Florida Homeowners Insurance Update

Are you curious about the status of homeowners insurance in Florida? We are pleased to report that Florida's homeowners insurance market is showing signs of stabilization, thanks to the legislative reforms of 2022-2023 and the return of competition to the market. The legislative reform has significantly slowed down frivolous litigation. These reforms have made Florida more enticing to insurers. Florida Realtors® recently published an article that  "Viceroy Preferred Insurance is the 15th insurer approved to operate in Florida since the 2022–2023 legislative reforms."*

The homeowners insurance cost hikes are also slowing (and in some cases, receding) as the 2022-2023 legislative reforms take effect. Per another recent Florida Realtors® article**: "One of Florida's largest property insurers [Florida Peninsula] says it has requested the largest rate decreases for home and condo unit owners in the company's 20-year history." This is great news for Florida homeowners, and if the rate decreases are approved, this would mean proposed average decreases of 8.4% for Florida Peninsula's homeowner policies and 12% for its condo policies, taking effect on October 31st! In Southwest Florida specifically, one agent reported that “he's seeing probably 15% to 20% less in insurance rates, on average, year over year”.***

If you are nervous (or curious) about homeowners insurance costs in Southwest Florida, please don't hesitate to reach out to me. I'd be happy to share the average costs I'm seeing and refer you to an insurance agent who can answer your questions.

*Hurtibise, Ron, Another Home Insurer Cleared for Florida, https://www.floridarealtors.org/news-media/news-articles/2025/08/another-home-insurer-cleared-florida

**Hurtibise, Ron, Florida Home Insurer Wants Steep Rate Decreases, https://www.floridarealtors.org/news-media/news-articles/2025/08/florida-home-insurer-wants-steep-rate-decreases?utm_campaign=8-19-25+Florida+Realtors+News&utm_source=iPost&utm_medium=email

***Wozniak, Mary, Insurance Outlook Brighter in 2025,

https://www.floridarealtors.org/news-media/news-articles/2025/06/insurance-outlook-brighter-2025?utm_source=chatgpt.com