Florida Pays a Tort Reform Dividend

De Santis’s 2023 law is reducing home and auto insurance rates

WSJ editorial. Excerpts:

"The Florida Office of Insurance Regulation says the state’s five largest auto insurers have reduced rates by 6.5% on average this year"

"“Since Florida insurance reform was enacted in early 2023, we have seen lower loss costs on certain types of personal auto accident claims and favorable reserve development, and we have experienced strong profitability in our Florida personal auto business,” Progressive said."

"attorneys inflated medical costs for injuries caused by car accidents."

"Legal reforms stopped unscrupulous contractors and plaintiff attorneys from jacking up claim costs." [in the home insurance market]

"tenant and household insurance costs have risen 7.5% on average nationwide over the past 12 months."