Longtime U.S. Rep. Frederica Wilson introduced a bill in Congress this week to help stabilize the troubled property insurance market and help homeowners nationwide, especially in Florida, with a growing and costly pocketbook issue.
"Everywhere I go in Florida, doesn't matter what parts folks are from, people are concerned about our property insurance crisis," said Wilson in a statement. "And with hurricane season just starting, causing a rush through the hearts of South Florida families, the fear of the rising costs of homeowner's insurance is real and tangible for folks."
"Property insurance has become too expensive, with limited options and many insurers refusing coverage," she said. "It's time we tackle this issue head-on."
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Wilson's "Homeowners' Defense Act", if passed, would "bolster state efforts in managing natural disaster risks, support insurance market stability, and encourage mitigation and preventive measures to reduce future losses," says the South Florida congresswoman.
She introduced the measure after convening a briefing on Thursday in Washington, D.C., with other lawmakers and policy experts from around Florida and the rest of the country.
The Consumer Federation of America (CFA) published a report in April that shows American homeowners saw insurance premiums increase an average of 24% over the past three years. The CFA report found insurance premiums rose twice as fast as inflation between 2021 and 2024.
The study authors of "Overburdened: The Dramatic Increase in Homeowners Insurance Premiums and its Impacts on American Homeowners" used proprietary industry data to crunch numbers in every ZIP code in the country.
Typical homeowners nationwide paid $3,303 annually in 2024 for property insurance, according to the report. Florida homeowners are paying the most at $9,462 per year, or $789 dollars per month, the report found.
CFA Insurance Director Douglas Heller, one of the experts on Wilson's panel, said homeowners said the property insurance crisis hurting the ability of many Americans to own a home.
"We need to invest in loss mitigation and resilience, and we also need to demand better oversight and more scrutiny of the insurance companies that we rely on to protect our homes," he said.
Said Miami-Dade County Commission Vice Chairman Kionne McGhee: "The crushing weight of mortgages, taxes, and insurance is already wiping out generational wealth. We need to address this property insurance crisis head-on for the sake of the families of Miami-Dade County and across the nation."
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