FAIR Foundation

03/05/2025

Florida's insurance market has seen improvements following recent reforms aimed at addressing high premiums and insurer insolvencies. These changes, led by Gov. Ron DeSantis and the Legislature, have helped stabilize the market, attracted new insurers, and provided homeowners with more options. As a result, more than 10 new insurers entered the market in 2023, fostering competition and potentially lowering costs.

Kevin McCarty, a former Florida Insurance Commissioner, advises against introducing new changes too soon, as the effects of recent measures are still unfolding. McCarty points out that 17 companies have filed for rate decreases since January 2024, and 34 others have requested no increases. Over time, these adjustments are expected to benefit consumers.

External factors, like natural disasters, rising reinsurance costs, and past litigation abuse, continue to challenge the market. However, reforms addressing these issues, including measures to reduce litigation and enhance insurer accountability, have been implemented. McCarty emphasizes that it's important to allow time for these changes to stabilize the market further before considering additional legislative action.

Read More Here:

Florida's insurance reforms are working, let them take effect.

03/04/2024

According to the South Florida Sun-Sentinel: Florida's legislative session is advancing bills that could impact homeowners, with one stating that any home not occupied for nine months a year, either by the owner or the owner’s tenant, would be eligible for takeout by surplus carriers. The proposal would apply to single-family homes, condominium units and commercial properties that cover entire condo buildings. Citizens estimate that 77,000 of its customers would be eligible for takeout under the bill.

But FAIR President, Paul Handerhan, pointed out that there are many more retired snowbirds who live here less than nine months a year. "Handerhan said allowing surplus lines carriers to take out Citizens policies makes no sense while the state is trying to strengthen the private insurance market. Essentially, the state is allowing surplus carriers to compete directly with regulated carriers that also participate in Citizens’ takeout program. He added, 'Surplus lines carriers have an advantage over (regulated) companies that have to follow all of the state’s insurance laws.'"

Read More Here:

Despite predictions that Florida "s legislative leaders had little interest this year in enacting major insurance reforms, Senate and House bills are headed to the finish line that could affect thousands if not millions of Florida homeowners. In Florida, homeowners often turn to surplus lines carrie...

10/24/2022

"FEMA has provided $595 million to households and $322 million to the state for emergency response, while the U.S. Small Business Administration has provided $211 million in disaster loans, and the National Flood Insurance Program has paid $147 million in claims."

Read More Here:

More than $1.27 billion in federal grants, disaster loans and flood insurance payments has been provided to the state of Florida and households to help survivors jumpstart their recovery after Hurricane Ian.

07/14/2022

FEMA & AARP release new resources to help local communities protect older adults from natural disasters.

To stay informed, click here:

As the United States enters peak hurricane season, FEMA and AARP have released new resources to help local officials and emergency managers protect older adults in their communities before, during and after natural disasters and support communities in mitigating the effects of extreme weather events...

06/02/2022

Learn more about the recently reinstated My Safe Florida Home program and if you could qualify for state grants to harden your home against natural disasters.

Florida's coastal homeowners will soon be able to apply for up to $10,000 to harden their homes against hurricane damage. Here's what we know so far.

06/01/2022

The 2022 Atlantic hurricane season begins today and is predicted to be especially busy. Be sure to visit https://www.fairfound.org/disaster-preparedness-resources/ to learn more about how to prepare your family and property.

The 2022 Atlantic hurricane season runs through Nov. 30.

05/05/2022

Did you know this week is National Hurricane Preparedness Week? Take a few minutes to click the link below and learn more about your individual risk, how to prepare, strengthen your home & much more!

Hurricane Preparedness Week is May 1-7, 2022. , Be ready for hurricane season. Today you can determine your personal hurricane risk, find out if you live in a hurricane evacuation zone, and review/update insurance policies. You can also make a list of items to replenish hurricane

04/22/2022

Share your experience!

If you are a property insurance consumer in Florida, be sure to take the survey linked below! Florida's Insurance Consumer Advocate is surveying Florida consumers to see how they have been impacted by changes in the market. Your feedback helps identify problems and find solutions. Take the survey here: https://www.myfloridacfo.com/division/ica/homeownersinsurancesurvey

04/11/2022

  Author: Tasha Carter, Florida’s Insurance Consumer Advocate Date: April 11, 2022 Insurance rates are skyrocketing and majority of homeowners are feeling the impact. Higher insurance rates can be life altering, requiring homeowners to make decisions between vital medications, food, gas and other...

04/08/2022

Scientists are already predicting a busier than average Atlantic hurricane season with "at least 19 named storms and nine hurricanes — four of which will be Category 3 or higher." Visit www.fairfound.org for resources and tips to start preparing your family and property now.

At least nine hurricanes are predicted by researchers at Colorado State University. Four of those are expected to be Category 3 or higher.

04/01/2022

FEMA's updated NFIP rating policy mechanism "Risk Rating 2.0" goes into effect for all policyholders today. The new mechanism takes an individual property's flood risk more into consideration. Rates will still be capped at an 18% annual increase. For more information visit: https://www.fema.gov/flood-insurance/risk-rating

Starting April 1, property owners in low-lying areas across the country will see their premiums increase when they renew their flood insurance policies,