One year ago, ABC Action News committed to covering the State of Insurance in Florida, helping you navigate rising rates, dropping policies, and denied claims.RATES STILL RISING We first spoke to Pinellas Park single mom Marisa Borgia in January 2024. Then she told us she had to get two part-time jobs to afford her rising property insurance costs. Then, she told us from 2020 until 2023, her insurance rates doubled not once, but twice. She printed out copies showing her premium breakdown: 2020 - $7632021 - $14942022 - $14852023 - $2909"I'm absolutely dreading the next renewal coming up," Borgia said. So, almost exactly one year later, we came back to Marisa to see if, despite insurance leaders' claims that the market is improving, her rates are still rising. "This year it went up to $3595," she said. "Another $600 in 2024. So not that we doubled again, but it's still a huge increase." Borgia relying on savings to now get by. "It's stressful when you try to figure it out. Alright, where do I need to cut down? Less internet? Do I need to cut food budget? Where can I cut? Where can I decrease expenses to make things work?"MARKET RECOVERY On Tuesday, Florida's Insurance Commissioner, Mike Yaworsky, presented a Market Report to the Senate Committee on Banking and Insurance saying the market continues to improve. "We continue to see good news emerging as we go forward," Yaworsky told lawmakers. 01.2025 Legislative Committees Presentation by ABC Action News on Scribd The report shows that the average homeowner's policy today is $3,731. It is still high but stabilizing, he said. 9 new companies are also writing new business in the state, more competition to drive down rates. Condo Owners Reciprocal Exchange Ovation Home Insurance Exchange Mainsail Insurance Company Manatee Insurance Exchange Orange Insurance Exchange Orion180 Select Insurance Company Orion180 Insurance Company Tailrow Insurance Company Trident Reciprocal ExchangeYaworsky said there's also been a 30% drop in lawsuits filed against the insurance companies, hopeful they will pass those cost savings to customers. And as of Jan. 11, his Office of Insurance Regulation said 29 companies have filed for rate decreases. Another 56 companies have filed for a 0% rate change. Here's the list of the companies that have filed rate decreases with the insurance commissioner: FILE NUMBER COMPANY NAME N/A SAFE HARBOR INSURANCE COMPANY 23-010218 US COASTAL PROPERTY & CASUALTY INSURANCE COMPANY 23-015871 STILLWATER PROPERTY AND CASUALTY INSURANCE COMPANY 23-029136 AMERICAN NATIONAL PROPERTY & CASUALTY COMPANY 23-044846 SOUTHERN OAK INSURANCE COMPANY 23-050033 HERITAGE PROPERTY & CASUALTY INSURANCE COMPANY 23-050425 FLORIDA PENINSULA INSURANCE COMPANY 23-050419 FLORIDA PENINSULA INSURANCE COMPANY 24-007126 NATIONWIDE MUTUAL INSURANCE COMPANY 24-007526 SPINNAKER INSURANCE COMPANY 24-008099 FLORIDA FAMILY INSURANCE COMPANY 24-008460 SAFE HARBOR INSURANCE COMPANY 24-008459 SAFE HARBOR INSURANCE COMPANY 24-023179 AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA 24-023509 AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA 24-026580 AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA 24-029876 SECURITY FIRST INSURANCE COMPANY 24-059785 UNIVERSAL PROPERTY & CASUALTY INSURANCE COMPANY 24-068989 ASI PREFERRED INSURANCE CORP. 24-069409 MONARCH NATIONAL INSURANCE COMPANY 24-072539 AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA 24-072578 SOUTHERN OAK INSURANCE COMPANY 24-086694 EDISON INSURANCE COMPANY 24-099061 US COASTAL PROPERTY & CASUALTY INSURANCE COMPANY 24-103344 CASTLE KEY INSURANCE COMPANY 24-106975 SOUTHERN OAK INSURANCE COMPANY 24-106976 SOUTHERN OAK INSURANCE COMPANY 24-107725 UNIVERSAL PROPERTY & CASUALTY INSURANCE COMPANY The highest rate decrease requests they've seen have been for 11.9% from Safe Harbor Insurance Company and 11.2% from Castle Key Insurance Company.LEGISLATIVE GOALS IN 2025 Because of all this, it doesn't look like Tallahassee lawmakers plan to make any major reform on the insurance front when the 2025 legislative session begins in March. "I don't think we need to do more reform as far as the insurance market is concerned," said Senator Blaise Ingoglia, (R) Spring Hill. "All the data is showing that we are bending the cost curve downward, and the reforms are working." Ingoglia chairs the Senate Committee on Insurance and Banking and did acknowledge rates are still rising. "The problem is, people are still hurting," he said. "So I do think we need to do everything we can to bring those premiums down. How do we do that? Resiliency." Ingoglia said he will propose legislation to take away sales tax on anyone who wants to harden their homes to bring down rates. "The state should not profit on sales tax to harden their homes. Let's make it tax free," Ingoglia added. INSURANCE AGENT'S VIEWPOINT However, we wanted to see what insurance agents are seeing as they renew policies in January 2024. "We are seeing commercial rates drop 30% in many cases, and that really tells me that's where the homeowner's market is going," said agent Jake Holehouse with HH Insurance Group. "I think 2025 is going to be one of the best years that we've seen from an insurance carrier and from a consumer standpoint." He said not only are these new companies writing new business, but many companies are opening up their flexibility on what they cover. "Probably about halfway through 2024 the market started to open guidelines, new carriers into the market, older homes accepted things along those lines," Holehouse said. "And really, in the past 60 or so days, that's where we started to see rates totally flattened or decrease and start to come down."And as early as December, he said he's seeing rates not just stabilize but come down in those renewals. "So if you're very coastal, right? I would consider you to be rate-neutral. If you are in a coastal town but not on a barrier island, think Downtown St. Pete or Downtown Tampa, I think you are looking at a zero to 10% rate decrease, purely in rate making. Think if you are east of I-75, that's where you are starting to see rates come down 20-30% in many examples." He did say inflation will account for about 7-8% of an increase on your policy, which is why you may see your rates decrease slightly. But they are in a direction he says that will finally bring relief to homeowners. "I'll believe it when I see it," Borgia added.