For years, the cost of homeowners insurance has been one of the biggest worries for anyone buying or keeping a home in Florida. This fall, the news has been moving in a better direction. State regulators say hundreds of thousands of policyholders are seeing lower rates on new policies and renewals, and Citizens Property Insurance, the state-backed insurer of last resort, now covers fewer homes than at any point in its recent history.
As of Friday, Nov. 6, here is what the latest official figures show, what is still uncertain, and what homeowners and buyers may want to check before their next renewal. This is general information, not financial or insurance advice.
More than 824,000 policyholders in line for lower rates
In an Oct. 29 announcement, Florida Chief Financial Officer Blaise Ingoglia and Insurance Commissioner Mike Yaworsky said about 824,300 homeowners will see rate decreases of up to 12.1% on new policies and renewals tied to reductions that took effect in October. According to reporting by Florida Politics and CubaHeadlines, the October reductions include:
- Cypress: an average cut of 12.1% for about 64,300 policyholders, effective Oct. 1
- Castle Key Indemnity: a 12% cut for about 51,580 customers, effective Oct. 11
- Universal Property & Casualty: a 5% cut for about 512,000 policyholders, effective Oct. 16
- Olympus: a 0.1% cut for about 66,800 policyholders, effective Oct. 31
Earlier decreases are already in place for some customers of American Integrity Insurance and Florida Family Home Insurance, and regulators say pending filings could bring lower rates to about 450,000 more Floridians with changes taking effect in November, December and January. Since January 2024, 48 companies have filed to lower rates and 53 have asked for no change, according to the state.
One important caution: the percentages are statewide averages. Actual savings depend on your county, your home’s features, your coverage choices and your renewal date. Some households will see more, some less, and some may see no reduction at all.
Citizens shrinks to a record-low policy count
Citizens now covers about 217,000 policies, WFTV reported on Nov. 2. That is a small fraction of the roughly 1.4 million policies it held at its October 2023 peak. Citizens itself reported 336,000 policies in early March, when it announced that its 2026 homeowners multiperil rates would drop an average of 8.8%, with every personal lines policyholder getting a cut of at least 2%. Those Citizens rates apply to existing customers at renewal.
State leaders have long warned that a very large Citizens could expose Florida policyholders and taxpayers to extra costs after a major hurricane. Officials now say that risk has eased as private insurers take policies back, and the state’s insurance commissioner expects more customers to leave Citizens in the coming months.
Why rates are easing
State officials credit legal changes passed in a December 2022 special session and in 2023, which limited one-way attorney fees and assignment of benefits and changed other rules for insurance lawsuits. An industry trade group, the American Property Casualty Insurance Association, says about 20 new companies have entered Florida’s market since then. In September, Yaworsky said he expects more aggressive rate cuts heading into 2027.
“Florida’s property insurance market has improved dramatically.” (Chase Mitchell, American Property Casualty Insurance Association)
Some factors could still change the picture. The Atlantic hurricane season runs through Nov. 30, and the reinsurance contracts that insurers renew each June 1 influence how far the trend can go in 2027.
A new question: Amendment 3 and fire protection
Florida voters on Tuesday approved Amendment 3, the homestead property tax cut. A Bloomberg report published by Carrier Management on Friday notes that the measure is expected to reduce local government revenue, and some cities are already planning for tighter budgets. An Insurance Information Institute spokesman said that if fire protection were reduced, a community’s fire protection rating could drop, which could raise premiums, though he called it just one of many factors insurers use. Whether any of that happens will depend on decisions local governments have not made yet.
Why it matters for families
For many Florida households, insurance is now as important as the mortgage rate when figuring out what a home really costs each month. With rates still elevated nationally, including the 7.18% average 30-year rate Freddie Mac reported this week, a smaller insurance bill can make a real difference. A few practical steps:
- Read your renewal notice closely and compare it with last year’s premium and coverage.
- Ask your agent whether your insurer has an approved rate decrease and when it applies to your policy.
- If you are with Citizens, ask whether private offers are available and compare coverage, not just price.
- If you are house hunting, request insurance quotes early so the real monthly cost is part of your budget.
- Ask about wind mitigation inspections and other discounts that may apply to your home.
What to watch next: the additional rate filings regulators expect to take effect through January, and how local governments adjust their budgets under Amendment 3. Upstormed News will follow it.
Read more: U.S. Rents Edge Up for First Time in 3 Years, but Florida Renters Still Get Deals
More real estate from Upstormed
Has your Florida homeowners insurance renewal gone up or down this year?
Sources: The Miami Times / Florida Politics, “Insurance rate decreases coming for hundreds of thousands of Florida homeowners” (November 3, 2026); CubaHeadlines, “Florida Promises Home Insurance Rate Cuts for Over 824,300 Policyholders: Which Companies Are Involved” (October 29, 2026); WFTV, “Citizens Property Insurance reports record-low policy count” (November 2, 2026); Carrier Management / Bloomberg, “New Florida Property Tax Cut Could Impact Insurance Rates” (November 6, 2026); Citizens Property Insurance Corp., “Citizens’ 2026 Multiperil Rates to Drop Statewide” (March 4, 2026); Insurance Business, “Florida approves more home insurance rate cuts as double-digit requests pile up” (September 27, 2026)
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