"Florida's Homeowners Insurance Market: Stabilization Expected in Coming Years, but Challenges Remain"

House Speaker Paul Renner believes that the homeowners insurance market in Florida will stabilize in a couple of years, as legislative changes have ended the "wild, wild west of litigation practices" driven by unscrupulous contractors. The reforms have not yet impacted consumers, who are currently facing price increases due to claims made during hurricanes last year. Renner blames spikes in premiums on misbehavior by contractors and lawyers, and he believes that by reining in this mischief, the market will heal. New insurers are entering the market, and efforts are being made to depopulate the government-run Citizens Insurance program. However, other state officials, including Governor Ron DeSantis, have also urged patience from homeowners and expect the market to improve after the hurricane season. U.S. Senator Rick Scott sees the recent departure of Farmers Insurance as a wake-up call and calls for discussions with companies to address fraud and rising costs.