What are Florida lawmakers doing to lower your property insurance rates? WINK investigative reporter goes to Tallahassee to find out.

What are Florida lawmakers doing during this legislative session to address the massive hike in property insurance premiums?

Premiums have tripled in the past five years, making homeownership an increasingly unaffordable option for people living in southwest Florida. In a WINK News special report, Investigative Reporter Céline McArthur travels to Tallahassee to track down lawmakers — Republicans and Democrats — to find out if anyone has a long-term solution.

In a brief detour from his now-suspended campaign for the Republican nomination for President, Governor Ron DeSantis returned to Tallahassee to deliver his State of the State Address.

The DeSantis message

“My message is simple: stay the course. The state of our state is strong. Let’s keep doing what works,” stated DeSantis.

What doesn’t work for many Floridians, including Michael and Elaine Damiano, is the price of property insurance.

“It’s really bad because my insurance policy I just renewed and it went up significantly,” Michael expressed.

39% to be exact, and they’re not alone. The Insurance Information Institute reports rates surged by 42% in 2023 and anticipates further double-digit increases in 2024.

The DeSantis insurance plan

The Governor proposed a temporary fix in his 2024-2025 state budget proposal.

“Let’s reduce the cost of homeowners insurance,” said DeSantis.

His plan includes a one-year exemption on taxes, fees, and assessments for homeowners’ insurance policies. DeSantis expects it’ll save taxpayers $409 million and cut the average insurance premium by up to six percent.

The Damianos aren’t satisfied.

“I’m concerned about the state of Florida,” Michael shared.

So, I’m here at the Florida State Capitol Complex in Tallahassee to see if any lawmakers — Republican or Democrat — have any long-term solutions.

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“I mean, I’ve done this for 40 years,” asserted Republican Senator Jim Boyd.

Boyd is the chairman of the Banking and Insurance Committee. He warned not to expect groundbreaking property insurance changes during this session. Boyd argues reforms from 2022 and 2023, which include trying to shield property insurers from costly lawsuits, will drive down premiums—at some point. This is what he predicted in December of 2022.

“I hate to be the broken record because I’ve said this every time I’ve presented an insurance bill. It takes 12 months to 18 months,” commented Boyd.

Boyd now claims some rates are going down.

Addressing the property insurance crisis

“Over the past year, I’ve had people in my office talking to me about, hey, my rates have stabilized, they’ve gone down,” declared Boyd. “That’s not widespread, I get it. But there are instances of that.”

However, when I pressed him for details, Boyd couldn’t provide specific examples.

I contacted the Florida Office of Insurance Regulation, which would have that information, to see if rates are going down. No response.

Republican Senate President Kathleen Passidomo, who represents part of Southwest Florida, recognizes the significance and urgency of addressing the property insurance crisis.

“It is a huge problem. We passed a game-changer series of legislation last year, last session, special session,” stated Passidomo, but admits, “It’s going to take time for it to take effect.”

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Yet, she’s unsure about the exact impact those moves will have on lowering your insurance bill.

“I don’t know if they’ll ever go down and I don’t have a magic bullet or an easy answer,” acknowledged Passidomo.

“Florida leads the nation in property insurance rates!” exclaimed Florida House of Representatives House Minority Leader Fentrice Driskell. However, the Democrat also does not have a magic bullet.

Céline: “When you talk about property insurance reform, what are you looking at?”
Driskell: “Yeah, well, one of our priority bills is to create a Property Insurance Commission. Let’s start there.”

Her commission would, “continue to monitor the property insurance crisis and ensure that we’re doing all we can to lower costs…”

Doesn’t sound like a game-changer.

I jump in on another Democratic press conference in the Capitol Complex to ask the same questions.

“I hear a lot of people say they want to fix the problem but I am not hearing a solution. What specifically would you do to curb this problem?” Céline McArthur addresses Democratic lawmakers during a press conference at the Capitol Complex.

Following a brief pause, the group puts forward some ideas, including the commission, which if approved, wouldn’t offer recommendations for another year or more. I inquire whether this strategy merely prolongs the problem.

“I feel like we, as legislators, have failed. Absolutely. I 100% agree, and I put the blame on the Republican leadership,” expressed Senator Lori Berman.

Democratic Representative Diane Hart suggests handing out money!

“We’re sitting on $18 million in reserves, why would we not take some of these dollars and help homeowners? People are suffering!” protested Hart.

A third idea: share the insurance burden with the rest of the country.

“My real solution is for us to have a national catastrophic insurance, property insurance, not just like we have with flood insurance, where you spread the risk,” suggested Berman.

The Damianos are not happy with any of those lawmakers’ answers. They emphasize the pressing need for stronger and swifter measures to support Florida’s older population living on tighter timelines and stricter budgets.

“We’re in trouble,” said Elaine. “We’re in a lot of trouble. At this age, we’re in a lot of trouble financially.”

“We personally know people that are looking to get out of here because they can’t afford to pay their bills,” shared Michael.

We will continue to follow any developments out of Tallahassee as we prepare for Hurricane Season 2024. You can see our entire series now on WINKNews.com.