Florida approves more home insurance rate cuts

Four homeowners insurance companies recieved approval to lower rates on more than 62,000 Florida policies, as the head of Citizens Property Insurance Corp. urges homeowners facing higher renewal bills to shop for private coverage.

The Florida Office of Insurance Regulation approved reductions ranging from 3.2% to 10.4%, effective at renewal. Since January 2024, 48 companies have filed for rate decreases and 53 have requested no change, according to OIR.

The latest approvals cover:

• One Alliance North America Insurance Company: A 10.4% reduction covering 17,148 policies.
• Safe Harbor Insurance Company: A 4.1% reduction covering 10,501 policies.
• Unique Insurance Company: A 3.2% reduction covering 8,266 policies.
• Vyrd Insurance Company: A 10.4% reduction covering 26,751 policies.

“I expect to see more aggressive rate cuts in the near future and going into 2027,” Insurance Commissioner Mike Yaworsky said.

Yaworsky said pending requests include reductions ranging from 0.3% to 19.7%, and OIR plans to expedite its reviews.

The announcement did not provide specific renewal effective dates for the four companies. OIR also notes that rates for individual policies may vary. Its market overview lists an average homeowners premium of $3,736, including wind coverage, in the admitted insurance market, which excludes Citizens and surplus lines carriers.

Other insurers also are lowering rates. Kin Insurance reported average homeowners rate cuts of more than 20% for new and existing policyholders in Broward, Miami-Dade and Palm Beach counties, according to OIR’s release.

At a Citizens Board of Governors meeting Wednesday, President Timothy Cerio said homeowners who receive a substantial renewal increase should compare their options.

“I don't think we're going to grow because it is such a robust market,” Cerio said ahead of the meeting in Lake Mary. “They will find a home in the private market, but they should shop it.”

Citizens, the state-run insurer created for property owners unable to find affordable private coverage, had nearly 255,000 policies as of Sept. 18, Cerio said. That compares with about 1.4 million in September 2023.

The decline reflects efforts to move Citizens policies to private insurers as companies take on more business. Cerio projected Citizens would finish the year with about 248,000 policies, though he said that number could fall further.

Cerio attributed the improving market conditions in part to legislative changes targeting insurers’ litigation costs. He said lawsuits involving Citizens claims have fallen 55% since 2023, helping the company lower rates.

“This is why we were able to pass along a rate decreases to consumers, and the same is true for the private industry as well,” Cerio said.

Citizens’ total insured value also has fallen, to about $70 billion from $552 billion three years ago, according to Cerio. Reducing that exposure has been a longstanding state goal because severe hurricane losses could lead to assessments on Citizens customers and other insurance policyholders.

Florida was the only state with a homeowners insurance rate decrease in 2025, according to an S&P Global report cited by OIR. Rates declined 0.92% in Florida, compared with a national weighted average increase of 5.5%.

News Service Florida contributed.

© 2026 Florida Realtors®