The high cost of Property insurance for Florida homeowners is still a top issue for voters going into the 2026 elections.
GOP Gubernatorial candidate and former Florida House Speaker Paul Renner says not only will his plan drop rates but will drop by double digits.
Renner’s proposal:
With a state budget of over $114 Billion, we can afford to eliminate the homeowners’ insurance premium tax and mandate that these savings be passed along to consumers.
Change Requirements for the Florida Hurricane Catastrophe Fund
This requires 3 major steps:
a: Provide coverage for smaller hurricanes- Offering Florida Hurricane Catastrophe Fund coverage for smaller hurricanes would allow Florida insurers to reduce their purchases of expensive reinsurance from London and Bermuda-based companies.
b: Remove the 25% rapid cash build up provision- A current statute raises the Florida Hurricane Catastrophe Fund premiums insurers pay into the system by 25% above what is actuarially necessary. This unnecessary upcharge is a “Hurricane Tax.” If removed, consumers will benefit.
c: Cover Actual Claims Handling Costs (Loss Adjustment Expense)- Current law limits the Hurricane Catastrophe Fund payments for claims handling after a hurricane. This increases the cost of private reinsurance and could contribute to poor claim handling after a storm.
Renner says when insurers’ costs decline, they must adjust their rates, resulting in lower insurance premiums, reduced pressure for annual rate increases, and a more stable insurance market.
The estimated benefit of implementing these reforms would is a 10% to 20% reduction in homeowners insurance premiums for Florida’s consumers.
“Before I was Speaker of the House, Florida was ranked as the worst insurance market in the country due to hurricanes, frivolous litigation, and fraud,” said Paul Renner. “We passed legislation combatting frivolous lawsuits and insurance fraud. With my proposed additional reforms, we can push rates lower and make Florida affordable for all.”
