MIAMI, Fla. — Florida Governor Ron DeSantis has provided an update on the Florida insurance market, reporting progress in stabilization and increased consumer protection. In Miami, he announced that rates will drop, the lowest national average rate for 2024 will rise, and new insurers will enter the market. Many residents in Miami-Dade, Broward and Palm Beach counties will see lower premiums.
“Today, I announced that Citizen Property Insurance will enact a reduction in premiums for three-quarters of Miami-Dade homeowners. “GEICO (down 10.5%), state farms (down 6%) announced significant cuts in Florida’s car insurance rates for companies such as Progressive (down 8.1%). “The Biden administration, aggressive hurricane season, and unconfirmed lawsuits in Florida have been spurred over the past four years. The inflation that took place led to an environment that caused turbulence in the insurance market and a rapid increase in premiums. There are many factors behind the premium rate, making the Florida property and the car market difficult, but I In addition to the decline announced, it suggests that Florida showed the lowest average homeowner premium increase in the country in 2024. As 11 new companies have entered the market over the past two years , the whole market is stable.”
Gov. DeSantis has announced an increase of over 130,000 over the past year, with Florida having 7.58 million aggressive insurance contracts and 11 insurers entering or expanding the country. Florida also has the lowest premium rate rise in the nation with just 1% increase compared to over 20% in other states.
Recent insurance reforms have helped Floridians save money. Of the top 10 insurance companies, 60% have expanded their business, while 40% have demanded a drop in rates. The average rate increase is expected to fall from over 21% in 2023 to just 0.2% in 2025. Citizen Property Insurance is under contract, with over 20% of policyholders enjoying an average fee reduction of -5.6%. In Miami-Dade, almost 75% of homeowners benefit from low prices, but in Broward it’s over 50% and close to 19% in Palm Beach. Since 2022, over 477,000 policies have returned to the private market from 16,408.
Car insurance costs have also been reduced. Companies such as Geico, Progressive and State Farm have applied for interest rate reductions of -10.5%, -8.1% and -6%, respectively. The lawsuits relating to auto glass repairs fell sharply from 24,720 in the second quarter 2023 to 2,613 in the second quarter 2024, with driver stability and savings following regulatory changes.
