Doug Izzo, Executive Director of the Englewood Florida Chamber of Commerce, emphasized the necessity for Florida to allow insurance pricing to better reflect risk and continue grants aimed at strengthening homes against storms. This statement was made on The Invading Sea.
"We need to allow insurance pricing to reflect exposure to risk," said Izzo. "Continue offering mitigation grants to strengthen homes. Florida has made significant strides in building resilience. There's still work left to do to address property insurance costs."
According to Insurance Business, reciprocal insurance exchanges in Florida facilitate risk-based pricing by aligning premiums with each policyholder’s actual exposure. As these organizations are member-owned, they operate with enhanced transparency and encourage policyholders to invest in mitigation efforts, such as home hardening grants, to actively reduce their insurance costs. This structure supports fair and accurate pricing tied to individual risk, ultimately enhancing community resilience and financial sustainability.
As reported by Windward Risk Managers, Florida’s mitigation programs like "My Safe Florida Home," which offers up to $10,000 per home for windstorm resilience, work in tandem with reciprocal insurers’ incentive models. Policyholders who invest in these upgrades help reduce the group’s overall loss experience, resulting in widespread premium savings. By supporting mitigation at both individual and community levels, reciprocals help lower collective risk, benefiting all members through more affordable and stable insurance rates.
According to WPTV, reciprocal exchanges such as Trident Reciprocal Exchange are advancing in Florida’s market amid rising climate and legislative pressures. In 2024, the Florida Office of Insurance Regulation approved Trident as the ninth new property insurer since landmark reforms were implemented. This highlights reciprocals’ growing role alongside counterparts like Ovation, Manatee, Orange, and Condo Owners Reciprocal Exchanges. These additions initially focus on depopulating Citizens' policies and reinforce diversification and capacity within a fragmented risk landscape.
Izzo is the Executive Director of the Englewood Florida Chamber of Commerce since 2021. He champions local business advocacy across Charlotte and Sarasota counties. A graduate of Eckerd College with degrees in Communication and Business, Izzo previously served as a Commissioner in St. Pete Beach and held senior roles at the Tampa Bay Beaches Chamber of Commerce where he directed government affairs and strategic engagement. His leadership has earned him industry accolades including the 2016 Industry Advocate Award; he also actively contributes to civic life through roles with the YMCA and Rotary Club.