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What Can You Expect for Insurance in 2024?

As we look back over 2023, one thing is clear: the world of insurance continues to change and evolve. So, what can we expect for this year? While we don't have a crystal ball to predict exactly what will happen, we're highlighting what to keep your eye on and how to make the best decisions to protect yourself in the coming year. 

Homeowners Insurance

For the past few years, the Florida homeowners insurance crisis has been a top concern for Floridians. In our previous blog, we dove into what exactly caused this crisis, including intense weather and hurricanes, fraud, legislation, and more. Over the last three years, Floridians have seen an increase in their policy by 102%, making it the most expensive state to purchase a homeowners insurance policy. Florida legislation has attempted to put a bandaid on this crisis with new policies and bills; will they continue to tackle the matter this year?
In the 2024-2025 budget proposal, Governor Ron DeSantis proposes a one-year exemption on taxes, fees, and assessments for Florida homeowner insurance policies. If approved, this has the potential to lower taxpayers' insurance premiums by  6%, saving nearly $409 million

In addition, Floridians might get some relief with a smaller increase in their premium this year. According to Mark Friedlander of the Insurance Information Institute, homeowners will still see an increase in their policy total, but it is likely to be less than the 42% increase that happened last year.

Increased Intense Weather Activity

In addition to increasing premiums, Floridians will also have to confront increased weather activity. In its 2024 predictions, Colorado State University noted to expect an "above-average" hurricane season. The CSU team is predicting 18 named storms, including nine hurricanes and four major hurricanes (Category 3 to 5 with winds at 111 mph). 

With this information, now is the time to review and enhance your homeowners insurance policy. Would it be beneficial for you to add windstorm or flood insurance? Do you need to add a personal article policy to protect some valuable items in your home? Or, do you need to add comprehensive coverage to your vehicle in case it's damaged by the storm? One thing we know for sure: it's better to be prepared before disaster strikes. 

Car Insurance

Car insurance, while less of a crisis than homeowners insurance, has certainly been on the rise over the past few years. According to a report created by, 2024 will experience the highest percentage increase in car insurance, with Florida being one of the most expensive states to purchase an auto policy. In 2023, car insurance's national average increased by 11.2%, and consumers can expect to see an increase this year of nearly 12.4%. Florida's auto policies are already 51% higher than the national average; is anything being done to help limit these increases as well? Florida lawmakers may be stepping in to help. 

We may see Florida Lawmakers introduce a bill to overturn Florida's "no-fault" state. While lawmakers tried something similar in 2021 that was vetoed by Gov. Desantis for potential "unintended consequences," we may see a similar bill introduced again this year. 

What You Can Do To Prepare For 2024

A lot is coming towards Florida policyholders this year, but the good thing is that you're not alone. Your trusted Mulling advisor is here to help you choose the best policy for your needs and protect what matters most. Here's how you can prepare for 2024: 

  • Meet with your agent and review your policies - It's always a good idea to check in on your policies and make sure they fit your needs. As things change in 2024, be sure to reach out to your agent with any questions or concerns. 
  • Make potential improvements and changes to your home - Do you need to upgrade your windows or fix a leak? Are there some trees you can trim to protect your roof from damage? To avoid having to file a claim and increase your policy even more in future years, try limiting your risk by assessing potential threats and damages now. 
  • Consider your insurance policy when buying a car - We know it's hard not to want the latest and greatest when it comes to cars. It's easy to think, "I can afford that monthly payment!" but there are more factors to consider. With the newest cars come the highest insurance policies. Before purchasing your car, reach out to an insurance agent or do some online research to help you consider what year or model you should buy to keep your car insurance policies more cost-effective.  
  • Not a Mulling client? At Mulling, we work with top carriers to help you get the best rates and take the stress out of shopping for a policy. We're here to be your trusted advisor and look out for your best interests. Contact us to help you compare policies that fit your needs.

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