\n\t\t\t\t\t\tFlorida Insurance Commissioner Michael Yaworsky said recent legislative reforms have stabilized the state\u2019s home and auto insurance markets, but additional changes are needed to ensure consumers experience the full benefits. During a two-day insurance summit at Florida State University, Yaworsky graded the results of the reforms a “B,” citing progress after the industry\u2019s “F” grade in 2022. The reforms included eliminating one-way attorney fees and banning assignment of benefits, under which contractors would take over policyholders’ claims. “We still have work to do. Consumers still need reforms and need to be able to feel the ramifications of reforms, and that just takes time. It took eight years for us to go from a relatively healthy market in 2014 to a market on the brink of collapse in 2022. And so, it’s taking time to pull out of that,” Yaworsky said. The reform efforts also imposed larger rate increases for customers of Citizens Property Insurance to bring rates closer to private carriers and reduce the number of policies held by the state-backed insurer. Yaworsky said the state is working to increase transparency, allowing policyholders to see how their carriers are spending money. “There is good news across the board generally. But there will always be parts of the state that are harder to insure than others. That can be a combination of factors; whether it\u2019s geography, density, or its local circumstances on the ground,” Yaworsky said. “Insurers did not want to write in this state, but now they do. Now they are doing it more and more competitively, both with each other and against a public insurer like Citizens. So, now we are at a ‘B,'” he said.\n\t\t\t\t\t<\/p>\n
\t\t\t\t\t\tFLORIDA, USA \u2014 \t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n
Florida Insurance Commissioner Michael Yaworsky said recent legislative reforms have stabilized the state\u2019s home and auto insurance markets, but additional changes are needed to ensure consumers experience the full benefits. <\/p>\n
During a two-day insurance summit at Florida State University, Yaworsky graded the results of the reforms a “B,” citing progress after the industry\u2019s “F” grade in 2022. The reforms included eliminating one-way attorney fees and banning assignment of benefits, under which contractors would take over policyholders’ claims. <\/p>\n
“We still have work to do. Consumers still need reforms and need to be able to feel the ramifications of reforms, and that just takes time. It took eight years for us to go from a relatively healthy market in 2014 to a market on the brink of collapse in 2022. And so, it’s taking time to pull out of that,” Yaworsky said. <\/p>\n
The reform efforts also imposed larger rate increases for customers of Citizens Property Insurance to bring rates closer to private carriers and reduce the number of policies held by the state-backed insurer. Yaworsky said the state is working to increase transparency, allowing policyholders to see how their carriers are spending money. <\/p>\n
“There is good news across the board generally. But there will always be parts of the state that are harder to insure than others. That can be a combination of factors; whether it\u2019s geography, density, or its local circumstances on the ground,” Yaworsky said. <\/p>\n
“Insurers did not want to write in this state, but now they do. Now they are doing it more and more competitively, both with each other and against a public insurer like Citizens. So, now we are at a ‘B,'” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"Florida Insurance Commissioner Michael Yaworsky said recent legislative reforms have stabilized the state\u2019s home and auto insurance markets,…\n","protected":false},"author":2,"featured_media":234887,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[33019,1917,10721,28,30,104777,29,1422,104780,104776,104781,8533,104779,104778,51368,914,2393,71168],"class_list":["post-234886","post","type-post","status-publish","format-standard","has-post-thumbnail","category-florida","tag-citizens-property-insurance","tag-consumer","tag-customer","tag-florida","tag-florida-headlines","tag-florida-insurance-commissioner","tag-florida-news","tag-florida-state-university","tag-full-benefit","tag-grade","tag-large-rate-increase","tag-market","tag-policyholder","tag-private-carrier","tag-reform","tag-state","tag-time","tag-yaworsky"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/234886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=234886"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/234886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/234887"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=234886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=234886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=234886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}