Florida insurance commissioner praises DeSantis budget

Proposals give regulator "the necessary resources to regulate one of the most complex insurance markets in the world"

Florida insurance commissioner praises DeSantis budget

Insurance News

By Ryan Smith

Florida Insurance Commissioner Michael Yaworsky has voiced his support for Gov. Ron DeSantis’ 2024-25 budget recommendations.

“Governor DeSantis’ budget recommendations demonstrate an ongoing commitment to Florida’s policyholders by providing the Florida Office of Insurance Regulation (OIR) with the necessary resources to regulate one of the most complex insurance markets in the world,” Yaworsky said. “Governor DeSantis’ Focus on Florida’s Future budget will ensure OIR can remain focused on protecting consumers and fostering an insurance market where insurance products are reliable, available and affordable for Floridians.”

Funding for the OIR and relief to Florida insurance customers proposed in the budget includes:

  • $431 million to lower the cost of homeowners insurance premiums, including:
    • $409 million for a one-year exemption on taxes, fees and assessments for holders of residential property insurance policies
    • $22 million for a permanent insurance premium tax exemption for flood insurance policies
  • $107 million in recurring funding to make the My Safe Florida Home grant program permanent. The program assists Florida homeowners through home inspections and cost-sharing for approved wind mitigation and home hardening programs
  • $1.1 million for information technology efforts to improve data analytics and interoperability
  • $475,000 to contract with a reinsurance expert to analyze reinsurance cycles and how they impact property insurance rates
  • $200,000 to research and identify additional mitigation measures to provide discounts on homeowners insurance premiums

Read next: What Farmers Insurance’s exit means for Florida insurance market

DeSantis has been under increasing pressure as Florida has seen a historic surge in insurance costs, with premiums tripling over the last five years. Several insurers have also pulled out of the state altogether in recent months.

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