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CFO Jimmy Patronis: Florida is Putting Policyholders First

~ CFO Leads Insurance Roundtable in Coral Gables to Highlight Improvements in Florida’s Property Insurance Market ~

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CORAL GABLES, Fla. – Today, Florida Chief Financial Officer (CFO) Jimmy Patronis led a Keeping Policyholder First Insurance Roundtable in Coral Gables with state legislators as well as business and community leaders to highlight the successes made to improve Florida’s property insurance market. CFO Patronis also provided an update on the My Safe Florida Home Program and recent improvements to better support seniors and low-income homeowners. During the roundtable, the CFO urged policyholders to take advantage of home hardening initiatives and asked consumers suspicious of fraud to report it immediately at FraudFreeFlorida.com.

CFO Jimmy Patronis said, “Insurance challenges have become a nationwide crisis, driving up costs across the country as inflation, natural disasters, litigation, and fraud have caused a perfect storm for policyholders. I was joined by leaders from across our state in South Florida today to show how Florida has met these challenges head on and worked to keep policyholders first. Florida’s insurance market is improving day by day. Eight new insurance companies have entered the marketplace and consumers are beginning to move out of Citizens and back into the private markets. This creates healthy competition and ultimately stabilizes the property insurance market for all Floridians.

“Every year we have worked to make important reforms to ensure policyholders are supported and if there is appetite for a Special Legislative Session this year to do more on insurance then I’m happy to make my office available to our legislators to assist. The My Safe Florida Home Program has been a huge success, with hundreds of millions of dollars passed back to homeowners to harden their homes against storms. I feel there are more opportunities in the home hardening space the legislature could explore, including making the Home Hardening Sales Tax Exemption permanent and funding for the My Safe Florida Home program reoccurring. I’d also like to look at PACE Loans and see how they can be used in reducing rates through home hardening instead of things that may drive up insurance premiums like solar panels. Eventually, Florida will be impacted by another major hurricane, and home hardening remains the best way to lower your insurance premiums while protecting your biggest investment – your home.

“Unfortunately, what we cannot change is the inflation crisis created by Washington. In this current climate, it costs as much to put groceries on the table as it does to replace your roof. Everything costs more, and that includes insurance. While we wait on DC to get their act together, I’m thankful that leaders in Florida have leaned forward on this issue and are looking out for policyholders at every step of the way.”

Insurance Commissioner Michael Yaworsky said, “Ensuring a stable property insurance market and protecting Florida’s policyholders are my top priorities as Insurance Commissioner. Ultimately, there are signs of improvement in our state’s market which shows that recent legislative reforms are beginning to bring positive results for consumers. As we continue to implement legislative reform, we look forward to Florida’s insurance market becoming even stronger and more sustainable over time.”

Florida’s Insurance Consumer Advocate Tasha Carter said, “Policyholders’ rights and protection should always be at the forefront of policy decisions. Legislative reforms championed by CFO Patronis have refocused and emphasized consumers’ rights, consumer protections and improved the claims experience. While there is still opportunity for improvement in the homeowner’s insurance market, the state has made significant and steady progress due to legislative efforts.”

Florida Agency & Agency Licensing Division Director Greg Thomas said, “After 30 years in the insurance regulation and consumer assistance space, I have seen the insurance industry experience highs and lows, particularly after major storm events. The reforms championed by the CFO and the Florida Legislature are starting to take root in the marketplace as some insurance companies begin to reduce their rates.”

Citizens Property Insurance Corporation Chief Insurance Officer Jay Adams said, “As more options become available for Florida policyholders, we are encouraged by the announced reduced rates by insurance companies re-entering Florida’s insurance market. This will ultimately decrease the amount policies held by Citizens and allow for competition better pricing going forward. Thank you to CFO Patronis for his leadership and for standing by Florida consumers.”

Miami-Dade County Commissioner Raquel Regalado said, “Miami-Dade residents know all too well how expensive insurance costs have been over the past few years. Inflation and high interest rates have crushed South Florida businesses and homeowners. My thanks to CFO Patronis for his leadership and partnering with us to protect the rights of insurance consumers.”

Senator Ileana Garcia said, “I commend CFO Patronis for prioritizing policyholders and promoting inclusivity at the round table discussion today. I am very optimistic about Florida's progress, and although there is more work to do, the state is proactively moving in a positive direction.”

Representative Vicki Lopez said, “It’s safe to say that we have all felt the impacts of this insurance crisis. That is exactly why we should all be working to create actual change while keeping the policyholders in mind. This crisis won’t be solved overnight, but I am thankful that here in Florida we are not ignoring the issue but are facing it head on to make positive changes.”

Representative Alina Garcia said, “CFO Patronis has been a tireless advocate for policyholders, and these recent reforms are just another example of him giving the policyholder a seat at the table. We are seeing signs of improvement in Florida’s insurance market following these historic reforms, but there is still work to be done.”

Representative Jim Mooney said, “Floridians can rest assured knowing that their voices are being heard in Tallahassee. Thanks to CFO Patronis for his ongoing commitment to put policyholders first and work with consumers to ensure their needs are met in the marketplace.”

Representative Tom Fabricio said, “I am proud to have stood with Governor DeSantis and the Florida Legislature in bringing balance to Florida’s legal system. There is still hard work to be done, and we will continue to work diligently with CFO Patronis to make sure that the Florida policyholder is always being looked out for.”

Representative Fabián Basabe said, “Recent insurance reforms are much needed relief and ultimately reduce costs for consumers. Hurricane Season is almost upon us, and I encourage homeowners to take advantage of the State’s home hardening programs which were implemented to assure one’s Florida residence has a higher level of protection.”

Representative Juan Porras said, “Thank you CFO Patronis for hosting this roundtable here in Miami. This event was a great opportunity to recognize the relief to policyholders while also acknowledging the work that remains. I believe that Florida will continue to lead the way in this arena, and that other States should look to our leadership as an example of how to put citizens first.”

Representative Alex Rizo said, “With these reforms combatting lawsuits and Assignment of Benefits fraud, I am thankful that we are beginning to see a more stable market. There is more work to be done, but with leadership like CFO Patronis’ I have all of the confidence in the world that Florida will face each issue head on.”

Representative Mike Redondo said, “The legislature has heard Florida homeowners loud and clear and we are proud to lean forward together to combat rising insurance rates in our state. With the passage of vital reforms in recent years, I truly believe relief is on the way, and we will continue to work with CFO Patronis and his team to stand up for policyholders here in Miami and statewide.”

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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and X (@FLDFS).