Fla. CFO Patronis: Florida is Putting Policyholders First

CLEARWATER, Florida, April 26 -- Florida Chief Financial Officer Jimmy Patronis issued the following news release on April 25, 2024:

Today, Florida Chief Financial Officer (CFO) Jimmy Patronis led a Keeping Policyholder First Insurance Roundtable in Clearwater 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, "It's no secret that 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. Today, I was joined by leaders from across our state 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. I tell people all the time that it's like turning a giant cruise ship, it takes time to pass the needed reforms to turn the industry around but I'm thankful that we have so many great leaders in our state manning the helm.

"While there is still more work to do, every year we make important reforms to ensure policyholders are supported and they have a seat at the table when discussing insurance around the state. Part of that effort has been the huge success of the My Safe Florida Home Program and the hundreds of millions of dollars the state has passed on to homeowners to harden their homes against storms. The program has been improved this year to better serve seniors and low-income homeowners with prioritized grant applications windows opening in July. Eventually, Florida will be impacted by another major hurricane, and this home hardening program 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."

Senator Jay Collins said, "Florida's recent reforms are addressing the root causes of the insurance crisis, and we're seeing new carriers enter the market and Citizens shedding policies to private insurers. Like CFO Patronis has said, Florida is meeting this challenge head on and starting to right the ship. I'll continue to work with my colleagues in the Legislature to ensure Florida policyholders are first and insurance costs are reined in."

Senator Nick DiCeglie said, "While premiums may not drop drastically for some time, Florida's recent insurance reforms are helping to prevent further runaway costs. With hurricane season approaching, I encourage all Floridians to take advantage of home hardening programs to protect their home and lower premiums. Thank you to CFO Patronis for hosting this roundtable and bringing leaders together on this important issue."

Representative Adam Anderson said, "The insurance crisis didn't start overnight, and I truly believe that Florida's reforms are a model for other coastal states facing similar insurance challenges. CFO Patronis is a tireless advocate for policyholders and I'm thankful that he put together this roundtable to continue to keep insurance issues at the forefront."

Representative Kimberly Berfield said, "For the first time in years, we're seeing some insurers returning to Florida. It's a sign of cautious optimism but the hard work isn't over. We'll continue to work with CFO Patronis to ensure policyholders are protected in Florida and the market is stable."

Insurance Commissioner Michael Yaworsky said, "We continue to see signs of improvement in Florida's insurance market following the passage of historic legislative reform. In recent months, new companies entered the state, existing companies expanded their footprint, and some companies have even announced rate decreases for their policyholders. As Insurance Commissioner, I applaud this good news and remain committed to continuing this work by using all available resources to strengthen our state's insurance market and bring more stability for Florida's consumers."

Citizens Property Insurance Corporation President and CEO Tim Cerio said, "The ongoing depopulation of Citizens is a key metric demonstrating that Florida's property insurance market is getting stronger. A more balanced market with private insurers sharing the risk is a positive development for the people of Florida, and CFO Patronis and the leaders here today have been at the forefront of reforms to make these positive outcomes possible."

Florida's Insurance Consumer Advocate Tasha Carter said, "It's still early, but there's a renewed sense of competition among insurers in Florida and this can only benefit consumers. CFO Patronis has led the way in helping enact these reforms and put protections in place to better assist consumers when issues arise. I'm proud to be the voice of insurance consumers in our state and look forward to working with the CFO and Legislature to meet insurance consumers where they are."

Florida Agency & Agency Licensing Division Director Greg Thomas said, "I've spent more than 30 years in the insurance regulation and consumer assistance space, and I've seen the ups and downs of the industry over the years. Recently, I've heard directly from licensees who are pleased with the reforms championed by the CFO and passed by the Legislature. The industry feels like the market is trending forward well, and CFO Patronis has been leading the way."

Treasure Island and Madeira Beach Chamber President and CEO Barry Rubin said, "As a business owner and President of a local Chamber, I know that Florida's reforms have proven to be a major step in the right direction for a more sustainable homeowners insurance market. We can't lose sight of policyholders and I appreciate CFO Patronis and the Florida Legislature for all of the long hours spent working on this important issue to all Floridians."

Florida Realtors President Gia Arvin said, "While challenges remain, Florida's decisive action on lawsuits and Assignment of Benefits fraud is starting to stabilize the market. Thanks to CFO Patronis for continuing your dedicated leadership on this issue and keeping policyholders at the forefront."

Mike Griffin, Savills North America Executive Managing Director, Market Leader said, "CFO Patronis has stuck his neck out for policyholders in our state and has worked hard to protect business owners. I'm honored to join leaders and legislators here today and hopeful that recent reforms will continue to create positive impacts to commercial real estate in Florida."

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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.

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Original text here: https://myfloridacfo.com/news/pressreleases/press-release-details/2024/04/25/cfo-jimmy-patronis--florida-is-putting-policyholders-first