PINELLAS PARK, Fla. — As lawmakers are back in Tallahassee for yet another legislative session, one Pinellas Park mom is hoping curbing home insurance rates is a priority as she is up for renewal in March.
RATES STILL RISING
Marisa Borgia bought her Pinellas Park home in 2018 and said since then, her insurance rates have doubled twice. Saving copies of each policy throughout the years showed that in 2018 her policy was $711 dollars. In 2019, it was $740, and by 2020 it was $763.
It was a slow and steady increase...until 2021.
"In 2021, I got the notice, 'Your insurance company is no longer in the state. We are canceling your plan,' The cheapest I could find was Progressive."
That policy in 2021 jumped to $1494.
In 2022, her rates actually dropped nine dollars to $1485. Borgia felt hopeful that it was the end of the increases until she got the renewal letter for 2023.
Her rates doubled again, this time landing at $2909.
"That's more than 400%," Borgia said. "How do people afford it?"
In her case, as a single mom, Borgia had to take on two part-time jobs on top of her career as a nurse. She's now dreading what her policy will be as she is up for renewal in March.
NEW COMPANIES ENTERING INSURANCE MARKET
Stories like Borgia's come as some insurance experts say Florida is starting the new year with signs the fractured market is improving.
"Compared to a year ago, the Florida property insurance market is in a much better position," said Mark Friedlander, Florida spokesperson for the Insurance Information Institute.
Friedlander said there are six new private insurance companies that have just entered the market, ready to write new policies and bring back more options for homeowners.
"This is the first time in many years Florida will actually have a competitive insurance marketplace," Friedlander said. "Take advantage of it and you might be able to do better in what you're paying for insurance today."
CITIZENS INSURANCE DROPPING POLICIES
As that happens, Friedlander said Citizens Property Insurance is also dropping policies. A move known as depopulation.
State-backed Citizens is the "insurer of last resort" but an option many Floridians had no choice but to turn to in recent years. Friedlander said more than 600,000 Floridians on Citizens policies are expected to be pushed to other companies in 2024.
"Citizens depopulation is continuing throughout the first quarter through January, February and March. So we will see can citizens continue to decline," he said.
Friedlander said if you get one of those letters and there is an offer from another company with an increase not exceeding 20%, then you will be forced to go with the other company.
"You can't stay with Citizens," he added. "Pay attention if you are a Citizens customer, and you get one of those letters."
So for some, he said those rates will be rising again in 2024.
"Unfortunately, there's no magic formula to bring prices down. It's not a realistic scenario," Friedlander said.
WHAT ARE LAWMAKERS DOING IN 2024?
Lawmakers are now back in Tallahassee for this year's legislative session - but the question of whether lawmakers are making insurance a priority this year is still up in the air.
"We had a robust bill pass last session. We are just starting to see the results of that," said Senate President Kathleen Passidomo last Wednesday. "Are the rates going to go down? I don't know. They are not going down anywhere in the country."
Friedlander said at the start of the session there are not any significant bills industry leaders see getting tracking this early on.
"From what we have heard from the leaders of the Florida Senate and Florida House. It is not expected that significant property insurance legislation will be addressed during the 2024 Florida Legislature," Friedlander said.
Though Passidomo said, it's always a priority.
"I'm interested in all policies that are going to help lower premiums," she added.
Lisa Miller is Florida's former Insurance Commissioner. She is spending many days in Tallahassee this session pushing for bills to lower rates.
"I don't think we can wait on this," she said. "We can do things to try to stem those rate increases. There are several bills out there that would do that. So we're just hoping that the legislature will dig into this."
That action is needed as thousands of homeowner like Borgia are anxious about 2024.
"I'm waiting on that letter," Borgia said. "We'll see what happens."
SHARE YOUR STORY
ABC Action News Nadeen Yanes wants to hear from you about what you see on property insurance. How is it impacting you? Are you seeing any improvements? What questions do you have for lawmakers?
Email Nadeen at Nadeen.Yanes@wfts.com
