JACKSONVILLE, Fla. — Florida Republican lawmakers have put a spotlight on reducing or eliminating property taxes lately. Still, a new UNF poll of Florida Republican voters reveals their top concern is the cost of property insurance.
20 percent of Republican voters in Florida list property tax costs as their top issue, according to a new UNF poll.
Despite efforts to address the issue in recent years, UNF political science professor Dr. Michael Binder argued the poll suggests voters aren’t satisfied with the results.
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“Costs that 20 years ago were negligible and now they’re a sizable commitment. You know, thousands upon thousands of dollars,” said Binder.
But, Mark Friedlander with the Insurance Information Institute noted Florida’s insurance marketplace is healthier than it’s been in a decade, with 14 new companies entering the market over the past two years.
“1.75 percent was the average premium increase in Florida last year,” said Friedlander.
Rates may be stabilizing, but Friedlander argued they aren’t likely to return to prices seen before the pandemic due to increased construction costs and rising property values.
He cautioned against any legislative moves such as rate freezes or mandated reductions.
“It’ll cause market turmoil and start the next risk crisis,” said Friedlander.
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While property insurance topped Republican voters’ list of concerns, it was just one of three housing affordability concerns on the survey.
48 percent of respondents listed either housing costs, property insurance, or property taxes as their top concern.
“We are starting to see some relief in some parts of the state. We just need more of it and we need it right away,” said State Representative Dean Black (R-Yulee).
Black serves on the special committee looking into lowering or eliminating property taxes.
He argued it’s the most direct option available to lawmakers to improve housing affordability.
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“There will have to be some form of revenue replacement, but we do not want people to be in perpetual servitude to the government over their homes, and we’re going to continue to work on that, and I think we will come up with solutions,” said Black.
Friedlander advised that the best option available to Floridians to reduce their property insurance rates right now is simply to shop around.
With more companies writing policies, he argued, Floridians have more affordable options available to them.
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