Florida’s Property Insurance Landscape: Insights and the Path Forward

Navigating Legislative Reforms and Addressing Remaining Challenges

By Fraser Hudson, CEO, Lozano Insurance Adjusters

Progress Amid Persisting Challenges

The Florida property insurance market is at a critical juncture. Legislative reforms from 2022 and 2023 have undeniably strengthened our marketplace—introducing new carriers, reducing litigation, and shifting nearly 400,000 policies back to private companies. Yet, Floridians still face excessively high homeowner premiums.

Deputy Insurance Commissioner Virginia Christy emphasized at the Florida Chamber of Commerce Insurance Summit the need for patience, advising against immediate additional changes until we fully understand the impacts of recent reforms. This cautious approach prevents undoing the significant progress already made.

Transparency and Accountability: The Real Solutions

Recent revelations from an OIR study exposed concerning practices—some insurance companies possibly profiting through affiliates while reporting substantial losses due to litigation and fraud. This has prompted intense legislative scrutiny, resulting in contentious debates.

Rather than reverting to pre-reform litigation practices, we must enhance transparency and accountability. Empowering the Office of Insurance Regulation (OIR) with greater oversight capabilities and establishing clear standards for affiliate profitability and rate reasonableness will effectively address these concerns without reigniting costly litigation.

At Lozano Insurance Adjusters, we support balanced, informed decision-making that ensures a sustainable, competitive insurance environment benefiting Floridians through fair premiums and transparent practices.

Our collective goal should be to build upon existing reforms thoughtfully—not reverse course into renewed challenges.