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Florida Insurance Market Report 2026
2026 Market Report

Florida Insurance Market Report 2026

After years of double-digit increases, Florida's insurance market is finally turning a corner. Here's what's driving the shift, what it means for your premiums, and how to take advantage.

2026 Florida Insurance Market at a Glance

  • Auto insurance rates are dropping an average of 8% among Florida's top five carrier groups, with 42 companies filing decreases in the past year.
  • Home insurance is stabilizing at an average of $3,815/year statewide. The state-backed insurer filed for an 8.7% decrease effective mid-2026.
  • Legislative reforms from 2022-2023 have driven insurance litigation down sharply — filings have fallen more than 35% since 2021 — and those savings are now reaching policyholders.
  • Florida's PIP repeal takes effect July 1, 2026, replacing no-fault coverage with mandatory bodily injury liability requirements.
  • New carriers are entering the Florida market and existing carriers are expanding — more competition means better rates for consumers.

Auto Insurance: The Best News in Years

Florida drivers are seeing the most significant rate relief in over a decade. After average increases of 31.7% in 2023 and 4.3% in 2024, the market has decisively reversed course. The top five auto insurance groups — which collectively represent 78% of Florida's auto market — are now averaging an 8% rate decrease for 2026.

-8%
Avg. rate decrease among top 5 auto groups (2026)
42
Auto companies that filed rate decreases in the past year
$1B+
In auto insurance refunds returned to Florida drivers

These decreases aren't happening uniformly across every carrier at the same time. Some companies filed decreases that took effect in January, others in April or May, and more are expected throughout the year. This staggered timing is why shopping your auto insurance right now — rather than waiting for your renewal — can yield significant savings.

PIP Repeal: July 1, 2026

Florida is transitioning from no-fault PIP coverage to mandatory bodily injury (BI) liability minimums of $25,000/$50,000 per person/per accident. This is the biggest change to Florida auto insurance in decades. While the transition may cause short-term premium adjustments, the long-term outlook is positive — PIP was the most fraud-prone coverage line in the state.

Read our full PIP repeal guide

Home Insurance: Signs of Stabilization

Florida's homeowners insurance market — which saw some of the most dramatic premium increases in the country from 2020 to 2024 — is finally showing signs of stabilization. The average annual homeowners premium including wind coverage sits at approximately $3,815 statewide, and the trajectory is shifting.

Positive Signs

  • The state-backed insurer filed for an average 8.7% rate decrease — the first decrease in years
  • 73 private carrier filings for rate decreases received by OIR in late 2025
  • South Florida counties seeing 11-14% decreases on average
  • Private carriers actively absorbing policies from the state-backed insurer
  • Reinsurance costs stabilizing after dramatic increases in 2022-2023

Still Challenging

  • Premiums remain well above the national average — Florida's statewide average is roughly 40-50% higher, and coastal counties can be 2x or more
  • Coastal and high-risk zones still face limited carrier availability
  • Some carriers have filed increases of 5-10% in windstorm-heavy areas
  • Older homes without wind mitigation features continue to pay the highest premiums
  • An active hurricane season could reverse stabilization trends

What's Driving the Turnaround?

The 2022 special session (SB 2-A) and 2023 tort reform (HB 837) fundamentally changed the economics of Florida property insurance. By eliminating one-way attorney fees, restricting AOB abuse, and shortening the claims filing window, these reforms have driven insurance litigation filings down more than 35% cumulatively. Carriers are seeing lower claims costs, and they're starting to pass those savings through to premiums.

At the same time, the reinsurance market has stabilized. Florida reinsurance rates declined in the most recent renewal cycle after two years of sharp increases. This is critical because reinsurance costs directly impact what carriers charge consumers — when it costs less for an insurer to buy protection against catastrophic losses, they can charge lower premiums.

See home insurance rates broken down by Florida county

Flood Insurance: A Market in Transition

Florida's flood insurance landscape continues to evolve under FEMA's Risk Rating 2.0 methodology, which prices NFIP policies based on individual property risk rather than just flood zone designations. For many Florida homeowners, this has meant higher premiums — but it's also opened the door for private flood insurers to compete aggressively on price.

Private flood insurance now accounts for a growing share of the Florida market. These policies often offer higher coverage limits, fewer coverage gaps, and — for many properties — lower premiums than NFIP. However, private flood policies vary significantly between carriers, making it essential to compare not just price but also coverage terms, replacement cost provisions, and claims-handling reputation.

An independent agent with access to both NFIP and multiple private flood markets can run side-by-side comparisons to find the best combination of price and coverage for your specific property.

Compare NFIP vs private flood insurance

What This Means for Florida Consumers

A stabilizing market is great news, but it doesn't mean savings will find you automatically. Rate decreases are being filed on different schedules by different carriers, and the carrier that was cheapest for your profile last year might not be cheapest this year. Here's what we recommend:

Shop Before Your Renewal

Don't wait for your carrier to send a renewal notice. Request quotes 60-90 days before your policy renews to give yourself time to compare options. In a shifting market, the savings gap between carriers can be substantial.

Review Your Wind Mitigation

If you haven't had a wind mitigation inspection in the last 5 years, or if you've made improvements to your roof, windows, or shutters, a new inspection could qualify you for discounts of 15-50% on your windstorm premium.

Understand the PIP Transition

The July 2026 PIP repeal will change your auto policy structure. Work with an agent who can explain the new bodily injury requirements and help you set the right coverage limits — not just the state minimums.

Use an Independent Agent

In a market where rates are moving at different speeds across different carriers, having an agent who can compare multiple companies is more valuable than ever. An independent agent works for you, not a single insurance company.

Why Florida families choose independent agents

Where This Data Comes From

The rate data in this report comes from publicly available filings with the Florida Office of Insurance Regulation (OIR), official press releases from the Governor's office and OIR Commissioner, and the OIR's IRFS Forms & Rates Filing Search system. We also reference the OIR's CHOICES Rate Comparison Tool, which provides sample homeowners and auto insurance rates by county.

This report reflects data available as of April 2026. Insurance rates change frequently based on carrier filings, regulatory actions, and market conditions. Contact our office for the most current rates available for your specific situation.

Frequently Asked Questions

Yes, for many policyholders. On the auto side, the top five auto insurance groups in Florida are averaging an 8% rate decrease for 2026, continuing a trend that began in mid-2025. For homeowners insurance, the state-backed insurer has filed for an average 8.7% decrease, and multiple private carriers have filed for reductions of 5-15%. However, not every policyholder will see decreases — your individual rate depends on your location, claims history, home age, and coverage limits. An independent agent can help you shop the market to find the best available rate.
Florida faced a convergence of factors: a spike in litigation and assignment-of-benefits (AOB) abuse that drove up claims costs, multiple active hurricane seasons that depleted insurer reserves, reinsurance costs that more than doubled between 2020 and 2023, and several carrier insolvencies that reduced market competition. The 2022 and 2023 legislative reforms — including SB 2-A and HB 837 — addressed the litigation and AOB problems directly, which is now flowing through to lower rates as insurers see reduced claims costs.
The key reforms include elimination of one-way attorney fee provisions that incentivized lawsuits against insurers, restrictions on assignment-of-benefits (AOB) abuse, a shortened statute of limitations for filing property claims, and the creation of the Florida Optional Reinsurance Assistance (FORA) program to reduce reinsurance costs. Together, these have driven litigation filings down more than 35% since 2021 and helped stabilize the reinsurance market, allowing carriers to pass savings through to policyholders.
Now is actually an excellent time to shop. Carriers are competing for business again, and the rate decreases are being filed on different schedules — your current carrier may not have filed a decrease yet while another carrier with similar coverage already has. An independent agent can compare your current policy against the broader market to find savings you might not see by just waiting for your renewal. Many Florida families are saving 15-30% by shopping through an independent agent during this market shift.
Florida is replacing its no-fault PIP (Personal Injury Protection) system with mandatory bodily injury liability coverage of $25,000/$50,000 per person/per accident plus $10,000 in property damage. For most drivers, this is a positive change — PIP has been the most fraud-prone and litigated coverage line in Florida. The transition may cause temporary premium adjustments as carriers re-price policies, but the long-term expectation is lower overall auto insurance costs due to reduced fraud and litigation.
Yes. After several years of carrier exits and insolvencies, the Florida market is seeing renewed interest. New carriers are entering the market, existing carriers are expanding their appetite, and the state-backed insurer's policy count has dropped significantly as private carriers absorb more risk. The reinsurance market has also stabilized, with Florida-focused reinsurance rates declining in recent renewals. This increased competition is good for consumers — more carriers competing means better rates and more coverage options.

Related Guides & Resources

Home Insurance Costs by County

County-level rate data, risk factors, and what drives premium differences across Florida

Why Use an Independent Agent

How independent agents compare to captive agents and online quote sites in Florida

Florida PIP Repeal Guide

Everything you need to know about the July 2026 PIP repeal and new BI requirements

Wind Mitigation Discounts

How a wind mitigation inspection can save 15-50% on your Florida home insurance

Ready to Take Advantage of Lower Rates?

Our agents are tracking every rate filing in the Florida market. Get a free quote to see how the 2026 rate changes affect your specific situation.

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