Florida regulators have approved homeowners insurance rate reductions for more than 62,000 policies, with cuts ranging from 3.2% to 10.4%. The changes take effect at renewal, though individual bills may differ. State officials say further reductions are under review as Citizens Property Insurance urges customers facing increases to compare private-market options.
Key takeaways
- Four insurers received approval to cut rates on a combined 62,666 policies.
- Approved reductions range from 3.2% to 10.4% and apply at renewal.
- Regulators are reviewing additional rate-cut requests, some as high as 19.7%.
- Citizens says homeowners receiving steep renewal increases should shop for coverage.
Four insurers receive approval
The Florida Office of Insurance Regulation approved cuts for four companies. Vyrd Insurance and One Alliance North America each received approval for a 10.4% reduction. Safe Harbor Insurance received approval for a 4.1% cut, while Unique Insurance received a 3.2% reduction.
| Insurer | Approved reduction | Policies covered |
|---|---|---|
| One Alliance North America | 10.4% | 17,148 |
| Safe Harbor | 4.1% | 10,501 |
| Unique | 3.2% | 8,266 |
| Vyrd | 10.4% | 26,751 |
The approvals do not mean every customer will see the same decrease. The effective date depends on each policy’s renewal, and rates can vary by property and coverage. The announcement did not specify renewal dates for the companies.
More rate requests are under review
Insurance Commissioner Mike Yaworsky said pending filings seek reductions ranging from 0.3% to 19.7%, and regulators plan to speed up their reviews. He said he expects more substantial cuts in the coming months and into 2027.
Other companies have also reported decreases. Kin Insurance, for example, reported average cuts of more than 20% for new and existing policyholders in Broward, Miami-Dade and Palm Beach counties. The state’s market overview lists an average homeowners premium of $3,736, including wind coverage, for the admitted market; that figure excludes Citizens and surplus-lines insurers.
Citizens encourages homeowners to compare options
Citizens President Timothy Cerio advised homeowners facing significant renewal increases to shop around for private coverage. Citizens was created to insure property owners who cannot find affordable coverage elsewhere, but the state has been working to shift its policies to private insurers as those companies take on more business.
Citizens had nearly 255,000 policies as of Sept. 18, down from about 1.4 million in September 2023. Cerio projected the number could fall to around 248,000 by year-end. He linked improving market conditions partly to legislative changes aimed at reducing insurers’ litigation costs, saying lawsuits involving Citizens claims have dropped 55% since 2023.
The state-run insurer’s total insured value has also fallen to about $70 billion from $552 billion three years earlier. Lowering Citizens’ exposure is a state priority because major hurricane losses could lead to assessments affecting its customers and other policyholders.
Signs of a changing market
According to an S&P Global report cited by the insurance regulator, Florida was the only state with a homeowners rate decrease in 2025: rates fell 0.92%, while the national weighted average rose 5.5%. The new approvals add to evidence of easing prices, but homeowners should compare quotes and policy terms rather than assume a statewide decline will reduce every premium.
Sources
- Florida approves more home insurance rate cuts, | Florida Realtors.