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
- The state reported an indicated average 8% auto rate decrease among Florida's top five carrier groups as of February 2026, with 42 companies filing decreases in the year covered by OIR's January 28, 2026 announcement.
- Home insurance is stabilizing at an average of $3,815/year statewide. Citizens received approval for an average 8.7% decrease for 2026.
- Property-insurance legal-service filings have declined, according to OIR. Compare your renewal with current quotes to see what the improving market means for you.
- PIP remains in Florida's 2026 statutes. SB 522 died in committee on March 13, 2026; it did not change your coverage.
- 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. Florida's five largest auto insurance groups reported average indicated increases of 31.7% in 2023 and 4.3% in 2024, according to OIR's July 2025 announcement. Those groups have since reported a change in direction. The top five auto insurance groups — which collectively represent 78% of Florida's auto market — showed an indicated average 8% rate decrease for 2026 as of February, according to the state's March announcement.
The state's March 5, 2026 update identifies the five auto groups, their combined market share, the indicated rate change and announced carrier credits and dividends.
OIR's January 28, 2026 announcement reports the 42-company filing count and individual carrier reductions. It describes filings and effective dates, not a guaranteed reduction for every driver.
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 Still Applies: The 2026 Bill Did Not Pass
The Senate's 2026 repeal proposal, SB 522, died in committee on March 13. Its proposed January 2027 start date did not become law. PIP remains required for vehicles covered by Florida's no-fault law. Bring your current policy or renewal and we can compare the coverage and price available to you today.
PIP status checked October 15, 2026: SB 522 history and Florida's current no-fault requirement.
Read our full PIP repeal guide Compare Auto QuotesHome 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.
Florida's Insurance Consumer Advocate publishes this average for admitted carriers, excluding surplus-lines insurers. Your home, coverage and available carriers determine your quote.
The state's January 12, 2026 announcement reports the approved Citizens average and county differences. Your renewal offer shows the change for your own policy.
Positive Signs
- Citizens received approval for an average 8.7% rate decrease, as announced by the state in January 2026
- 73 admitted-market rate-decrease filings received by OIR by late November 2025, as reported in the Florida House's March 2026 analysis
- 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) changed attorney-fee rules and other parts of Florida's insurance system. Property-claim reporting deadlines also changed. These are deadlines to notify the insurer, separate from the deadline to sue. Florida's claim-notice statute explains that distinction.
OIR's January 2026 report shows personal-residential legal-service filings fell 23% from 2023 to 2024. The first eleven months of 2025 were 26% below the same period in 2024. That is encouraging for the property-insurance market. Comparing current quotes shows what it means for your own coverage and price.
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.
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 insuranceWhat 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.
Review Your Auto Coverage
The 2026 repeal bill did not pass. Review the PIP, bodily injury, uninsured motorist and vehicle coverage in your current policy. We can compare quotes and help you choose limits that fit what you want to protect.
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.
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.
The market figures in this report reflect data available as of April 2026. The PIP status was checked separately on October 15, 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
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 Status
The 2026 bill outcome, current PIP requirements and coverage to compare
Wind Mitigation Discounts
How a wind mitigation inspection can save 15-50% on your Florida home insurance
Ready to Take Advantage of Lower Rates?
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