Florida’s state-backed Citizens Property Insurance Corporation announced Wednesday that its board of governors has approved proposed 2026 rates that would lower average premiums for individual insurance customers for the first time since 2015, reflecting how recent legislative changes have strengthened the state’s property insurance landscape.
The proposal recommends a statewide average decrease in personal insurance premiums of 2.6%. About three-fifths of Citizens customers will receive an average discount of 11.5 percent, or about $359.
“The key reforms advocated by Governor DeSantis and approved by the Florida Legislature have did what they were supposed to do: provide interest rate relief to policyholders and provide stability to the market Florida market,” said Citizens President/CEO and Executive Director Tim Cerio. “These 2026 The rate proposals are further confirmation that Florida’s insurance market is booming. “
In October 2023, the number of citizen insurance policies reached 1.42 million. By the end of 2025, that number is expected to drop to around 385,000 copies, down 73% from the peak and the lowest total since the organization was founded in 2002.
Citizens is no longer the state’s largest property and casualty insurer after 17 new insurers entered the Florida market following legislative changes to reduce unnecessary litigation and strengthen regulation.
In 2025, the Citizen Depopulation Program will transfer more than 546,000 policies to private insurance companies approved by the Florida Office of Insurance Regulation (OIR).
“Thanks to the governor’s leadership and the actions of the Legislature, I can say unequivocally that Citizens has returned to its rightful role as Florida’s insurance company of last resort,” Therio added. “It is important for us now to stay the course and resist any efforts to undermine the key reforms that have enabled this success.”
The approved rate recommendations will now be submitted to the OIR. Following the public hearing, the regulator will evaluate the proposal, make any necessary adjustments, and issue a final order for Citizens’ 2026 rates, scheduled to take effect on June 1, 2026.
