MoneyReal Estate News

Actions

Florida Senate committee set to meet on property insurance amid rising rates

'We have got work on a strategy where everyone comes together,' state Sen. Bobby Powell says
Posted at 6:19 PM, Oct 04, 2023

WEST PALM BEACH, Fla. — A group of Florida state senators will be speaking next week with a couple of big players in the state's insurance industry.

The Senate's Banking and Insurance Committee will hold a hearing on Oct. 10 with Florida Insurance Commissioner Michael Yaworsky and Citizens Insurance CEO Tim Cerio.

State Sen. Bobby Powell, D-West Palm Beach, said he has a number of questions for the commissioner.

State Sen. Bobby Powell lays out some of the questions he intends to ask during next week's insurance meeting.
State Sen. Bobby Powell lays out some of the questions he intends to ask during next week's insurance meeting.

Real Estate News

Florida's CFO still confident property insurance situation will improve

Matt Sczesny
6:14 PM, Sep 20, 2023

"No. 1, is there a plan to maybe cap the increases," Powell said. "I'm not saying you have to stop raising rates but maybe cap it at 5%. A number of us have seen rates double and triple over the last three or four years."

Florida has had a tough year with insurance as some major companies depart the state, leaving policyholders with soaring premiums and swelling numbers for the state-backed Citizens Insurance.

Recent reforms passed by the Republican majority in Tallahassee are aimed at bringing stability to the market, but estimates say it could take months and maybe years.

Stat Rep. Toby Overdorf, R-Stuart, believes more insurance reforms are needed despite the legislation that was enacted last year.
Stat Rep. Toby Overdorf, R-Stuart, believes more insurance reforms are needed despite the legislation that was enacted last year.

"If we didn't feel a sense of urgency, we'd be completely out of touch," state Rep. Toby Overdorf, R-Stuart, said. "I believe there is a need to do more reforms."

The legislative session begins in January, and it's expected that Democrats and Republicans will have conflicting ideas on how to address the insurance crisis.

"We have got work on a strategy where everyone comes together," Powell said.