Florida Homeowners Show Cautious Optimism as Property Insurance Market Stabilizes

Recent surveys of Florida homeowners reveal ongoing concerns about property insurance affordability, premiums, and hurricane risks, though some signs indicate growing optimism regarding market stability and insurer communication. A Florida Atlantic University poll found that nearly half of respondents are worried about insurance costs linked to climate change, while over a third have contemplated relocating due to weather impacts. Additionally, 61% expressed concern about stronger hurricanes and resulting storm surges affecting coastal regions. The survey aligns with University of Florida findings that identify property insurance as the top issue confronting Floridians today, surpassing concerns about housing costs, immigration, and taxes. However, a separate poll of 1,000 Florida homeowners commissioned by insurance communication provider Hi Marley suggests improving market conditions, with 53% acknowledging increased insurer presence following 2023 legislative changes that attracted at least 17 property carriers. Moreover, nearly 40% of respondents perceive the Florida property insurance market to be more stable compared to three years ago. Trust in insurance companies has increased for 43% of policyholders, and 46% note clearer communications from insurers. Despite these positive indicators, only 5% reported premium decreases over the same period, underscoring persistent cost challenges. In the broader market context, several Florida insurers have recently announced rate reductions. Patriot Select, reestablished from the former Anchor Insurance, lowered average premiums by approximately 11.3%, increasing its policy count to nearly 670. Another major carrier, Security First, filed for an 8% statewide average rate decrease for thousands of homeowners policies in October. These developments reflect a cautious improvement in Floridas property insurance environment amid ongoing regulatory and market reforms. The entry and re-entry of multiple insurers following legislative changes appear to be enhancing competition, thereby offering some relief to policyholders. However, affordability and weather-related risk remain dominant concerns for Florida homeowners, highlighting the critical need for ongoing market and regulatory monitoring in this high-risk region.