Lower insurance premiums in Florida mark a significant event as recent reforms continue to positively impact residents. Mark Wilson, President and CEO of the Florida Chamber, emphasized the need to preserve these changes, saying, “The facts are crystal clear – insurance rates are stabilizing or dropping for Floridians. We cannot go backwards to the days when meritless litigation led to higher bills for hard-working Floridians.”
The improvements began with House Bill 837, signed by Governor Ron DeSantis on March 24, 2023. The bill abolished the one-way attorney fee statute, a key step in reducing unfounded legal claims that previously drove insurance companies away from Florida or out of business.
Recent data underline the success of these reforms. In 2024, Florida recorded the nation’s lowest increase in average homeowners' premiums at just 1%, while other states saw rises of nearly 23%. By 2025, projected average rate increases are set to drop further to 0.8%, from almost 22% in 2023. Auto insurance is also experiencing reductions, with major companies cutting rates by 6% to 10.5%. Additionally, litigation has decreased by nearly 30% from its peak, and the Office of Insurance Regulation has escalated its consumer protection efforts, issuing almost $3 million in fines in the fiscal year 2023-2024.
Positive developments in the market have encouraged new entrants like Mangrove Property Insurance. CEO Stephen Weinstein expressed appreciation for the “legislative and regulatory reforms," adding, "Assuming a continuation of a stable legal and regulatory framework in the future, together we can help Florida’s residents better manage the volatility of hurricanes and other hazards."
Florida's insurance landscape has seen significant growth with nearly 100 companies filing for rate reductions or maintaining stable rates since January 2024. This trend is partly due to the entry of 11 new companies in the last two years. Among the top 10 insurance carriers, 60% have expanded operations, and 40% have filed rate decreases.
Furthermore, Office of Insurance Regulation Commissioner Mike Yaworsky has highlighted the strengthening market, marked by the debut of Apex Star Reciprocal Exchange, a new property and casualty insurer.
Legislative reforms have also addressed fraud. Eric De Campos of the National Insurance Crime Bureau noted, “Florida’s 2022 and 2023 auto glass and assignment of benefits reforms have helped reduce fraud.” Questionable auto glass claims decreased by 46% from 2023 to 2024.
The progress made since HB 837’s passage has prompted calls to maintain this forward momentum and avoid legislative rollbacks.