Michael Yaworsky says insurance costs are finally stabilizing for Floridians

Florida Insurance Commissioner Michael Yaworsky said he believes the state’s insurance industry has stabilized, adding consumers “are finding relief” and have more options “than we’ve had in decades.”

“If you were in this meeting three years ago, it was like the equivalent of a funeral. It was very depressing; it was dark. Everyone thought the end was coming,” he said Friday during the Florida Chamber of Commerce’s annual insurance summit. “And two years later, we are in a fantastic place, seeing nothing but success on the horizon.”

In an interview this week with Florida Politics, Yaworsky said consumers went from “massive rate hikes year-over-year to very modest rate hikes.”

In some cases, people are seeking decreases, he added.

“Over 100 carriers have filed for a 0% increase or decrease,” he said.

But it’s clear Floridians are still worried about rising property insurance costs.

“The Invading Sea’s Florida Climate Survey also found that most Floridians – 54% – are worried about being able to afford and maintain homeowners insurance due to climate change,” Florida Atlantic University said in a press release this Spring. “According to a 2023 report by LexisNexis Risk Solutions, the average premiums for Florida homeowners rose nearly 60% between 2015 and 2023, the largest increase in any state.”

Yaworsky also touted reforms that would lower auto insurance costs.

“We’ve seen a $1 billion return to policyholders because despite the best actuarially sound estimates of just how good the reforms would be and how much of an impact that would have on rate making … It has exceeded all expectations,” he said.

In October, the state announced that the average Progressive auto insurance policyholder will receive a $300 rebate.

“A billion-dollar return from Progressive is just one of the first of what will likely be others,” Yaworsky told Florida Politics. “Those consumers will be getting additional money back in addition to rate reduction to make sure that insurers aren’t overcharging people because of the reforms.”