TALLAHASSEE, Fla. — Even with notable reforms and numerous projected timelines, lawmakers and insurance leaders are still unable to confidently calculate when, if at all soon, property insurance rates in Florida may decrease.

Lawmakers in a special session last year passed several reforms designed to accomplish a myriad of things — stabilize the market, drive down costs and incentivize insurers back into Florida. 

Lawmakers even provided insurers with legal protections to combat frivolous lawsuits. Florida leads the nation in property insurance litigation, according to the Insurance Information Institute. 

But speaking to the Senate Banking and Insurance Committee on Tuesday, the two lead insurance bosses for Florida stopped short of telling Floridians when they might see relief.

“We all feel it,” acknowledged Insurance Regulation Commissioner Michael Yaworsky, though adding that relief, he believes, is on the horizon. “We’ve all seen rate increases take place. We’ve approved rate increases on ourselves. Everyone is in this together. It is a very difficult time for Florida homeowners.”

Lawmakers further implemented a strategy to depopulate Citizens Insurance — the state-run insurer of last resort, which as of October holds more than 1.4 million policies, ranking them as the state’s largest property insurer. The company held 521,000 policies back in 2020, according to Citizens Insurance data.

Citizens Insurance CEO Tim Cerio echoed his colleagues’ remarks on Tuesday. He too spoke before the legislative committee, suggesting that Citizens must increase rates in order for the market and Citizen’s to make a full recovery. 

Citizens' rates, he explained, are artificially low due to state regulations, thereby threatening the health of Citizens while also providing homeowners with rates 40% below the market. Cerio, however, also believes it will take more time before consumers see relief under the legislature’s latest changes.

“It is fundamentally unfair to policyholders in the private market when we are charging unsound rates,” said Cerio. “If we are artificially low, we will continue to distort competition in the private market and hamper the speed of recovery. As Florida’s residual insurer, we should never compete with the private market.”

Tuesday, meanwhile, marked the final day for more than 300,000 Citizens policyholders to make a decision on the status of their policy. The insurer sent out letters to policyholders earlier this year with an offer to switch to a private insurance company. Those who do not respond will automatically get handed off to a private insurer, which for some may mean higher rates. State law under the latest changes requires those with a Citizens’ within 20% of a market rate to depopulate. 

“Please talk to your agent,” added Cerio. “Please make sure you’re opening your email. Read your policies. There are comparisons that are available.”

At least two Democratic lawmakers in the committee revamped requests for Republicans and insurance leaders to consider rate caps to help provide more immediate relief to consumers. West Palm Beach Democratic Sen. Bobby Powell suggested a 5% cap may help stabilize the market and support Floridians, alongside Orlando Democratic Sen. Victor Torres. 

“People don’t have five or six years,” said Powell, warning some Floridians are struggling to make ends meet. “People are suffering now.”

The 2024 Legislative Session begins Jan. 9. Bradenton Republican Sen. Jim Boyd told reporters Tuesday he does not expect the legislature to pursue more aggressive legislation addressing Florida’s property insurance market.