Floridians pay the highest home insurance rates in the nation — $10,996 per year, according to Insurify data. And car insurance rates aren’t much better, with the state’s average full-coverage rate amounting to $3,166 per year.

That’s the fifth-highest rate in the nation.

But now, a newly proposed Florida constitutional amendment aims to help Floridians lower their insurance rates while also gaining the peace of mind that their coverage won’t be dropped.

The “Annual Insurance Policy Rate Reduction” Amendment, proposed by the Florida Constitutional Amendment Network, still needs around 891,000 signatures to make it onto the November 2026 ballot. But if it does, and passes, it could provide welcome stability for Florida policyholders.

What the amendment proposes

The proposed amendment aims to provide policyholders with two key benefits.

It would bar insurers from canceling the policy of any policyholder unless the policyholder violated the terms of the policy. And it would require insurers to reduce a policyholder’s premiums by 4% if the policyholder remains claims-free for a period of 365 days.

The amendment would apply to all forms of insurance, according to Chris Wills, chair of the Florida Constitutional Amendment Network and author of the amendment.

Wills said he created the proposed amendment because recent law changes surrounding insurance costs still haven’t translated into lower rates for homeowners.

“So it is time that we, the citizens, take things into our own hands and put forward a measure that will actually start to reduce insurance rates for Floridians in every corner of our state,” he told WESH 2 News.

Insurers have, so far, been quiet about the proposal. But critics argue the amendment’s enactment could lead to reduced carrier options in the marketplace or higher costs elsewhere.

What’s next? Getting on the ballot

The Annual Insurance Policy Rate Reduction Amendment faces two considerable challenges before it could take effect. First, it must appear on the ballot, which means adding an additional 891,000 signatures before November 2026.

Secondly, should the proposed amendment accrue the necessary signatures, it will still require a 60% majority vote in November to pass.

If it does pass, it would take effect on Jan. 1, 2027.

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