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As Florida property owners continue to deal with skyrocketing premiums that are strangling budgets and threatening future development, the state’s insurance commissioner is trying to shine a spotlight on progress made in 2023 that, he says, “promote a stable and competitive insurance market.”
In an end-of-year statement released Dec. 29, Michael Yaworsky, the head of the state’s Office of Insurance Regulation, laid out several legislative accomplishments approved last year and efforts taken by his office as proof that the property insurance crisis is easing. These actions, Yaworsky says, “reduce litigation, increase consumer choice and ensure the long-term stability of the market.”
While Yaworsky is optimistic about the future of the insurance market, property owners across the state and those in the industry will likely reserve judgement until insurance bills start rolling in. This reluctance is due to the historic challenges they have faced in recent years, with premiums rising, more demands being placed on them when shopping for coverage and fewer options to choose from.
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