Finally! Some good news on the FL Insurance Front

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Finally! Some good news on the FL Insurance Front

Andrew SteffensBusiness Member
Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes

It is no secret since Hurricane Ian insurance has been ugly in the Sunshine State!  It has improved a little since the new legislation in Jun 2023, but with 8 more insurers coming in the market I imagine it will be a lot more competitive now:

https://www.wfla.com/news/florida/8-new-home-insurers-can-en...

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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    2y

    That is great news! Hopefully everyone will get some strong drops in costs and allow new buyers to move in.

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  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
    2y
    Quote from @Andrew Steffens:

    It is no secret since Hurricane Ian insurance has been ugly in the Sunshine State!  It has improved a little since the new legislation in Jun 2023, but with 8 more insurers coming in the market I imagine it will be a lot more competitive now:

    https://www.wfla.com/news/florida/8-new-home-insurers-can-en...


     I'll have to see how much good it does me later this year when it's time to renew. I had a pretty hefty jump last year (about 33%) and my premiums were still cheap compared to a lot of other people I knew down here. 

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  • Andrew SteffensBusiness Member
    OP
    Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes
    2y
    Quote from @Michael Baum:

    That is great news! Hopefully everyone will get some strong drops in costs and allow new buyers to move in.


    I hope for minimal new inventory and higher ROI for existing owners :)

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
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  • Andrew SteffensBusiness Member
    OP
    Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes
    2y
    Quote from @JD Martin:
    Quote from @Andrew Steffens:

    It is no secret since Hurricane Ian insurance has been ugly in the Sunshine State!  It has improved a little since the new legislation in Jun 2023, but with 8 more insurers coming in the market I imagine it will be a lot more competitive now:

    https://www.wfla.com/news/florida/8-new-home-insurers-can-en...


     I'll have to see how much good it does me later this year when it's time to renew. I had a pretty hefty jump last year (about 33%) and my premiums were still cheap compared to a lot of other people I knew down here. 


     I saw about 50-75% jump from 2021-2023 and now seeing about 30% declines.  Hope these new carriers drop to 2020 levels but I doubt it especially considering the value increases!

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
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