Florida Insurance Crisis: Expert Answers on Rising Premiums and Reforms

State Efforts to Lower Insurance Costs

• 💡 Robin, a viewer with no claims and not in a flood zone, saw her insurance increase by $3,000 in 3 years.
• 🎯 2022 reforms are cited as a state effort to rein in rising insurance costs, with an expected 18-24 month timeline for effects.
• 📈 Many carriers are reportedly implementing rate decreases of 10% or greater this year, with one insured experiencing a 44% rate decrease.

My Safe Florida Home Program

• 🏠 The My Safe Florida Home program is another state initiative aimed at reducing insurance premiums.
• 💰 This program focuses on reducing the hurricane premium component, which can be up to 88% of the total hurricane premium.
• 🛠️ By implementing wind mitigation credits, such as installing hurricane clips on roofs and shutters, homeowners can see average savings of $800 to $1,200 in the Tampa Bay marketplace.

Where to Find More Answers

• ❓ Viewers who submitted questions for the town hall can find answers by scanning a QR code leading to abc actionnews.com/insurance.
• 📺 The website also hosts the entire hour-long conversation with insurance experts.
• 💬 Viewers can connect directly with the anchor if they still have unanswered insurance questions or concerns.