TAMPA, Fla. – Florida is starting another year with a continuing crisis in home insurance, and state leaders said reforms could be on the horizon. 

According to the Insurance Information Institute, homeowner’s insurance has increased 102% in the last three years in Florida and costs three times more than the national average. 

The average cost of home insurance in the Sunshine State in 2023 was about $6,000, the highest average premium in the U.S.

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Lawmakers in the state are looking to tackle this ongoing insurance crisis at the legislative session in Tallahassee which will begin Jan. 9. 

Among the legislation filed so far, state lawmakers are proposing solutions including direct subsidies, allowing the state-run insurance to cover more homes, lowering re-insurance costs, and more transparency from the insurer.

However, the Insurance Information Institute tells FOX 13 Floridians may see lower rate increases this year, but not lower rates. 

“We don’t expect rates on average to decrease, but we’re hoping it will be a more moderate level of increases compared to what we’ve been seeing the last few years,” Mark Friedlander of the Insurance Information Institute said. “We’re going to see double-digit increases again in 2024. We don’t have an exact number at this point, but we’re hopeful it will be much lower than 42% [the increase in 2023].”

With more than 7.5 million property insurance policies in the state of Florida, the former deputy insurance commissioner says this crisis needs to be resolved. 

“Some legislators think they’ve done enough, and they want to see if these changes are working. But in the meantime, Floridians are hurting,” Lisa Miller says. “And I just don’t think we can just wait. You know, you hear a lot of [lawmakers] say, give it a couple of years. That’s a long time to pay these very high rate increases … It’s really a crisis. And it’s not like a lot of people have a choice. They have to have homeowner’s insurance.” 

Miller says she speaks with condo board members from around the state who had premiums around $65,000 four years ago… Now, they are nearly $800,000.

“The condo board president said [to me], when does it stop?” Lisa Miller said. “It’s just unsustainable. I think things are going to get better in 2024. I think we’ll see rates stabilized.”

The regular legislative session in Tallahassee will likely conclude in early March – and home insurance premiums are expected to be a major issue covered in those two months.