Property Insurance Market Shows 'Signs of Stabilization,' Florida Says

In crisis for years, Florida’s troubled property insurance market is showing small signs of improvement, according to the state Office of Insurance Regulation.

But homeowners say their insurance premiums are still sky high.

In fact, News 6 found the average price of insurance premiums has increased in every county in Central Florida in the last 6 months.

Sherri Holstrum and her husband are both retired, and she says the constant increases in their property insurance are taking a toll.

“People can’t afford this to keep going,” Holstrum told News 6. “I mean it takes a big hunk out. You think, oh gosh, I could be doing a lot with this money.”

In 2022, Holstrum says they were paying $3,200 a year to insure their 1,800 square foot, 3-bedroom, 2-bath home in St. Cloud.

In 2023, the price went up to $4,767.00, even with them putting a new roof.

If they were to renew this year, it would jump to $6,878.00 a year.

“When I saw it I thought, what’s it going to be next year? I also thought, ‘What are they doing in Tallahassee about this?’” Holstrum said.

There is “overall market stabilization,” that’s the word from the Office of Insurance Regulation in Tallahassee in its July Property Insurance Stability Report.