Tap SMS to send this article to a friend
Expensive homeowners insurance in Florida remains a top issue for voters heading into the 2026 election.
Republican gubernatorial candidate and former Florida House speaker Paul Renner says his plan would not only lower interest rates, but by double digits.
Renner’s suggestion:
With a state budget of more than $114 billion, we can afford to eliminate the homeowner’s insurance premium tax and mandate that these savings be passed on to consumers.
Florida Hurricane Disaster Fund Change Requirements
This requires three major steps.
a: Provide coverage for minor hurricanes – Providing Florida Hurricane Catastrophe Fund coverage for minor hurricanes would allow Florida insurance companies to reduce the purchase of expensive reinsurance from companies based in London and Bermuda.
b: Eliminate 25% Rapid Cash Accumulation Provision – Current law increases the Florida Hurricane Catastrophe Fund premiums that insurance companies pay into plans by 25% above the actuarially required amount. This unnecessary surcharge is the “hurricane tax.” Consumers will benefit if it is removed.
c: Coverage for Actual Claims Processing Costs (Loss Adjustment Expenses) – Current law limits Hurricane Disaster Fund payments for post-hurricane claims processing. This increases the cost of private reinsurance and may lead to inadequate post-storm claims coverage.
Renner says that when costs for insurance companies fall, they have to adjust their premiums, which in turn lowers premiums, reduces pressure on annual rate increases and makes the insurance market more stable.
The benefits of implementing these reforms are estimated to be 10% to 20% lower homeowners insurance premiums for Florida consumers.
“Before I became Speaker, Florida ranked among the worst insurance markets in the nation due to hurricanes, frivolous lawsuits, and fraud,” said Paul Renner. “We passed legislation to fight frivolous lawsuits and insurance fraud, and the additional reforms I propose will lower rates and help make Florida more affordable for all.”
