Florida regulators have approved homeowner insurance rate reductions averaging about 7%, covering more than 62,000 policies at renewal, according to the Florida Office of Insurance Regulation.
Insurance Commissioner Michael Yaworsky said additional reductions are moving through the regulatory process. OIR has received rate decrease requests ranging between 0.3% and 19.7%, and Yaworsky said he expects larger cuts to appear later in 2026 and into 2027.
The latest approvals cover four property insurers. One Alliance North America Insurance Company, formerly Universal North America Insurance, received approval for an average 10.4% decrease affecting 17,148 policies. Safe Harbor Insurance Company received a 4.1% reduction covering 10,501 policies.
Unique Insurance Company’s approved reduction averages 3.2% across 8,266 policies. Vyrd Insurance Company received a 10.4% decrease affecting 26,751 policies.
Yaworsky said OIR plans to accelerate its review of pending rate filings so approved reductions reach policyholders sooner. Since January 2024, 48 insurers have filed for rate decreases, while 53 companies have requested no rate change, according to OIR.
Recent filings indicate a sharp change from conditions several years ago. The 30-day average requested homeowner rate change now stands at a 4.8% decrease, compared with a 5.2% average increase five years earlier. In July 2022, the average approved homeowner rate increase reached 15.33%.
The 180-day average requested change is now a 0.3% decrease. Three years earlier, the same measure showed an average increase of 5.1%.
Other insurers have announced reductions outside the four approvals. Kin Insurance said in September it lowered homeowner rates by an average of more than 20% for new and existing customers in Broward, Miami-Dade and Palm Beach counties.
Kin linked the reductions to improving insurance economics in South Florida, where litigation rates have fallen sharply. Citing OIR data, the insurer said HO-3 litigation rates by loss year across those three counties dropped from 24.1% in 2022 to 2% in 2025.
Changes are also reaching Florida’s auto insurance market. Dairyland, the Wisconsin-based auto insurer owned by Sentry Insurance, announced an estimated $30 mn one-time dividend for eligible Florida private passenger automobile policyholders.
Dairyland had already reduced its Florida auto insurance rates by an average of 14%. The insurer attributed both moves to lower loss costs, recent legal system changes and improving market stability following legislation enacted in 2023. Dairyland hasn’t disclosed how many policyholders will receive the dividend.
Florida officials and insurers have repeatedly connected recent pricing changes with property insurance legislation adopted in 2022 and 2023.
The measures included restrictions on one-way attorney fees and changes involving assignment-of-benefits agreements, which had featured heavily in disputed property claims and litigation.
Citizens Property Insurance Corporation has experienced a steep contraction during the same period. Florida’s state-backed property insurer recorded 266,231 policies at the end of August 2026, down from roughly 1.4 mn at its late-2023 peak.
Private insurers have absorbed more policies as Citizens continues its depopulation program and new carriers enter Florida. Citizens reported in June that 20 new insurance companies had entered the state since 2022, with its residential market share falling to about 2%.
The reduction in Citizens’ book has also lowered the amount of property exposure carried by the state-backed insurer. Citizens officials said total insured value stood near $553 bn in 2023 and was expected to fall to about $85 bn in 2026.
Citizens has reduced staffing alongside the smaller book. The company employed about 1,390 full-time workers three years ago, compared with 882 employees in 2026, according to figures discussed at its September board meeting.
Board chairman Carlos Beruff described the earlier market as one in which Citizens’ policy count was expanding rapidly as private insurers reduced exposure or withdrew capacity. He credited the 2022 and 2023 statutory changes with reducing litigation across the property insurance market.
Citizens President and CEO Tim Cerio also expects more private-market rate decreases over the coming months. He urged agents and homeowners to compare available premiums rather than automatically renewing existing coverage, including when their current insurer leaves the rate unchanged.
Citizens itself has already moved into lower pricing for 2026. OIR approved an average 8.8% reduction for Citizens homeowners multiperil policies earlier this year, with every Citizens personal lines policyholder receiving at least a 2% decrease.
The insurer’s shrinking policy count gives another measure of the changes in Florida’s property market. Citizens had 266,231 policies on August 31, compared with its 1.4 mn peak in 2023, as private insurers accepted more business through standard underwriting and Citizens takeout programs.
OIR presents the growing number of rate reductions as evidence of improving market conditions following the legislative changes. Insurers including Kin and Dairyland have also attributed their recent pricing actions partly to lower litigation or loss costs associated with those reforms.
