After Sweeping Reforms, Florida Leaders Expect Insurance Rate Relief Without New Laws
Insurance News ı By Rochdi Rais
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Florida lawmakers are unlikely to pursue sweeping property insurance legislation this session, as the effects of recent reforms are still working their way through the market, Senate President Ben Albritton said Wednesday.
“I wouldn’t expect any kind of major property insurance changes this year,” Albritton told reporters following a brief floor session.
Albritton pointed to reforms enacted in 2021 and 2022 that eliminated one-way attorney fees and prohibited assignment of benefits, a practice that allowed contractors to assume control of policyholder claims. Those measures also authorized steeper rate increases for policyholders of Citizens Property Insurance Corp. in an effort to narrow the gap between the state-backed insurer and private carriers and reduce Citizens’ policy count.
“We did some major tort reform a couple of years ago that ended — or at least heavily suppressed — the practice of frivolous lawsuits in Florida,” Albritton said. “There are lawsuits that are legitimate and meaningful, but there were thousands more being filed just to see what would stick.”
Albritton said market conditions have also benefited from Florida avoiding a direct hit during the 2025 hurricane season.
“We fully expect that in the coming year we’re going to see rate relief, simply based on how the Office of Insurance Regulation operates,” he said. “There are statutory limits on the profitability insurance companies can earn, regardless of what people may believe.”
Democrats in the Legislature have continued to raise concerns about affordability, emphasizing property insurance costs rather than Gov. Ron DeSantis’ proposal to ask voters in November to cut homestead property taxes.
While acknowledging that the full impact of prior reforms has yet to materialize, Albritton said he sees no reason to alter course.
“Why would I tinker with that? Why would I advocate tinkering with that?” he said.
Albritton added that property insurance costs are part of the broader affordability pressures facing Floridians, alongside food, utilities, rent, and gasoline.
“Do I think people are satisfied with what they’re paying for property insurance? No,” he said. “But I do believe relief is coming, driven by mathematical factors.”
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