TALLAHASSEE, Fla. — Florida insurance leaders and regulators are gathering in Tallahassee this week to discuss the state's insurance market, which is showing positive signs after years of crisis.
For more than two years, WPTV has listened to residents struggling to navigate Florida's insurance market while we pressed state lawmakers for solutions.
WATCH BELOW: WPTV travels to Tallahassee, gets answers on Fla. insurance market
WPTV reporter Matt Sczesny traveled to the state capitol to track down experts and get answers on where the insurance industry stands right now in Florida.
On Wednesday, we found the mood in Tallahassee over insurance is certainly a lot better than it has been in recent years.
Florida Insurance Commissioner Michael Yaworsky said the turnaround is happening, with rates going lower or stabilizing, new insurers entering the state, and reforms working.
"I'm confident we are on the right track in Florida," Yaworsky said.
WPTV has heard firsthand from homeowners about the changing market.
"It's been ages, as you know, I've been interviewed, it's been increasing and increasing, and then to see this, oh my God, it was like Christmas Day," Lori Lanni, a Royal Palm Beach resident, told WPTV last month.
But the good news has not reached everyone, with some residents telling WPTV that they've canceled their home insurance because they can't afford it anymore.
On Wednesday, Sczesny pressed Yaworsky on why the good news is not happening everywhere.
"I think there is good news across the board generally, but there will always be parts of the state that are harder to insure than others, which can be a combination of factors, whether it's geography, density," Yaworsky said.
Experts said South Florida remains a high-risk area. The state overall still posts the highest average premium in the country at over $8,000, according to Insurify.
This week's summit is being held at Florida State University, where Dr. Charles Nyce shared his assessment of the industry.
"I would give the Florida insurance market a C plus, compared to where it was two and a half years ago; it's greatly improved, but we're still average, and a C is average," Nyce said.
Nyce said costs are still rising with inflation and impacting premiums.
"If it costs $250 a square foot to rebuild, and it goes from $250 to $275, your premiums are going to go up even if the rate never changes," Nyce said.
Most attendees at the summit agree that more needs to be done for policyholders, including more transparency and more guarantees that insurance companies will deliver after a bad storm.
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