More than 824,300 Florida homeowners are set to benefit from insurance rate decreases taking effect in October, with additional reductions expected in the coming months, according to the Florida Office of Insurance Regulation (OIR).
Insurance Commissioner Mike Yaworsky and Chief Financial Officer Blaise Ingoglia announced that multiple insurance companies have implemented rate reductions for new policies and renewals this month, with decreases reaching as much as 12.1%.
Since January 2024, 48 insurance companies have filed requests to lower rates, while another 53 have requested no rate increases, according to OIR.
The agency is also reviewing additional rate decrease requests scheduled to take effect in November, December and January, potentially benefiting another 450,000 Florida policyholders.
Yaworsky said regulators are working with insurance companies to secure additional reductions, including requesting larger decreases when actuarial reviews indicate insurers can support them.
“The Office of Insurance Regulation is working hard to review all of these requests and in some cases, pushing companies for larger decreases if our actuaries determine the companies are capable of doing so,” Yaworsky said.
Ingoglia attributed the reductions to improvements in Florida’s insurance market following the state’s tort reforms.
The announcement follows earlier reductions implemented in August by American Integrity Insurance Company and Florida Family Home Insurance Company.
American Integrity filed decreases of 0.3% affecting 184,000 customers and 12.3% affecting 8,900 customers. Florida Family Home implemented an 8% reduction affecting approximately 20,700 policyholders.
OIR said it expects to announce additional rate decreases through the remainder of 2026 and into next year.