Florida Homeowners Insurance Market Shows Operational Gains Amid Premium Concerns

A recent survey by Hi Marley highlights that three years after Hurricane Ian, Florida's homeowners insurance market is showing signs of stabilization, although consumer opinions remain divided. About 65% of homeowners consider the insurance market when making long-term residency plans, underlining the market's impact on local communities and economies. The survey of 1,000 Florida homeowners who filed claims in the past three years reveals that 53% perceive an increase in the number of insurance carriers, indicating some success in attracting more carriers through legislative reforms. However, opinion on market stability is split with 39% seeing improvement and 38% viewing it as less stable or unstable. Premium cost remains a primary concern, with only 5% reporting a decrease in premiums over three years, and 64% noting premium increases. Nevertheless, reforms and carrier investments in technology aim to improve claims processing. Approximately 80% of claims were hurricane-related, but 47% of respondents agreed claims processing has become faster and more efficient. Customer satisfaction is relatively high, with 78% pleased with communication clarity and speed, and 67% satisfied with overall service. Despite ongoing premium pressures, 43% of consumers reported increased trust in insurance companies, and 46% observed clearer communication. Conversely, 38% dispute the notion of market improvement, and 41% say affordable policies are not easier to find. These mixed sentiments reflect that while the market is operationally improving, financial relief for policyholders remains limited. Digital initiatives are transforming communication and claims handling, with 55% of respondents using carrier mobile apps, 48% having access to online claims portals, and 42% able to communicate via texting. Proactive updates have reduced communication challenges, with only 23% citing insufficient information. Frequent outreach is vital as 31% of homeowners contact their insurer multiple times during claims. Hi Marley emphasizes the progress in claims efficiency and customer engagement but notes continued efforts are needed by carriers and legislators to provide premium relief and bolster consumer confidence, particularly in hurricane-prone coastal regions. The survey underscores the importance of combining regulatory reforms with technology-driven operational improvements to foster a more stable insurance market in Florida. This data offers critical insights for insurers, regulators, and policymakers focused on market stabilization, risk management, and customer experience in hurricane-exposed states, demonstrating industry advancements alongside ongoing affordability challenges.