Florida Insurance Commissioner Mike Yaworsky has approved rate decreases for four homeowners insurers, affecting more than 62,000 policies. The Office of Insurance Regulation (OIR) also reports a growing wave of filings seeking lower rates.
The approved cuts, which take effect at renewal, include a 10.4% reduction for One Alliance North America Insurance Company, covering 17,148 policies, and a 10.4% reduction for Vyrd Insurance Company, covering 26,751 policies. Safe Harbor Insurance Company received a 4.1% decrease covering 10,501 policies, and Unique Insurance Company a 3.2% decrease covering 8,266 policies.
According to OIR, 48 companies have filed for rate decreases since January 2024, and 53 have requested no change. Pending requests range from 0.3% to 19.7%, and the 30-day average homeowners rate request now stands at -4.8%, compared with -1.1% a year ago.
"I expect to see more aggressive rate cuts in the near future and going into 2027," Yaworsky said. He added that OIR would expedite its reviews of rate filings.
The American Property Casualty Insurance Association (APCIA) linked the improvement to tort reforms passed by the Florida Legislature in 2022 and 2023, which the association describes as legal system abuse reforms.
"Since the Florida Legislature passed legal system abuse reforms in 2022-23, Florida's property insurance market has improved dramatically, and we continue to see signs of forward progress that are directly benefiting Floridians," said Chase Mitchell, assistant vice president of state government relations at APCIA.
An actuarial study APCIA released earlier this month found that Florida policyholders paid nearly $3 billion less for home and auto insurance in 2025 than the year before. The association's figures show average homeowners rate increases falling from 9.6% in 2023 to 1.3% in 2024 and 0.9% in 2025. APCIA also says 20 new companies have entered the market since the reforms took effect.
The reforms centered on two bills. SB 2-A, passed in a December 2022 special session, eliminated one-way attorney fees and assignment of benefits for property insurance and shortened the deadline for filing property claims. HB 837, passed in 2023, tightened bad-faith litigation standards, ended one-way attorney fees in other lines and cut the statute of limitations for general negligence claims.
For agents, the practical point is timing. Approved decreases apply at renewal, and with dozens of carriers seeking cuts and new entrants adding capacity, clients renewing over the coming months are likely to have more options than at any point in recent years. APCIA's 2025 survey found that nearly half of policyholders who shopped around secured a better price, which suggests clients who are not approached by their agent may go looking on their own.
Mitchell also pointed to a quiet 2026 hurricane season as a further tailwind.
"The Florida insurance market is in its strongest position in years, and with a quiet 2026 Atlantic hurricane season nearly behind us, we anticipate that the market will continue trending in a positive direction with more policyholders experiencing lower costs," he said.
The season runs until November 30, and the June 1 reinsurance renewals will also shape how far the downward trend extends into 2027.
