Florida's property insurance market is showing signs of "strengthening," according to a new report from the state's Insurance Commissioner Michael Yaworsky.
Yaworsky, in a report dated Aug. 9, cited "several positive developments."
Among those developments is a new insurer to Florida, Trident Reciprocal Exchange, the ninth new carrier this year, and assurances from Progressive Insurance reinforcing their commitment to the state.
"[Office of Insurance Regulation] will continue to work with Florida-based and national carriers, like Progressive, to recruit and retain business so that all Floridians may benefit from a strong market," Yaworsky says.
The report also says requests for rate hikes are declining, with 12 companies asking for a rare decrease this year and another 24 looking at zero rate increases.
Take out offers for customers of Citizens Insurance is also expected to increase this year, as the report says 768,692 Citizens policies will be targeted for offers to private insurance.
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Recently, at an insurance town hall in St. Lucie County, state Rep. Dana Trabulsy said Tallahassee is trying.
"We're trying to create a level playing field in Florida so that new insurers want to come into the state," said Rep. Trabulsy, who also admits insurance is hitting hard at her home.
"I got a notice last week that if we don't get a new roof our insurance is not being renewed," she said.
If you have a question or comment on homeowners insurance, email me at matt.sczesny@wptv.com.