ORLANDO, Fla. — A three-day insurance summit is underway in Orlando, designed to bring as many people across Florida into one place and attempt to get a handle on where homeowners insurance is going in 2025.
WPTV senior reporter Matt Sczesny traveled to the event to get the latest news on the market and how it could affect your rates.
Former state Sen. Jeff Brandes, who now works for the Florida Policy Project, was at the event looking for good news about the industry.
"Florida is one of the most important insurance markets in the world," Brandes said.
He was joined by people like Florida State University professor Charles Nyce, who shared something with WPTV worth reporting.
"The most recent presentation we just saw they talked about $50 billion of capital is at play in cat (catastrophe) bonds in the state," Nyce said. "That's a good thing. It's a signal that investors are more interested in what's happening in Florida. And they think that it's a more stable market than we've had the last four or five years."
It's another sign in the continuing talking point about improving insurance in Florida. But many in attendance at the event also know homeowners aren't happy.
"Floridians have made no mistake about it, they want an affordable insurance market," state Sen. Blaise Ingoglia, R-Spring Hill, said.
Ingoglia is the new chairman of the state senate's Committee on Banking and Insurance.
"I think there is a role for government to play in terms of creating incentives for people to build to today's hurricane standards and today's elevation standards," Ingoglia said.
However, the most immediate job is getting new insurers to offer coverage in Florida and also lowering the number of Citizens Insurance policy numbers, which are now under a million.
It's a sign that officials say could portend better times for the market in 2025.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
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