On Monday Florida Governor Ron DeSantis announced significant statewide insurance rate relief for homeowners, as Citizens Property Insurance policyholders across the state will see premium reductions beginning this Spring when they renew.
“Floridians are seeing rate reductions in both auto and homeowners insurance across the state, with additional relief coming soon,” said Governor Ron DeSantis. “The reductions in Citizens Insurance rates are the most significant in recent memory. Premiums are lowering because we’ve enacted real reforms and withstood the pressure to reverse course. We will hold firm in our commitment not to go back to the broken insurance market of the past.”
“Four years ago, our insurance market was near collapse, which is why I stood alongside our Governor to create historic lawsuit reform, cut out the waste, fraud and abuse, and strengthen our insurance market,” said Chief Financial Officer Blaise Ingoglia. “Those reforms are working, and Florida homeowners are seeing the benefits. No other state and no other Governor is doing more to deliver on his promises and tackle housing affordability than Governor DeSantis. Florida continues to lead the nation on all fronts.”
“We are seeing nothing but good news across all data points for Florida’s auto and home insurance markets. These positive results are entirely related to our historic tort reforms, driven largely by Governor DeSantis’ leadership,” said Insurance Commissioner Mike Yaworsky. “I am hopeful that these reforms will not be repealed and that we will continue to be dogged in our efforts to improve the everyday conditions for Floridians.”
Under the approved rates, the vast majority of Citizens policyholders statewide will receive a premium decrease, with a statewide average reduction of 8.7%. Over 330,000 policyholders across all 67 counties will see rate decreases, and more than 150,000 policyholders will receive reductions of 10% or greater
The Governor’s office says the premium reductions are driven by improvements in Florida’s insurance market, including a decline in litigation following the elimination of one-way attorney fees and abusive assignment-of-benefits practices. “Actual losses have trended below prior projections, reinsurance costs have declined, and Citizens’ overall exposure has decreased as policyholders return to the private market. Underwriting conditions across personal insurance lines have also improved significantly.
As of January 2025, Citizens policies in force declined to 395,144, representing a 50% reduction from the prior year and the lowest level in 14 years. Since the enactment of the reforms, 17 new insurance companies have entered Florida, increasing competition.