You may be surprised to learn that while your home insurance rates were going up, so were the profits of dozens of companies.What's behind the profit? Will it last, and will rates drop as a result? These are all questions being asked by Florida homeowners.S&P Global Market Intelligence reports that 50 private insurers in Florida, for the first time in seven years, made a combined $147.3 million in net income in 2023.Mark Friedlander with the Insurance Information Institute said the industry has been bleeding for many years and is still showing underwriting losses, which means it's paying out more in claims than it's collecting in premiums.“You can't post an underwriting loss year after year and sustain your business,” Friedlander pointed out.In 2021 and 2022, the companies reported a net loss of $1 billion each year.They made money last year because of good investments on Wall Street.According to the Insurance Information Institute, the average Florida homeowner pays $6,000 a year for insurance premiums. Seven new companies are writing policies in the state after six companies liquidated in the last two years.When asked if homeowners should get their hopes up that rates might drop, Friedland said no.“All homeowners are going to see rising rates, so we don't want to promise consumers your rate is going to go down,” he explained.When asked what ultimately may determine whether rates drop, experts say it will depend on how much insurance companies have to pay for re-insurance, the insurance companies have to buy to protect themselves.The other big unknown is how active the 2024 hurricane season will be.