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The excessive value of Property insurance coverage for Florida owners remains to be a high difficulty for voters going into the 2026 elections.
GOP Gubernatorial candidate and former Florida Home Speaker Paul Renner says not solely will his plan drop charges however will drop by double digits.
Renner’s proposal:
With a state finances of over $114 Billion, we are able to afford to get rid of the owners’ insurance coverage premium tax and mandate that these financial savings be handed alongside to shoppers.
Change Necessities for the Florida Hurricane Disaster Fund
This requires 3 main steps:
a: Present protection for smaller hurricanes- Providing Florida Hurricane Disaster Fund protection for smaller hurricanes would enable Florida insurers to cut back their purchases of pricy reinsurance from London and Bermuda-based firms.
b: Take away the 25% speedy money construct up provision- A present statute raises the Florida Hurricane Disaster Fund premiums insurers pay into the system by 25% above what’s actuarially needed. This pointless upcharge is a “Hurricane Tax.” If eliminated, shoppers will profit.
c: Cowl Precise Claims Dealing with Prices (Loss Adjustment Expense)- Present legislation limits the Hurricane Disaster Fund funds for claims dealing with after a hurricane. This will increase the price of personal reinsurance and will contribute to poor declare dealing with after a storm.
Renner says when insurers’ prices decline, they have to alter their charges, leading to decrease insurance coverage premiums, decreased strain for annual charge will increase, and a extra steady insurance coverage market.
The estimated good thing about implementing these reforms would is a ten% to twenty% discount in owners insurance coverage premiums for Florida’s shoppers.
“Earlier than I used to be Speaker of the Home, Florida was ranked because the worst insurance coverage market within the nation attributable to hurricanes, frivolous litigation, and fraud,” stated Paul Renner. “We handed laws combatting frivolous lawsuits and insurance coverage fraud. With my proposed extra reforms, we are able to push charges decrease and make Florida inexpensive for all.”
