MIAMI, Fla.— Florida Governor Ron DeSantis provided an update on Florida’s insurance market, reporting progress in stabilizing rates and expanding consumer protections. In Miami, he announced that the rate would decrease and that the lowest average rate would increase in the nation for 2024, along with new insurers entering the market. Many residents in Miami-Dade, Broward, and Palm Beach counties will see lower premiums.
“Today I announced that Citizens Property Insurance will be instituting homeowners’ insurance premium decreases for three-quarters of Miami Dade, and statewide decreases averaging 5.6%,” DeSantis said. “I also was pleased to announce significant reductions in auto insurance rates in Florida for companies like GEICO (10.5% decrease), State Farm (6% decrease) and Progressive (8.1% decrease). “For the last four years, inflation spurred by the Biden Administration, active hurricane seasons, and unchecked litigation in Florida made for an environment that caused turbulence in insurance markets and steep increases in premiums. There are a lot of factors involved in insurance rates, and Florida’s property and auto markets are challenging—but in addition to the decreases I announced, data suggests that in 2024, Florida had the lowest average homeowners’ premium increases in the nation, and the overall market has stabilized with 11 new companies having entered the market over the past two years.”
Governor DeSantis announced that Florida has 7.58 million active insurance policies, an increase of over 130,000 in the past year, thanks to the entry or expansion of 11 insurance companies. Florida also has the lowest average premium rate increase in the nation, with just a 1% hike, compared to over 20% in some other states.
Recent insurance reforms are helping Floridians save money. Among the top 10 insurance carriers, 60% have expanded their business, and 40% have requested rate decreases. The average rate increase is expected to drop from over 21% in 2023 to just 0.2% in 2025. Citizens Property Insurance is contracting, with more than 20% of policyholders enjoying average rate reductions of -5.6%. In Miami-Dade, nearly 75% of homeowners benefit from lower rates, while reductions exceed 50% in Broward and approach 19% in Palm Beach. Since 2022, over 477,000 policies have shifted back to the private market, up from 16,408.
Auto insurance costs are also decreasing. Companies like GEICO, Progressive, and State Farm have filed for rate cuts of -10.5%, -8.1%, and -6%, respectively. Lawsuits related to auto glass repairs have dropped sharply from 24,720 in Q2 2023 to 2,613 in Q2 2024, following changes in regulations, leading to increased stability and savings for drivers.
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