Competition increases as new property insurers start in Florida
On the heels of the Florida property insurance market’s most profitable year in nine years — despite three hurricanes hitting the state in 2024 — opening an insurance business is getting more popular. Two new insurers are poised to offer Sunshine State homeowners more options. State regulators’ approval of Viceroy Preferred Insurance for writing policies in the state and the permitting of another, Vision Insurance Exchange, will mark the 15th and 16th new insurers to increase competition among property insurers since the market threatened to melt down in 2022. [Source: Naples Daily News]
How does Florida’s embrace of cryptocurrency compare with other states?
When it comes to cryptocurrency acceptance and adoption, Florida is the place to be. The state offers countless benefits for crypto investors and has proven itself to be at the forefront of crypto innovation worldwide. A total of 28% of American adults currently own cryptocurrency, and Florida places 7th out of all states for the highest number of individual crypto owners. [Source: Boca Raton Tribune]
Florida consumer advocates propose new FPL deal to halve rate hikes
In an unusual move, multiple groups advocating for utility customers filed an alternative proposal Tuesday that they said should resolve Florida Power & Light’s rate case. Signing onto this settlement is the Office of Public Counsel, the Legislature-appointed advocate for all utility customers statewide. One entity that opposes the deal: Florida Power & Light. The new proposal would roughly halve the company’s original request to hike customer rates by nearly $10 billion over four years, which is believed to be the highest rate hike request in American history. [Source: Tampa Bay Times]
What does history tell us about Florida and September hurricanes?
While hurricane season runs from June 1 through Nov. 30, the most-active period is from mid-August through mid-October, with the peak hitting Sept. 10. So while we welcome a brief lull in tropical activity as Tropical Storm Fernand wanders farther north in the central Atlantic, here's what past Septembers have meant to Florida when it comes to hurricanes. [Source: Naples Daily News]
Florida is a top car destination for Labor Day weekend. See best, worst days to drive
Whether Florida residents plan on traveling or relaxing at home all weekend, they might want to be aware of the thousands of others joining them. For those planning a road trip for Labor Day weekend, transportation data and insights provider INRIX offers the best times to get on the road. [Source: Daytona Beach News Journal]
ALSO AROUND FLORIDA:
› Tourism’s economic impact soars while worker wages lag in Central Florida
A recent study released by Visit Orlando highlights a significant milestone for Central Florida’s tourism industry, which generated a record-breaking $94.5 billion economic impact in 2024. The region welcomed 75.3 million visitors, fueling an industry that supports approximately 468,000 jobs, or 37% of all employment across the area. Despite this robust growth, concerns remain about wages for those working in the tourism sector.
› JEA board approves construction of $1.57 billion power plant
The JEA board approved construction of a $1.57 billion natural gas-fired power plant Aug. 26, opting for the utility to take on the project itself instead of an alternative plan to buy additional power from Florida Power & Light. The city-owned utility’s seven-member board took the first step to build the plant on about 40 acres in the former St. Johns River Power Park in North Jacksonville. JEA shut down and demolished a more than 30-year-old power plant there in 2018. It was powered by coal.
› Wary homebuyers backing out of purchases more often in Fort Lauderdale
About 58,000 home-purchase agreements were canceled last month in the U.S., the highest July rate on record, according to recent data from Redfin, a real estate data and service provider. This amounts to about one in every seven U.S. home sales. Out of more than 44 of the U.S.’s most populated metro areas, Fort Lauderdale was one of two in Florida that had more cancellations this year than at the same time last year.
› Florida landfill ‘Mount Trashmore’ will close under settlement. But not anytime soon
The Monarch Hill landfill will close around 2050 under an agreement reached between Broward County, the company that runs the site, and two of the cities that neighbor the location that’s come to be known by some neighbors as “Mount Trashmore.” Coconut Creek and Deerfield Beach were poised to fight the expansion of the Monarch Hill landfill in northern Broward County, but both agreed last week to settle with Broward County and Waste Management.
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› Silver Springs businesses respond to the proposal of a new national park
The Ocala National Forest is home to many campgrounds, RV sites, and shops. Like Sweet Jane’s Old Fashion candy store. Known for their whoopie pies but also for serving the Silver Springs community for nearly 20 years. “We have had people come from all over, and they make this their stop every year,” said employee Nancy Mangold. Mangold says creating a Florida Springs National Park would be great for the community and business.
› Kennedy Space Center Visitor Complex offers an after-hours 'Under the Stars' experience
“Kennedy Under the Stars” launches at the Kennedy Space Center Visitor Complex at 6:30 p.m., Saturday, Aug. 30. In this retro look at Y2K nostalgia, guests can dance the night away at NASA Central’s techno glow party, enjoy early 2000s hits at Gateway, or pop by the Rocket Garden for dance-offs and cosmic prizes.
› Jacksonville City Council on way to cutting property tax rate
A majority of Jacksonville City Council has lined up in support of trimming the city's property tax rate for the first time since 2022 in a shift that's gained attention from state leaders. Mayor Donna Deegan opposes the cut, calling it a political move influenced by state officials. The proposed cut would reduce the tax rate by about 1%, saving the average homeowner around $19 annually.
› UF Board of Trustees selects Columbia professor Dr. Donald Landry as interim president
The University of Florida Board of Trustees on Aug. 25 voted to appoint Dr. Donald Landry, a professor of medicine at Columbia University, as the university's interim president. The move comes a week after board Chair Mori Hosseini said publicly that he had yet to identify a candidate for the position, and a week before current interim President Kent Fuchs' extended contract was set to expire on Sept. 1.