Jimmy Patronis, Florida’s Chief Financial Officer (CFO) and State Fire Marshal, said in a June 5 video shared on X that Florida’s insurance market is improving thanks to the reforms spearheaded by State Rep. Tom Leek.
"This market has been a challenge over the last couple years," said Patronis. "It's affected everyone, my household included, but I want to tell you there's a light at the end of this tunnel with the combination of the My Safe Florida Home program, the litigation reforms we've had, we're seeing downturns in the rates that are taking place in the state of Florida. Where we were seeing double-digit increases over the last couple years, this year we're seeing carriers asking for no rate increase or dropping their rates. Again, a special shoutout to my good friend Tom Leek - none of this would've been possible if it wasn't for his leadership."
According to the My Safe Florida Home program's website, the initiative allocates grant funding for home strengthening improvements to protect homes from hurricanes. These improvements include roof covering upgrades, door and window upgrades, and roof-to-wall connection reinforcement. Program participants can potentially lower their home insurance premiums.
One reform measure led by Leek was HB 1A, which eliminates one-way attorney fees, according to the Florida Bar. State Sen. Jim Boyd, who introduced the companion bill in the Senate, said the measures provide "reasonable guard rails for insurance companies against frivolous litigation and fraudulent claims that drive up rates for everybody."
According to a May 17 press release from the Florida Office of Insurance Regulation (OIR), property insurance rate filings for 2024 are experiencing a downward trend for the first time in years. OIR attributed the insurance market’s stabilization to "historic legislative reforms" of the last several years. Signs of the strengthening market include ten companies filing for zero percent rate increases, another eight companies filing rate decreases to take effect this year, and eight new companies being approved to enter the state’s homeowner’s insurance market.
Patronis previously served as a member of the Florida Elections Commission and as a State Representative from 2006 to 2014, according to the state CFO website. As CFO, Patronis oversees the licensing of insurance agents and agencies.