New report shows Florida property insurance market experiencing some relief

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According to the report, there has been a notable decrease in property insurance rate filings for 2024. This decline is significant as it represents the first time in years that such a downward trend has been observed.

WEST PALM BEACH, Fla. (CBS12) — In a recent report, it was revealed that a new study conducted in West Palm Beach, Florida has uncovered some fascinating findings. The study, which focused on the effects of climate change on local wildlife, has shed light on the increasing threat faced by various species in the area. Researchers discovered that rising temperatures and changing weather patterns have had a significant impact on the behavior and distribution of these animals, ultimately endangering their survival. These findings serve as a stark reminder of the urgent need for action to address the global issue of climate change.

The Florida Office of Insurance Regulation (OIR) has recently provided an update indicating that there are signs of slight improvement in Florida’s property insurance market.

According to a projection report from Insurify, a digital insurance agent and comparison platform, there has been a downward trend in property insurance rate filings for 2024. This marks the first decline in years. However, despite this decline, Florida’s average property insurance rates are still approximately four times higher than the national average.

The OIR update has revealed some important findings. Firstly, several insurance companies have decreased their rate filings for 2024. This indicates a positive trend towards more affordable insurance premiums for policyholders. Moreover, there has been a notable reduction in reinsurance costs, which further contributes to the potential cost savings for insurers and ultimately, their customers.

Another significant development highlighted in the update is the shifting of policies away from Citizens Property Insurance Corporation. Often referred to as the insurer of last resort, this state-run entity has seen approximately 389,000 policies transition to other insurance providers since January 2023. This shift suggests that policyholders are seeking alternatives and exploring other options for their insurance needs.

The Florida legislature has taken action to tackle the insurance crisis by passing House Bill 1611. This new law aims to strengthen consumer protections in the market. It introduces additional measures to improve regulatory oversight and accountability. Insurers are now required to provide detailed data reports. Furthermore, the bill prohibits policy cancellations or non-renewals for properties that have suffered damage from hurricanes or wind losses within a specific timeframe.

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