Credit: Ted Bogert
Governor Ron DeSantis has signed a new bill, House Bill 5013, that could impact the wallets of Winter Park homeowners. The law reduces funding for the Reinsurance to Assist Policyholders (RAP) program from $2 billion to $900 million and completely repeals the Florida Optional Reinsurance Assistance (FORA) program.
These programs were designed to help insurance companies stay afloat after major storms like Hurricanes Ian and Idalia—keeping your premiums in check by lowering their costs. But since much of the funding went unused, lawmakers returned $2.1 billion to the state budget.
So what does this mean for you?
🏠 Potential Impacts on Winter Park:
- Insurers may now rely more heavily on private reinsurance, which is costlier—meaning those costs could trickle down to your monthly bill.
- While some companies said RAP helped lower rates, losing that cushion could send premiums creeping upward.
- Policyholders might see more price volatility as insurers rework their coverage models ahead of hurricane season.
Some experts say the changes won’t lead to immediate rate hikes. Others urge caution, pointing to the ongoing challenges in Florida’s property insurance market.
📣 What You Can Do:
- Review your policy and talk to your insurance provider about rate expectations.
- Attend local town halls or HOA meetings to stay informed.
- Stay weather-prepared, especially during hurricane season—being proactive can help ease claim issues later.
Have thoughts or experiences with rising premiums? Reply to this editorial—we’d love to hear your take and share community feedback in our next post.