Florida Insurance Commissioner Michael Yaworsky stated in a June 13 press release that the budget signed by Governor Ron DeSantis supports the Office of Insurance Regulation’s (OIR) priority of strengthening the state’s insurance market.

“Governor DeSantis’ budget strengthens the Florida Office of Insurance Regulation’s (OIR) ability to protect consumers and foster a market where insurance products are reliable, available, and affordable for Floridians,” said Yaworsky. “OIR is a national leader in identifying market trends and taking bold action because we collect more data about our insurance market than any other state or regulatory entity. Expanding our research and data collection capabilities will allow us to better understand the factors impacting our market so that we can make data-driven decisions to ensure Floridians benefit from a stable and competitive insurance market. I thank Governor DeSantis for his leadership and ongoing commitment to Florida’s policyholders.”

According to the press release, the 2024-2025 Focus on Florida’s Future budget includes several provisions related to insurance. The budget allocates more than $237 million toward the state’s home mitigation programs, which include strengthening residences in anticipation of future extreme weather. Additionally, $1.1 million is allocated for OIR to enhance its data analysis and curation abilities for the state’s property insurance market. The budget also designates $675,000 for contracting independent experts to review Florida’s hurricane mitigation programs for homes and make recommendations. Furthermore, $475,000 is allocated for contracting reinsurance experts to evaluate the impact of reinsurance cycles on property insurance rates.