Latest news with #MichaelYaworsky
Yahoo
31-05-2025
- Business
- Yahoo
Insurance costs edge higher for Florida homeowners and condo owners
The upward rise in costs for homeowner insurance in Florida resumed during the first quarter of 2025, with average premium costs edging higher after dipping slightly in late 2024, new data released by the Florida Office of Insurance Regulation shows. The average premium paid by owners of single-family homes in Florida increased by 0.3% — climbing from $3,646 to $3,658 — between the fourth quarter of 2024 and the first quarter of 2025, according to a South Florida Sun Sentinel comparison of figures released in the office's quarterly Residential Market Share Report. Condo unit owners saw their costs increase by 0.8%, from $1,714 to $1,729 during the period, the data shows. Homeowner insurance costs fell by 0.7% in fourth quarter of 2024 Home insurance costs in Florida spiked in third quarter. Are more increases on the way? Condo association insurance costs doubled since 2022, new data shows Your insurance costs won't climb so high this year. All bets are off if we get a lot of hurricanes. Since the enactment of reforms in 2022 aimed at sharply reducing litigation costs for insurers, average premiums have increased 30.7% for homeowners and 28.8% for condo unit owners. The first-quarter hikes followed cost decreases of less than 1% for homeowner policies and 1.7% for condo unit policies during the fourth quarter of 2024. That was the only quarter with cost decreases since the release of the reports began in 2022. The office released the latest data without comment and Insurance Commissioner Michael Yaworsky did not respond to an email from the Sun Sentinel. An office spokeswoman said she did not believe that Yaworsky would be able to address the increases prior to this news article's publication. Mark Friedlander, senior director of media relations for the industry-funded Insurance Information Institute, attributed the increase to 'higher replacement costs due to inflationary impacts of construction materials and labor.' He also pointed out that the 'slight increase is far below most other hurricane-prone coastal states, which are experiencing double-digit premium increases.' The data showing the cost increases for Florida consumers followed the release of an analysis by insurance ratings firm AM Best noting improvements in the state's insurance market. In addition to achieving, in 2024, the market's first collective underwriting profit in eight years, the AM Best report cited the emergence of 13 new private-market insurers, stabilizing premiums and reinsurance costs, and a sharp reduction in policies held by state-run Citizens Property Insurance Corp., the state's so-called insurer of last resort. The improvements were made possible, AM Best said, by tort reforms enacted in 2022 and 2023 by the Florida Legislature and governor to reduce runaway litigation costs that were driving losses within the industry. During debate in the Legislature over the reforms, insurance insiders predicted that costs for consumers, then rising sharply, would stabilize or even be reduced after litigation that was underway had a few years to work its way through the courts. Prior to the start of the 2025 legislative session, Yaworsky joined Gov. Ron DeSantis at a news conference touting the number of insurers that submitted requests for lower or unchanged rates. Critics, however, said the reforms have gone too far, adding to insurer profits while leaving policyholders with less leverage over claims disputes. A bill was backed by plaintiffs attorneys that would have reinstated requirements for insurers that lose claims disputes to pay plaintiffs' legal fees. It passed the House but was not advanced in the Senate. Insurance premiums increased for 41 of 61 carriers with 1,000 or more policies, according to the analysis. The Cincinnati Insurance Co. charged the largest premium increase — 45.7% — among the group of Florida-registered insurers. While its policy count decreased from 1,631 to 1,009, its average premium increased from $11,014 to $16,044. Average risk covered by the Fairfield, Ohio-based company is $2.8 million. Truck Insurance Exchange's 2,390 policyholders saw the second-largest increase, 16.1%, as premiums swelled from $2,059 to $2,390. Premium costs for 20 companies increased by less than 2% and customers of 17 companies saw their premiums decrease, on average, between 0.2% and 9.3% Companies with lower premiums included Florida-based Edison, Florida Peninsula, Security First, Monarch National, American Integrity, ASI Preferred, Safe Harbor, Orange and Safeport. Costs for Citizens customers declined by 1.9%, from $3,348 to $3,283. The Sun Sentinel's calculations excluded two companies from the fourth and first quarters and a third company from the first quarter. Fourth-quarter data reported by two of the companies contained obvious glitches that would have skewed results. The third company did not report its data in the fourth quarter but resumed reporting in the first quarter. Including that company's data in the analysis would have made the first-quarter increases appear artificially large. Condo associations saw relief for the third straight quarter as premiums fell by 5.3% following decreases of 2.5% and 3.0%. Condo association premiums had increased by an average 103% between June 2022 and June 2024 amid concerns about tightening inspection and maintenance requirements. Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. He can be reached by phone at 954-356-4071 or by email at rhurtibise@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Florida's home insurance crisis: The search for solutions
The Brief Policymakers and consumer watchdogs are proposing several reforms when it comes to home insurance in Florida. Some want to scale back development in areas most likely to be damaged by a hurricane. FOX 13's Craig Patrick has a 30-minute special airing on May 26. TAMPA - As Florida homeowners pay comparatively higher premiums and many complain about how their damage claims are handled, policymakers and consumer watchdogs are proposing several reforms. Dig deeper Some want to scale back development in areas most likely to be damaged by hurricanes. Others want to reverse lawsuit reforms that make it harder to sue insurance companies, while the state insurance commissioner wants to stay the course. He said rates are leveling off and some are going down slightly as new companies enter the market. "Things are going pretty well. We are seeing improvement," said Florida Insurance Commissioner Michael Yaworsky. "We are seeing that stability has emerged throughout the marketplace." However, new companies are getting much of their business by taking existing policies from state-run Citizens. They're getting customers with no marketing costs and no agent commissions. We don't yet know to what extent they'll continue to compete in the private market as the insurance commissioner hopes. Meanwhile, some call for revisions in state administration. Currently, the Florida Office of Insurance Regulation investigates the industry, while the Florida Department of Financial Services investigates contractor fraud. RELATED: Florida's home insurance crisis: Investigating the risk, cost of underinsured homes What they're saying "Those should probably be combined into one entity. They should be focused on identifying fraud wherever they can," said Florida Policy Project President Jeff Brandes. Consumer watchdogs suggest increased oversight of insurance companies. They want them to disclose their profits, executive compensation, and insurance company payments to sister companies and ownership groups. They also want homeowners to get more information about their claims, including any internal revisions to their estimates, with the reason 'for' any revisions. Those are just a few examples that state lawmakers could take up to address the costs of home insurance and the problems in Florida. What's next Watch our 30-minute special Monday, May 26 at 12:30 p.m. for a closer look at the causes of Florida's home insurance crisis and potential solutions. The Source FOX 13's chief investigator, Craig Patrick, gathered the information for this story. STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter Follow FOX 13 on YouTube
Business Journals
22-04-2025
- Business
- Business Journals
Florida insurance agency urges probe into Tampa senior living mismanagement
Florida's insurance agency is urging a criminal investigation into the mismanagement of a now-defunct Tampa senior living facility that allegedly deceived regulators about its poor financial condition before filing for bankruptcy. After a yearlong examination of Tampa Life Plan Village's facility in North Tampa, Unisen Senior Living, the Florida Office of Insurance Regulation found nine 'significant and damning' violations of Florida law, according to a report released Monday. Tampa Life's financial mismanagement ultimately forced more than 100 elderly residents to relocate, and many have yet to be reimbursed for tens of thousands of dollars they paid in entry fees, per court documents. FLOIR claims Tampa Life and Big Rock Management Company, the managers of day-to-day operations at the facility, filed financial statements with material errors that misrepresented the facility's solvency during the three years they were in control, according to the report. In some cases, financial reports were never filed. Tampa Life purchased the facility, formerly University Village, out of bankruptcy in 2020 but struggled to revive operations, per the report. University Village was the subject of a similar fraud investigation in 2015 before it filed for bankruptcy in 2016. As financial challenges mounted in late 2023, Tampa Life engaged with potential buyers to sell the facility but with no success. Only 21% of the building was occupied, and the remaining residents were forced to relocate due to Tampa Life's inability to honor its financial obligations, FLOIR said in the report. 'The level of mismanagement in this case and pure lack of empathy and quality of care for Tampa Life's senior residents was unprecedented and shocking,' said Michael Yaworsky, Florida insurance commissioner. Tampa Life owed approximately $130 million to creditors when it filed for Chapter 11 in April 2024, shortly after it notified FLOIR of its insolvency. A Tampa bankruptcy judge approved Tampa Life's plan to liquidate in December and the facility has since been permanently closed. Representatives for Tampa Life did not immediately respond to a request for comment. Yaworsky referred the report to the Florida Department of Financial Services' bureau of criminal investigation. The agency stressed the need for greater legal authority to strengthen its oversight of assisted living facilities. The bankruptcy of University Village was foundational for legislative reforms in 2019 that expanded FLOIR's authority over senior living.
Yahoo
10-04-2025
- Business
- Yahoo
Florida's insurance czar threatens penalties for mishandling hurricane claims
Editor's note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal. Florida Insurance Commissioner Michael Yaworsky sent a firm warning to insurance companies that his office is closely watching how they handle hurricane claims and won't hesitate to punish wrongdoers. Industry reports published during the devastating 2024 hurricane season raised controversy over the abnormally high rate of claims denials in the Florida market, with some claiming insurers avoid paying homeowners through fraud and manipulation. Yaworsky referenced 'recent questionable allegations' that some insurers are refusing to pay valid claims from hurricanes Helene and Milton when he said his office is bringing new enhanced reporting requirements for claims. He has reshaped the regulatory agency with an aggressive enforcement agenda since taking office in early 2023, with dozens of fines issued and millions of dollars returned to consumers. Click here to read the full story on the Orlando Business Journal's website. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
Yahoo
08-04-2025
- Business
- Yahoo
Florida lawmakers continue to press on in state's insurance investigation
TALLAHASSEE, Fla. (WFLA) — The insurance investigation continues at the statehouse with another hearing in the books. Lawmakers forge ahead, demanding more answers around who to hold accountable after the bombshell reporting revealed Florida insurers were shifting money while claiming to be broke. Even after a second hearing, the investigation wrapped up, there seems to be unfinished business. In the first hearing of the insurance investigation, lawmakers probed again and again the same question: Why wasn't the report released to the legislature during an insurance crisis? Office of Insurance Regulation Commissioner Michael Yaworsky claims the report was imperfect. 'Why we didn't make the particular findings of this report to you is mainly because it was in draft, and we don't make a business of providing information that we believe to be inaccurate or imperfect to the legislature,' said Yaworsky. However, in the second hearing of the investigation last week, the author of the study said it was actually complete. State Rep. Daniel Alvarez (R- Hillsborough County) questioned Jan Moenck, 'It is inaccurate for them to have said you were not finished, so either they weren't telling us the truth or you weren't telling the truth, which one was that?' Moenck, the author of the study, said that in her mind, she thought they had a final draft. 'In our mind, we had our final draft,' said lawmakers say there is clearly a big discrepancy between the two stories, both parties seem to agree that it is up to the client to decide when a report is finished.'What we feel is our responsibility is to provide, in our mind, a final draft to the client, and then they can take that and do with that what they want,' said Moenck. 'Will we be going back to OIR, being that what is being revealed basically says they lied to us, they had a completed report and did not let us know that it was completed,' questioned State Rep. Dianne Hart (D-Tampa). With even more concerns at the forefront, what's next for the investigation? Committee chairman Brad Yeager said there will be at least one more hearing scheduled to further investigate these concerns. Aside from the investigation, House Rep. Philip Wayne Griffitts (R-Panama City Beach) filed HB 881, which aims to follow the money in insurance concerns following the investigation. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
