More Florida Homeowners Are Going Without Property Insurance

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This episode, sponsored by mood. Okay, this is actually genius. Are you ever overwhelmed with choices at the dispensary? What if I told you that you could shop cannabis by the exact mood you want tonight? With mood, you don't shop by strain names or confusion. You shop by how you want to feel. Want to relax after work, sleep better, feel more creative, or be more social. Mood makes it simple. Pick the feeling, and mood recommends products to match. Mood has gummies, flour, pre-rolls, and edibles designed around your mood. I tried Mood's sleepy gummies, and within an hour I felt calm, settled, and ready for bed. No dispensary run, no second-guessing, just a smooth, relaxing experience delivered to my door. It's federally legal, third-party tested, and backed by a 100-day satisfaction guarantee. Go to Mood, M-O-O-D dot com. That's M-O-O-D dot com. However you want to feel tonight, mood helps you get there. The Ryan Gorman Show podcast, presented by Farah and Farah, accident attorneys, Tampa. Wake up with Ryan and Dana for the latest news, traffic and weather. Time now for today's Bloomberg Business Report with Courtney Donahoe. Wall Street is trying to find its footing after Friday's tech-led sell-off. The S&P 500 dropped 2.6% and the Dow tumbled 695 points. Worries are growing that the rally in artificial intelligence has run too far. Plus, the U.S. added 172,000 jobs in May. That is reinforcing expectations that the Federal Reserve could raise interest rates by December. This morning, S&P futures are up 18 points. However, Dow futures are down 125. And this is as NVIDIA CEO Jensen Huang called the sell-off in tech stocks a buying opportunity, saying the buildout of artificial intelligence has just begun. He argues AI will transform the way people work and live. And Delta says travelers continue to pay up for a premium experience. Delta estimates that it's been able to recover some of its jet fuel expenses by adding about 10 to 15% to 10%. ticket prices. Courtney Donahoe, Bloomberg Radio. Thank you, Courtney. Now, let's get to another top story we're covering this morning. There was a piece in the Miami Herald over the weekend that laid out how rising insurance costs are pushing more and more Florida homeowners to drop property or windstorm coverage altogether. And this is with hurricane season now underway with estimates showing between 15 to 19 percent of Florida homeowners now go without. property insurance. And one homeowner was quoted as saying her homeowner's insurance costs increased more than 1100% over about 35 years. And after her husband died last year, she couldn't afford renewal quotes to reach as high as $12,000 per year. So the costs have just reached a point here in Florida for a lot of homeowners where they're just dropping it all together and kind of rolling the dice, which is obviously... Not a wise thing to do. Not good. Yeah, but if you can't afford it, you can't afford it. Now, we talked to Tampa Bay 28 reporter Nadine Yannis about the property insurance market on Friday in the 8 o'clock hour. And here's some of what she had to say about it. When I took this on, this beat on in 2024, I sat down with the CFO at the time, Jimmy Petronis. He's now a congressman. He said, give us 18 to 24 months.

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We're 12 to 18 months and this is going to get better. We just put the reforms in. We need it, you know, to go around. And here we are more than two years later and people are still seeing their premiums rise. You know, from industry leaders, like you said, they're saying the reforms are working. They're saying that rates are coming down. The insurance commissioner just this week said we have 20 new companies now wanting to do business in the state. It's a big headline. It means that there's money to be made here in Florida, right? And insurance companies can make a profit here. And the good thing for consumers is more people that want to write policies, the more chances that you can shop your policy around and kind of get a competitive rate. But that's simply just not what we're hearing from... people still emailing me. Okay, so it's not just us. You're hearing the same thing because sometimes you look at it and you're like, all right, anecdotally, this is what I'm hearing, but is that really the case across the state? But it sounds like it is. And you say 190 companies have filed for rate decreases. Are we seeing that across the board? I have not heard that. I think when it comes down to it, it's determining the difference between rate and premium. And it's understanding how insurance companies kind of divide their risk. So if they file a zero percent rate increase, right, we're not going to raise rates. as an average in Florida. That might mean that rates are going down in Miami, 10%, because they haven't had a storm hit, and then go up in Tampa because our risk is higher. That's just a very generic. Some insurance companies build their portfolio is different. Say they have so many homes in the panhandle. They need to distribute their risk, right? So they got to go somewhere else and they'll lower their rates for Miami or Orlando if they haven't been hit by a storm. It was a really informative conversation. If you missed it, again, this was in the 8 o'clock hour on Friday morning show. You can check it out. You can watch the full interview on our YouTube page. If you haven't subscribed to it yet, follow us there at Ryan Gorman Show. And, of course, we also have it for you on the podcast as well. So make sure you check that out. When we come back, President Trump had some jaw-dropping comments about an attendee. at a Wisconsin agriculture event on Friday. Wait till you hear this. Dana has the trending clip next here on the Ryan Gorman Show. Crash in Hillsborough County slowing things down. I-4 westbound at Park Road, left lane and shoulder is blocked. First responders on the scene shortly. This report is sponsored by... Follow the show and give us your hot take on Facebook, Instagram, and X. At Ryan Gorman Show. Presented by Vera and Vera. Accident attorneys, Tampa.