There’s a lot of reasons not to want to think about insurance. It’s expensive, confusing and boring. However, according to those in the know, Florida insurance rates may be starting to tick down or at least stabilize.

Floridians have faced major increases in their homeowners and automobile insurance premiums in recent years. Florida also ranked as one of the worst states in the country for lawsuit abuse and our courts were flooded by frivolous claims. Our out-of-control litigation rules were a major reason that insurance premiums for both homeowners and automobiles were among the most expensive in the country.

It was so bad in Florida that in 2019 about 8% of all homeowners’ claims filed in the U.S. were filed in Florida. In addition, according to the National Association of Insurance Commissioners, Florida accounted for 76% of all claims that turned into lawsuits that year. Why would any insurance company want to do business in Florida?

The property insurance market was in a crisis and the Florida legislature acted to end frivolous lawsuits and abusive tactics by lawyers, while protecting people with legitimate legal claims. The regulatory authority was enhanced and penalties were imposed on any insurer that failed to pay customers’ claims properly and promptly.

The benefits of these reforms are now kicking in. Florida’s Office of Insurance Regulation announced in February that nearly two-thirds of automobile premiums are declining between 6% and 10.5% this year and more is expected.

Homeowners’ insurance rates are also on the right track. According to S&P Global, Florida premiums only increased 1% on average. This was the lowest rate of increase in the nation and well below the rate of inflation. This bodes well for the future with the hope that further stabilization will make insurance premiums more affordable in the years ahead. Having a healthy insurance market means everything to the value of properties, as well as aiding current homeowners and potential buyers to enter into a more affordable position.

Time to review the April sales statistics for Manatee County published by the Realtor Association of Sarasota and Manatee: Single-family homes closed 1.9% fewer properties this April compared to last. The median sale price was $464,000, down 12.5%, and the average sale price was $618,422, down 13.9%. The median time to contract was 50 days, compared to 44 last year, and the month’s supply of available inventory is 5.2 months, compared to 3.9 months. New listings were up 14.1% and new pending sales were down 3.2%.

Condos closed 1.1% fewer properties this year, the median sale price was $300,220, down 14.8% and the average sale price was $343,558, down 21.1%. The median time to contract was 63 days compared to 44 days last year and the month’s supply of available properties was 8.2 months compared to 6.3 months last year. New pending sales were down 8.3% and new listings were up 8.1.

These numbers are showing a stabilization of the market, meaning the declines are not as significant as they were previously. The Realtor Association still maintains “that the data reflects a market in transition, characterized by a stabilizing inventory, softening prices and a steady sales activity.”

Finally, Florida is setting the groundwork for other states to follow. Georgia and Texas are also considering legislation similar to ours. Whatever helps to improve our real estate market is fine with me, even if it’s boring.

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