Florida Insurance Commissioner Mike Yaworsky has approved significant rate decreases for homeowners insurance, benefiting over 62,000 policyholders across the state upon renewal.
The move underscores a growing trend of rate relief and market stabilisation following comprehensive legislative reforms aimed at strengthening the state’s property and casualty sector.
The Florida Office of Insurance Regulation (OIR) is receiving a flood of rate cut or zero increase requests that are currently pending review.
Since January 2024, 48 companies have filed for a rate decrease, and 53 companies have requested no change or a 0% increase.
Commissioner Yaworsky recently approved four companies to decrease rates that will be effective at renewals, including One Alliance North America Insurance Company, Safe Harbor Insurance Company, Unique Insurance Company and Vyrd Insurance Company.
One Alliance North America requested a -10.4 rate decrease, impacting 17,148 policies; Safe Harbor requested a -4.1 rate decrease, impacting 10,501 policies; Unique requested -3.2 rate decrease, impacting 8,266 policies; and Vyrd requested a -10.4 rate decreases, impacting 26,751 policies.
Commissioner Mike Yaworsky said: “This is the latest wave of significant rate decreases for Floridians, which continues to grow higher. I expect to see more aggressive rate cuts in the near future and going into 2027. OIR is receiving a flood of rate decrease requests ranging from -0.3 to -19.7. This is great news for Floridians and OIR will expedite reviews of rate filings to ensure policyholders feel it in their pockets.”
The 30-day average requested rate for homeowners’ insurance stands at -4.8%, compared to -1.1% one year ago and +5.2% five years ago. This presents a marked contrast to July 2022, when the average approved rate reached +15.33%.
Meanwhile, Kin Insurance recently announced rate reductions for both new and existing policyholders across South Florida. Homeowners in Broward, Miami-Date, and Palm Beach counties are set to see rate decreases averaging over 20%.
Kin is also making various discounts available to qualifying customers, including savings for senior policyholders and those who bundle auto and home coverage.
According to a report by S&P Global, Florida had the lowest rate change in the nation in 2025. The vast majority of states saw rate increases in 2025; yet, Florida is the only state with a decrease of -0.92.
The national calculated weighted average increase reported 5.5%. Several states had a two-year cumulative rate increases over 34%, with one state reporting a compound increase up to 44.5%.
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