Florida's property insurance market is finally showing signs of relief in 2026. Learn which carriers are lowering premiums and how to properly compare quotes to maximize your savings.
For years, Florida homeowners have endured some of the highest property insurance premiums in the nation. The combination of severe hurricane seasons, excessive litigation, and carrier insolvencies drove costs to crisis levels that directly impacted the real estate market and many buyers' ability to purchase a home.
In 2026, however, the insurance landscape is finally shifting. The Florida Office of Insurance Regulation received 73 filings for rate decreases and 94 filings for zero-percent increases through late 2025. Among the state's largest 16 property insurers, average premiums rose less than one percent in 2025, and 10 of those carriers actually saw average residential premiums decline — some by as much as 11 percent. The average rate increase across all Florida insurers plunged from over 21 percent in 2023 to a projected 0.2 percent for 2025.
Several major carriers have officially applied for and received approval to lower their premiums. State Farm filed for a 10 percent rate reduction statewide, with cumulative reductions reaching approximately 20 percent when combined with earlier filings. Florida Peninsula Insurance cut rates an average of 8.2 to 8.4 percent. Security First Insurance filed for an 8 percent average statewide decrease. Heritage Property and Casualty received OIR approval for a 3.3 percent average decrease, with county-specific reductions as high as 9.6 percent.
Even Citizens Insurance, the state-backed insurer of last resort, approved its first rate cut since 2015. Rates will decrease by an average of 8.7 percent statewide for multiperil policies and 5.5 percent for wind-only policies. Approximately 60 percent of Citizens customers will see an average cut of 11.5 percent, saving roughly $359 annually. Citizens' policy count has plummeted from a peak of 1.42 million in October 2023 to approximately 336,000 to 385,000 — a decline of over 73 percent — as the depopulation program transferred more than 546,000 policies to private carriers.
The legislative reforms behind this relief — including HB 7065, SB 76, SB 2D, SB 2A, and HB 837 — have produced measurable results. Insurance-related lawsuits dropped more than 60 percent since these reforms took effect, and Florida's nuclear verdict ranking fell from second to tenth place nationally in 2024. Recent economic analysis indicates that property and casualty insurance costs in Florida are now 14.5 percent lower than they would have been without reforms.
Despite the encouraging news, homeowners who are currently with Citizens or any other carrier should exercise caution when shopping for new quotes. It is always advisable to get a new quote every year and review all available options.
However, it is critical to ensure that any comparison is made on an apples-to-apples basis. It is common for homeowners to see a cheaper quote without realizing their dwelling coverage has been quietly reduced — for example, dropping from $400,000 to $250,000 in dwelling coverage. In Southwest Florida specifically, Sarasota County averages approximately $6,826 for $300,000 dwelling coverage, with coastal and waterfront properties running $11,000 to $15,000 or more annually. Collier County averages approximately $5,604. These regional variations make accurate comparisons even more important.
The My Safe Florida Home program, renewed with $280 million in the 2025-26 budget, also provides an opportunity for homeowners to reduce premiums by completing approved home hardening measures such as roof upgrades, hurricane shutters, and impact-resistant windows.
To avoid coverage gaps and ensure accurate policy comparisons, it is highly recommended to consult with a real estate attorney or a dedicated insurance agent. Rather than simply filling out an online form, having a knowledgeable professional review all coverage options ensures accurate protection for one of life's largest investments.
It is also worth noting that over one million Florida homes remain uninsured — roughly one in five — many of them in coastal Southwest Florida. If an unfortunate claim ever arises, having a dedicated professional to walk through the process is invaluable.
Contact our office at nicole@nicole-jordan.com to schedule your consultation and discuss this in more detail.
