"Reducing Risks: The Key to Affordable Property Insurance Premiums"

A study by a risk assessment company suggests that Florida homeowners may not see lower property insurance premiums for a while, despite recent legislative reforms. Factors such as the increasing severity of hurricanes, rising losses from non-hurricane storms, inflation, rising construction costs, excessive litigation, and soaring re-insurance costs are contributing to the high premiums. The study recommends tougher building codes, retrofitting existing properties, and increasing land use planning as potential solutions to reduce risks and eventually lower consumer costs. Lawmakers will address these issues in the next session starting in January.