The Season in Florida where we all worry about Insurance Premiums

Florida property owners, insurers and lawmakers wait helplessly for Mother Nature’s next move

Every year, when formulating my budget for the next year, property insurance is my biggest worry and guess. Our budget is done in October for the next year but we don't know what our premiums will be until four months later. It is a guessing game and stressful. I say stressful...you have to work for a Condominium Association to understand what I mean. Owners don't want to pay any assessment much less exorbitant insurance premiums and who can blame them?

For the next 90 days or so, Florida property owners are little more than sitting ducks, helpless to the whims of a merciless Mother Nature and the storms she’s capable of spooling up. And there’s nothing Governor Ron DeSantis or anyone else can do to fix the state’s property insurance crisis in time to make a difference.

At this point, the ultimate factor that could bring property insurance relief to Florida is completely out of human hands. A major storm—or worse, multiple storms—hitting Florida in 2023 would not only cause untold property damage but could also trigger a cascading series of financial consequences with the potential to thrash Florida’s otherwise healthy economy.

On the flip side, if the state dodges the proverbial bullet this year, (and it looks like now that we won't with Idalia) experts say it will provide much-needed breathing room for everyone, and provide another shot at even more comprehensive reforms next year, particularly in the reinsurance market, which could stabilize premiums and even entice more insurance carriers to enter (or re-enter) the Florida market.

But don’t hold your breath. Florida residents – elected officials included – are now in a game of chance governed by atmospheric pressure and ocean temperatures – and the dice are loaded in favor of Mother Nature. What she decides to do in the coming months will set the course for Florida’s future – for better or worse – for years to come.

Florida’s total real estate value is now estimated at $3.62 trillion, with a “T,” enough to rank second in the nation, ahead of both New York and Texas.

We lucked out in Lake Worth Beach over the last few years and hopefully we will again.
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