Home insurance premiums in Florida appear to be stabilizing after years of painfully rapid increases, according to regulators in charge of overseeing the state's insurance industry.
Although Florida remains one of the most expensive states for insuring homes and other properties due to the elevated disaster risk from hurricanes, legal reforms seem to be slowing the rapid growth in premiums seen in recent years.
“We have seen great success in Florida’s market recently, and we hope to build on this momentum," Florida Insurance Commissioner Michael Yaworsky said in a release this week.
As of late November, Florida's Office of Insurance Regulation (OIR) had received 73 filings for rate decreases and 94 filings for 0% rate increases, a spokesperson for the office tells Realtor.com®.
"We observed that even following Hurricanes Helene and Milton last year, there were no widespread, significant rate increases filed by private carriers," says the spokesperson, Shiloh Elliott. "Now, with a quiet 2025 hurricane season, continued decreases in reinsurance costs, and an overall increased underwriting appetite among carriers, market momentum is very much in consumers’ favor."
FULL ARTICLE HERE https://www.realtor.com/news/trends/florida-home-insurance-premium-cost-stabilizing/?utm_source=chatgpt.com
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