Florida News That Impacts You – July 11th, 2023
Bottom Line: Your daily recap of the biggest news from around the state that impacts you in South Florida.
- South Florida’s inflation rate has been the highest in the country in 2023. The most recent local inflation information for the Miami-Fort Lauderdale-West Palm Beach metro shows inflation having paced 9% year-over-year through April – greater than double the national average at 4%. The cost of housing has been the top driver with total cost increases of about 15% year-over-year.
- A new property insurance assessment from Florida’s Office of Insurance Regulation shows the reforms passed last year appear to be having a positive impact in stabilizing Florida’s property insurance market. 25% fewer property insurance companies operating in the state are in a financially precarious position and the average price increase for policies is 9% or about $230 more than last year. The state’s data also refutes recent reporting suggesting the average property insurance policy is now $6,000 annually in Florida. According to state records the average in force policy is $2,850 currently. Litigation filed prior to January 1st against property insurance companies remains a top near-term headwind for the industry.
- West Palm Beach has voted to prevent new medical marijuana dispensaries from opening and operating within the city. The split 3-2 vote grandfathers in the existing nine dispensaries currently operating in the city.
- Gas prices were flat on Monday. Statewide the average price for regular unleaded is currently $3.46 per gallon – 20 cents higher than a week ago. In Palm Beach