Senate President Kathleen Passidomo stated in a May 16 memo to the Florida Senate that the state’s property insurance market is strengthening due to legislative reforms.
"We know the cost of property insurance is posing a major affordability problem for Florida homeowners," said Passidomo. "Fortunately, the reforms passed in recent years are working. We are seeing new insurers and new private capital enter Florida, while large companies recommit to our state, citing recent reforms. Unfortunately, we all know it is taking time for the positive momentum we are seeing across the market as a whole to reach kitchen tables around the state."
Passidomo’s memo included data from Florida’s Office of Insurance Regulation (OIR), which found that several companies have filed rate decreases set to take effect this year, while ten other companies filed zero percent increases. She noted that this downward trend in rate filings is occurring "for the first time in years." According to Passidomo, recent measures such as a $500 tax cut related to flood insurance and property insurance premiums will continue to strengthen the market and support families working to make ends meet.
The property tax cut package includes one year of relief for residential property insurance policyholders by covering the costs of State Fire Marshal assessments and insurance premium taxes for policies written between October 1, 2024, and September 30, 2025. The measure also reduces the cost of flood insurance policies written during the same period. "I believe every little bit helps," Passidomo said in a statement. "Over $500 million in tax cuts for property insurance and flood insurance premiums are important for families who are trying to make ends meet as our insurance market strengthens."
Although Floridians currently pay more than the national average for property insurance, legislative reforms could bring rates down, according to Wesh. Mark Friedlander, a spokesperson for the Insurance Information Institute, said, "This is a result, clearly, from the significant legislation passed, especially in the December 2022 Special Session." Friedlander indicated two key indicators signaling improvements in the state’s property insurance market: new insurance companies entering the state and less reliance on the state-run Citizens Property Insurance Corporation.
Passidomo is an attorney who was elected to the Florida House of Representatives in 2010. She was elected to the State Senate in 2016 and was appointed to serve as Senate President during the 2018-2020 legislative session.