Survey: Floridians sour on prospects for the property insurance market

A University of North Florida survey of 1,511 Florida homeowners found 55% see no sign the property insurance market is improving, with 26% saying it's getting worse, despite Republican lawmakers touting 2022-2023 reforms that limited homeowners' ability to sue insurers. A strong majority, 69%, said the insurance industry has benefited most from those reforms, versus 16% who said consumers benefited.

Of the 261 respondents who filed claims in the past five years, 45% said their claims were initially denied, and 47% of those saw premiums jump at least 50% over that span. AM Best reported the industry recorded nearly $1 billion in underwriting gains last year after a prior loss, with a representative saying that 'should' eventually create room for rates to ease, though he acknowledged it hasn't happened yet.

Homeowners ranked insurance as a bigger concern than property taxes by 63% to 36%, even amid heavy political attention on a tax reform ballot measure. A survey researcher noted that even Republicans, whose party controls state government, broke from typical partisan optimism about policies their own side enacted.

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