For years Florida homeowners faced skyrocketing insurance rates, but experts say legislative reforms are working and those premium increases have leveled off.One of the state’s top ten insurance companies is now seeking its largest rate decrease in its 20-year history.With the recurring risk of a major hurricane making landfall each year, Florida will always be a pricy state for home insurance, Insurance Information Institute spokesperson Mark Friedlander said.“The average premium is about $3,800 right now across the state, but there’s eight other states that are much more expensive, including Tornado Alley states, including other hurricane prone states,” Friedlander said.The average premium increase this year for Florida home insurance policyholders is only 0.5%, Friedlander said.”That’s virtually flat rates,” Friedlander said, “and it is the lowest average premium increase in the U.S. for the second consecutive year.”Florida Peninsula Insurance has asked the state’s Office of Insurance Regulation (OIR) to reduce homeowners’ premiums by an average of 8.4% and to lower premiums for condo owners by an average of 12%.“The rate filing for Florida Peninsula is currently still pending,” OIR press secretary Shiloh Elliott said in an email to WESH 2 Investigates. “The proposed effective date for the rate decrease is 10/31/2025, however that is contingent upon a thorough review by the OIR. It is important to note that not all impacted consumers will see the rate change at the same time; consumers can expect to see their rates impacted upon their policy’s renewal. Consumers should engage in conversation with their agent to determine when that is and what they can expect on their next billing cycle, should the filing be approved. “Florida Peninsula Insurance’s president Clint Strauch is citing legislative reforms on litigation for why it can pass on savings to tens of thousands of customers. “The legislative reforms have contributed to a measurable drop in frivolous lawsuits and inflated claims, providing us the ability to pass on the savings from the law’s changes to our policyholders,” Strauch said in a press release. “This rate reduction shows that the legislative reforms have successfully addressed the root cause of increasing insurance premiums in Florida.”This month state regulators announced a 15th insurance company entered Florida’s market since lawmakers enacted changes to address the property insurance crisis.”Florida now has a very competitive market,” Friedlander said.For Central Florida homeowners who still feel like they’re paying too much, Friedlander said call your agent and shop around. He said homeowners should be able to find a less expensive policy with equal coverage.The state’s insurer of last resort, Citizens Property Insurance, still has the most policyholders in Florida, but Friedlander said that continues to go down during depopulation as more homeowners switch their coverage to private companies.
For years Florida homeowners faced skyrocketing insurance rates, but experts say legislative reforms are working and those premium increases have leveled off.
One of the state’s top ten insurance companies is now seeking its largest rate decrease in its 20-year history.
With the recurring risk of a major hurricane making landfall each year, Florida will always be a pricy state for home insurance, Insurance Information Institute spokesperson Mark Friedlander said.
“The average premium is about $3,800 right now across the state, but there’s eight other states that are much more expensive, including Tornado Alley states, including other hurricane prone states,” Friedlander said.
The average premium increase this year for Florida home insurance policyholders is only 0.5%, Friedlander said.
“That’s virtually flat rates,” Friedlander said, “and it is the lowest average premium increase in the U.S. for the second consecutive year.”
Florida Peninsula Insurance has asked the state’s Office of Insurance Regulation (OIR) to reduce homeowners’ premiums by an average of 8.4% and to lower premiums for condo owners by an average of 12%.
“The rate filing for Florida Peninsula is currently still pending,” OIR press secretary Shiloh Elliott said in an email to WESH 2 Investigates. “The proposed effective date for the rate decrease is 10/31/2025, however that is contingent upon a thorough review by the OIR. It is important to note that not all impacted consumers will see the rate change at the same time; consumers can expect to see their rates impacted upon their policy’s renewal. Consumers should engage in conversation with their agent to determine when that is and what they can expect on their next billing cycle, should the filing be approved. “
Florida Peninsula Insurance’s president Clint Strauch is citing legislative reforms on litigation for why it can pass on savings to tens of thousands of customers.
“The legislative reforms have contributed to a measurable drop in frivolous lawsuits and inflated claims, providing us the ability to pass on the savings from the law’s changes to our policyholders,” Strauch said in a press release. “This rate reduction shows that the legislative reforms have successfully addressed the root cause of increasing insurance premiums in Florida.”
This month state regulators announced a 15th insurance company entered Florida’s market since lawmakers enacted changes to address the property insurance crisis.
“Florida now has a very competitive market,” Friedlander said.
For Central Florida homeowners who still feel like they’re paying too much, Friedlander said call your agent and shop around. He said homeowners should be able to find a less expensive policy with equal coverage.
The state’s insurer of last resort, Citizens Property Insurance, still has the most policyholders in Florida, but Friedlander said that continues to go down during depopulation as more homeowners switch their coverage to private companies.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.