WEST MIAMI-DADE, FLA. (WSVN) – Florida Gov. Ron DeSantis announced reductions in insurance rates for some state drivers and homeowners during a visit to Miami-Dade County, and he credited recent reforms to the insurance industry.
7News captured the governor on Wednesday as he walked to a podium at Florida International University’s Wall of Wind, an experimental facility where materials are put to the test against hurricane-force winds.
DeSantis said Floridians who have Citizens Insurance, which is the state-run insurance company, will likely see their rate prices go down this year. More specifically, he said, 73% of Miami-Dade homeowners with Citizens will have a rate decrease.
“The average decrease for those Citizens policy holders will be 6.3%,” he said.
The governor also said 52% of Citizens homeowners in Broward County will receive an average 4.5% decrease.
“We can’t control storms, we can’t control inflation nationwide. There’s a lot of things that are beyond our control, but providing a solid marketplace is one,” he said.
DeSantis claimed policies passed by the Florida Legislature have stabilized the insurance market in the state, and now more companies in Florida are allowing for more competitive pricing.
“Eleven new companies have entered the market in the State of Florida over the last two years. In California, that’s not happening, and in other states, it’s happening You see companies that are leaving,” he said. “You’re never going to have a stable market if people don’t want to come in and do business here.”
Whether or private companies will slash their rates remains to be seen.
The governor did not provide a timeline on when these rate changes will happen, bur he said it should be soon.
DeSantis said car owners could also see their insurance rates going down. He said customers of Geico, Progressive and State Farm Insurance will be receiiving a 6% to 10% rate decrease.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.