SOUTHWEST FLORIDA (WINK) — Florida’s insurance commissioner graded the state’s insurance market as an “F” in 2022, but now says it has improved to a “B.”
Evelyn Ramos, a Lee County homeowner, expressed frustration with rising insurance costs.
“Definitely frustrating,” Ramos said. “It’s going up, especially [home insurance]. It’s terrible.”
When asked to grade the state’s insurance market, Ramos didn’t hesitate.
“F!” Ramos said. “Because it’s really bad. Yeah, it’s really bad.”
Mark Wilcox, co-owner of Wilcox Family Insurance in Lee County, said things have been worse in Southwest Florida. He believes the root of the market’s problems has been legislative, but the state is making changes.
“Hurricanes weren’t helping the last several years, but that was more of the catalyst to the problem than the actual problem,” Wilcox said.
Wilcox says he can feel the improvement from an eligibility standpoint.
“You can just feel it from an eligibility standpoint,” Wilcox said. “A lot of companies are writing things that they wouldn’t write the last few years.”
Florida Insurance Commissioner Michael Yaworsky says major legislative insurance reforms include eliminating one-way attorney fees and banning assignment of benefits.
During a two-day insurance summit at Florida State University this week, he said the reforms need a few more tweaks, but overall, home and auto markets are stabilizing.
“Insurers did not want to write in this state, but now they do,” Yaworsky said. “Now we are at a ‘B’.”
Wilcox gave Southwest Florida’s insurance market a different grade.
“I’d give it a solid C right now,” Wilcox said. “Rates are not necessarily going down, but stabilizing. It’s a good time to shop. For the first time in years, we’re able to save people money.”
Wilcox said to bump Southwest Florida’s insurance market up, two things are needed: time and good weather. He said now is the best time to shop for insurance, as companies are more willing to write policies than in recent years.
Southwest Florida homeowners, like Ramos, may feel like their insurance premiums are still climbing, even as the market shows signs of improvement.
Wilcox explained that while premium increases might be a few hundred dollars now compared to jumps over $1,000 in prior years, it can still feel like rates are going up rather than getting better.
“Rates are not necessarily going down, but stabilizing,” Wilcox said.
He emphasized the importance of shopping around for better rates.
“A lot of agencies out there will have multiple options, and if you’re not shopping that you’re doing yourself a disservice,” Wilcox said. “So that’s why [homeowners] are probably not feeling it if they’re just renewing it and renewing it.”
Wilcox’s biggest piece of advice is to keep up with renewals and look for opportunities to save. For homes built before 2002, getting a new wind mitigation report after installing a new roof can unlock significant discounts.
“If you’ve gotten a new roof and your house is built before 2002, make sure you’re getting a new wind mitigation report,” Wilcox said. “That’s your biggest source of discounts. Other than that, just shop it. If it’s been a few years and your renewal is coming up, don’t hesitate to call your agent or anybody like us and see if they can save you some money.”
For resources from the Florida Office of Insurance Regulation, click here.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.