Daniel Maguire of Realty One Group said that insurance rates in Southwest Florida are decreasing by 15-20% compared to last year, providing better affordability and new opportunities for homeowners and buyers. This statement was made on LinkedIn.
"Insurance rates in SWFL are dropping - on average 15‑20% lower than last year," said Maguire, Self-employed, according to LinkedIn. "More insurers in the mix = competitive rates & better coverage options. Homes with windstorm mitigation features (e.g., impact windows, reinforced roof) = even bigger savings. With the improving insurance market, now's the moment – whether you're buying, selling, or updating."
According to Insurance Business Magazine, Florida's Office of Insurance Regulation approved eight new insurers in early 2024, several structured as reciprocal exchanges such as Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, and Orange Insurance Exchange. These entities boost competition in the homeowners market. Reciprocals are similar to mutual insurers where policyholders share ownership and surplus. They inject capital and broaden coverage options, helping drive down premiums across the state, particularly in Southwest Florida. As Mark Schoeff Jr. reports, this influx of reciprocal exchanges played a key role in the 15–20% average rate reduction year-over-year in Southwest Florida due to increased insurer capacity and competitive pressure.
The Florida Chamber of Commerce reported that since January 2024, nearly 100 homeowners and auto insurers filed for stable or reduced rates. Eleven new companies entered the property insurance sector, including Apex Star Reciprocal Exchange, the 12th entrant since recent tort reforms took effect. CEO Stephen Weinstein noted that legislative changes have stabilized the marketplace, encouraging new capital and expertise while enabling carriers to offer competitive rates. This surge in new reciprocals and carriers has lent substantial momentum to the improved rate environment referenced in Southwest Florida.
Florida law mandates that insurers, including reciprocals, offer credits for windstorm mitigation features such as impact windows, reinforced roofing, garage door bracing, and secondary water barriers. According to a Florida Department of Financial Services consumer guide, homeowners who secure these upgrades can get substantial reductions in their windstorm premiums; for some qualifying homes, discounts can exceed 40%. This state-enforced incentive structure aligns with the statement that homes with such features enjoy "even bigger savings" in the evolving Florida market.
Maguire is a Licensed REALTOR based in Bonita Springs, Florida with extensive experience assisting clients in Southwest Florida’s real estate market. As a resident of Southwest Florida since 1984, Maguire leverages his deep local knowledge to educate clients, advocate for their interests, and guide them through buying or selling properties. He offers a comprehensive suite of services that includes real estate marketing, mortgage lending, and property management. His public activity and market updates demonstrate his commitment to keeping clients informed about trends such as insurance rate changes and local real estate conditions.