After several years of dramatic volatility, there are signs the market may be turning a corner. For the first time in a while, we're seeing credible indications homeowners insurance rates in Florida are beginning to stabilize. While it’s too soon to declare the crisis over, recent developments suggest a shift in momentum – one driven by legislative reforms, increased reinsurance availability, and new capital entering the market. This progress follows trends we anticipated in our August 2024 blog, which explored early signs of potential rate relief across Florida’s homeowners insurance market.
Florida’s property insurance market has been under extraordinary stress.
Hurricanes, inflation, litigation abuse, and rising reinsurance costs have contributed to years of steep premium increases. As of 2023, homeowners insurance rates in Florida were among the highest in the country – more than three times the national average, according to the Insurance Information Institute.
Then 2024 brought new momentum. Carriers started to adjust filings with more modest increases – or none at all. According to the May 2024 market update from the Florida Office of Insurance Regulation, 10 carriers filed for no rate increases, and at least eight companies submitted filings to reduce rates effective in 2024. These findings are consistent with broader industry reporting, including a March 2025 update from Lisa Miller & Associates, which highlighted declining rate filings and market re-entry by private insurers. Some private insurers are even lowering rates in specific territories, while several carriers are re-entering or expanding their presence in the Florida market.
In fact, average multiperil premiums for single-family homes fell by 0.7% between the third and fourth quarters of 2024 – the first quarterly decrease reported by the state since it began publishing Residential Market Share Reports, according to a Sun Sentinel article by Ron Hurtibise published in March 2025.
Much of the early rate relief has come from insurers actively participating in depopulating Citizens Property Insurance Corporation, including Florida Peninsula Insurance Company, one of the carriers managed by us here at Windward Risk Managers. Florida Peninsula Insurance had a 3.9% decline in average homeowner premiums, according to the Sun Sentinel article.
All of this is not an accident. Meaningful reforms – most notably Senate Bill 2A (2022) and House Bill 837 (2023) – have helped curb lawsuit abuse and reduce legal uncertainty for insurers. Reinsurance markets have shown signs of softening, too, which helps carriers manage risk and provide more predictable pricing.
It’s also important to recognize the role of long-term strategy. At Windward Risk Managers, we’ve remained committed to disciplined underwriting, data-driven decision-making, and strong relationships with reinsurers. These fundamentals matter – especially when market conditions fluctuate.
Of course, not every homeowner will experience lower premiums overnight. Stabilization is a trend, not a flatline. Rates may continue to rise for some – especially in high-risk areas or for homes not yet updated to current wind mitigation standards. But the pace of increases is slowing, and for many, this signals a turning point.
We also see opportunities for agents. As homeowners insurance rates in Florida begin to level out, it’s an ideal time to revisit conversations with homeowners who’ve been frustrated by past increases. For Florida homeowners willing to explore private-market options, the benefits – better service, tailored coverage, and more sustainable pricing – are worth the conversation.
For carriers watching from outside Florida, now may be the time to re-evaluate. While challenges remain, the reforms enacted over the past couple years have created a more favorable and transparent environment for doing business. Entry or expansion – done wisely and with a long-term view – may now be more viable than at any point in recent years.
Our outlook is cautiously optimistic. The forces shaping homeowners insurance rates in Florida remain complex, but the recent slowdown in filings, the re-entry of multiple carriers, and the steady implementation of legal reform all suggest we are, finally, in a period of stabilization.
We encourage agents and industry leaders to stay informed – and to help homeowners understand, while coverage affordability is improving, preparation and risk mitigation still play key roles. Homeowners should continue to fortify their homes, stay current on policy reviews, and speak with their agents about available discounts or alternative coverage options.
What Stabilizing Homeowners Insurance Rates in Florida Mean for You
At Windward Risk Managers, we’re committed to serving homeowners and our agency partners with expertise, transparency, and results – through market cycles and beyond.
If you're an industry insider interested in learning more about our services or growth plans, feel free to contact us directly by emailing us at marketing@windwardrisk.com or calling 888-514-4037.
If you’re a homeowner, ask your agent about how this evolving environment could affect you – especially if you’re interested in getting a quote from one of the carriers we manage: Florida Peninsula Insurance Company, Edison Insurance Company, or Ovation Home Insurance Exchange.
