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What is next for Florida's insurance market as CFO Patronis steps down

What is next for Florida's insurance market as CFO Patronis steps down

TALLAHASSEE, Fla. (WFLA) — He is the state's top insurance official, but Florida's Chief Financial Officer Jimmy Patronis is stepping down in a few months to run for Congress. Governor Ron DeSantis will appoint a temporary replacement to the CFO position, as Florida residents continue to face a fragile insurance market.

In a one-on-one interview with WFLA, Patronis says he plans to continue his 'fiscal hawk' responsibilities and take them straight to Capitol Hill.

"My direction, at least my philosophy, has been since I've been in Tallahassee, we're in the best fiscal health we've ever been in the history of the state. That’s not an accident, that’s not a sprint, it’s a march. You have to do it every single day, so I will continue my fiscal hawk responsibilities I've had here in Tallahassee, and I will take those to Washington, DC," said Patronis.

As the state awaits his new successor, what are they going to be left with when it comes to the insurance market? Better yet, how are they going to help solve this complex issue?

"Right now, we're in a situation where inflation and interest rates have made home ownership unaffordable. It is making it harder for our veterans to get the benefits they deserve," said Chief Patronis.

Legislators at the capitol plan to tackle insurance issues next session, as residents are still concerned after two back-to-back hurricanes tore through the state.

With high property insurance rates, political experts say the Florida legislature and the future CFO need to be in lockstep when tackling this issue, highlighting the consequences if that doesn't happen.

"If we don't have a Chief Financial Officer working with the legislature to drive these costs down, it's going to be, not just recovery from the hurricane, but it's going to be looking forward to how do I stay in my own home?" said Tara Newsom, St. Pete College Political Analyst.

Patronis, who resigns on March 31, promises a continuation of his efforts here in Florida
to the national scale if elected.

"I will continue to do everything humanly possible to continue to make the household budget affordable people should be able to have the ability to own a home," said Chief Patronis.

Patronis advises that the next CFO won't want to deviate from the missions that his team has championed.

"We take care of our citizens. We keep them safe. We fight for our first responders. We create an environment where people get to keep their money," said Patronis.

Along with efforts from the next CFO, all eyes are going to be on the Florida legislature. What are our state lawmakers going to do to make sure Floridians can stay in their homes?

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