Four insurance companies receive approval to lower rates on over 62,000 policies, with reductions ranging from 3.2% to 10.4%.
Source: Original report
Florida homeowners may see some relief in their insurance premiums as the state approves rate cuts for over 62,000 policies. Four insurance companies have received approval to lower rates, with reductions ranging from 3.2% to 10.4%. This latest development comes as the state's insurance market continues to stabilize, offering homeowners more options and potential savings.
Rate Cuts Approved
The Florida Office of Insurance Regulation has approved rate reductions for the following companies:
- One Alliance North America Insurance Company: A drop of 10.4% affecting 17,148 policies.
- Safe Harbor Insurance Company: A decrease of 4.1% impacting 10,501 policies.
- Unique Insurance Company: A reduction of 3.2% covering 8,266 policies.
- Vyrd Insurance Company: A cut of 10.4% for 26,751 policies.
These reductions are effective at renewal, although specific renewal dates were not provided. The average homeowners premium in Florida, including wind coverage, is listed at $3,736 in the admitted insurance market, excluding Citizens and surplus lines carriers.
Market Trends and Future Expectations
Insurance Commissioner Mike Yaworsky anticipates more aggressive rate cuts in the near future and into 2027. Pending requests include reductions ranging from 0.3% to 19.7%, with OIR planning to expedite its reviews.
Other insurers are also lowering rates. Kin Insurance announced average homeowners rate reductions exceeding 20% for new and existing policyholders in Broward, Miami-Dade, and Palm Beach counties.
Citizens Property Insurance Corp. Updates
At a Citizens Board of Governors meeting, President Timothy Cerio urged homeowners facing substantial renewal increases to compare their options. He noted that the private market is robust, and homeowners should shop for better coverage.
Citizens, the state-run insurer, had nearly 255,000 policies as of Sept. 18, a significant decline from about 1.4 million in September 2023. This decrease mirrors the state's push to transfer Citizens policies to private insurers as more companies enter the market. Cerio estimated Citizens would end the year with approximately 248,000 policies, though this figure might decrease further.
Cerio credited the improving market conditions to legislative changes targeting insurers’ litigation costs. Legal actions involving Citizens claims have dropped 55% since 2023, aiding the company in reducing rates. Citizens’ total insured value has also fallen to about $70 billion from $552 billion three years ago.
National Context
In 2025, Florida stood out as the sole state with a reduction in homeowners insurance rates, as per an S&P Global report referenced by OIR. Florida saw a 0.92% rate decline, while the national average increased by 5.5%. This trend underscores Florida's distinct position in the national insurance landscape.
As the insurance market continues to evolve, homeowners are encouraged to review their policies and explore available options to ensure they are getting the best coverage at the most competitive rates.
