JACKSONVILLE, Florida. – According to industry analysts, Florida’s insurance market is currently in its best financial shape in nearly a decade.

However, new data from the state shows that homeowners in all North Florida counties still face higher premiums compared to last year.

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Recent data from the state’s Property Insurance Stability Report shows that while the market is stabilizing, homeowners are not yet seeing the benefits in their wallets.

The 26-page report analyzes trends in Florida’s insurance market and concludes that the Office of Insurance and Regulation continues to observe an overall stabilization of the market following the significant legislative reforms of 2022 and 2023.

Above all:

• 10 companies have requested a zero percent increase in premiums

• Nine companies are expected to implement tariff reductions in 2024

• After years of consecutive underwriting losses, many insurers reported net profits in 2023

The report also highlights a decline in the number of lawsuits burdening the property insurance industry. Despite these positive signs, the data shows that North Florida homeowners are still paying more for their property insurance premiums than they did last year.

In Duval, Clay, St. Johns and Nassau counties, property insurance premiums increased an average of 13.5% from 2023 to 2024. News4JAX spoke with Mark Friedlander of the Insurance Information Institute to get his perspective on these increases.

When asked about rising premiums, Friedlander acknowledged consumers’ concerns but noted that the market is moving in the right direction.

“Consumer concerns about still high renewal rates are understandable, but the good news is that the market is moving in the right direction,” Friedlander said.

Friedlander also emphasized that insurance companies now have sufficient reinsurance protection to cover multiple hurricanes this season, putting the industry in a strong position to settle claims.

We also asked about the potential impact of Hurricane Debby on the insurance industry.

Friedlander pointed out that although the damage caused by the hurricane was significant, it was considered manageable within the current reinsurance structures.

“For the property and casualty insurance industry, this loss is very manageable,” he said, adding that the losses would be effectively covered by reinsurance coverage, so insurers would not have to dip into their reserves.

An analysis of the Property Insurance Stability Report also shows that Central Florida counties are experiencing similar increases in property insurance premiums. At this time, it is unclear when Florida homeowners can expect a reduction in their total annual premiums.

This comes after Senator Rick Scott of Florida proposed a bill that would give homeowners a tax deduction on their annual premiums. For primary residences, this would be an above-the-maximum tax deduction of up to $10,000.

It is called the “Homeowners Premium Tax Reduction Act.”