Florida Chamber says property insurance market shows improvements

A consumer advocacy group tied to the Florida Chamber says property insurance reforms have stabilized a market that some, not that long ago, worried was on the brink of collapse.

The Consumer Protection Coalition in a statement this week says legislative reforms approved two years ago are leading to steadying and declining premiums, as well as a drop in the number of policies held by Citizens Property Insurance Corp.

The reforms, which the state’s Office of Insurance Regulation has been touting as well, included limiting how much attorneys can collect to cut down on lawsuits and working to expand the number of companies doing business in the state to create competition that will lower rates.