APCIA: New Homeowners Rate Decreases Add to Signs of Continued Forward Progress in Florida’s Insurance Market

TALLAHASSEE, Fla. - The American Property Casualty Insurance Association issued the following statement on the Florida insurance market, attributed to Chase Mitchell, assistant vice president of state government relations at APCIA.

"Since the Florida Legislature passed legal system abuse reforms in 2022-2023, Florida's property insurance market has improved dramatically, and we continue to see signs of forward progress that are directly benefiting Floridians. This week, the Florida Office of Insurance Regulation announced a wave of significant rate decreases for homeowners with more requests for decreases up to nearly 20 percent pending review. Florida OIR is reporting that 48 companies have filed for a rate decrease and 53 companies have requested no change or 0% increase since January 2024. We applaud the leadership of Commissioner Yaworsky in quickly approving these rate decreases.

"Earlier this month, APCIA announced that a new actuarial study found that Florida policyholders paid nearly $3 billion less for home and auto insurance in 2025 compared to the year before. The study also found that homeowners insurance rate increases are trending significantly downward, falling from an average of 9.6 percent in 2023 to 1.3 percent in 2024 and 0.9 percent in 2025.

"With so many good things happening in the market, including 20 new companies offering coverage post-reforms, we want to remind all Floridians that now is a great time to shop around for insurance coverage to ensure they are getting the best coverage at the best price. A 2025 APCIA survey found that nearly half of those who shopped around for coverage were able to secure a better price.

"The Florida insurance market is in its strongest position in years, and with a quiet 2026 Atlantic Hurricane Season nearly behind us, we anticipate that the market will continue trending in a positive direction with more policyholders experiencing lower costs."

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