurance levels, studying premium growth, and limiting reliance on Citizens Property Insurance Corporation (Citizens). During the 2024 Legislative Session, reforms included a one-year tax exemption for homestead property owners on residential property and flood insurance. This exemption would save homeowners approximately $111 based on Florida’s average annual premium.
To align Florida’s rates with the national average, which stands at $2,153 compared to Florida's $6,366 average annual premium, there is a need for significant reductions in rates.
For further details and access to the full briefing, visit www.FloridaTaxWatch.org.
About Florida TaxWatch:
Florida TaxWatch is an independent, nonpartisan nonprofit government watchdog and taxpayer research institute. It has served as a trusted resource for more than 45 years by recommending productivity enhancements and explaining the impact of fiscal policies on taxpayers and businesses. Supported by voluntary donations and private grants since 1979, FTW aims to create a more effective government accountable to taxpayers.