Lower premiums and growing competition signal big wins for Florida homeowners and drivers
A Stronger Insurance Market Is Taking Shape
Florida’s ongoing insurance reforms are proving successful, with residents seeing tangible benefits just two years after major legislative overhauls. Thanks to Governor Ron DeSantis and state lawmakers, the Sunshine State is now experiencing what many experts are calling a model for national reform: reduced litigation, more insurer participation, and premium relief for homeowners and auto policyholders.
As of mid-2025, Florida’s private insurance market has become increasingly competitive. A total of 14 new insurers have entered the field since the 2023 legislative reforms, with two additional companies approved just last month. This influx of providers has significantly stabilized the market and provided Floridians with more affordable policy options.
The effects are already measurable: Citizens Property Insurance Corporation, once burdened by a massive number of policies, has seen its coverage shrink by 36% year-over-year. Even more telling, their total exposure has dropped by over $225 billion—down from $520.1 billion to $295.1 billion. This reduced reliance on the state-backed insurer means fewer Floridians face the risk of special assessments on their policies.
8 Things to Know About Florida’s Insurance Overhaul
1. New Private Insurers Are Entering the Market
Since reforms in 2023, 14 new companies have begun offering policies—creating more competition and better prices.
2. Homeowners’ Premiums Are Dropping
In Q4 2024, rates fell by an average of 0.9%, and many more filings this year aim for reductions or no increase at all.
3. Citizens Policy Count Is Down Nearly 45% from Peak
At its height, Citizens held 1.41 million policies. That number is now under 778,000.
4. Litigation Has Plummeted by 30%
Eliminating the one-way attorney fee statute and cracking down on legal abuse has saved billions.
5.Citizens’ Risk Exposure Has Dropped by $225 Billion
That’s a 43% decline, greatly reducing the risk for all Florida policyholders statewide.
6. Auto Insurance Is Getting Cheaper Too
Major carriers are now filing for rate cuts between 6% to 10.5%, extending the benefits to drivers.
7. The Reforms Encourage Stability and Longevity
By removing litigation uncertainty, companies can better plan and operate profitably in Florida.
8. Consumer Protection Remains a Priority
Regulators have increased oversight and issued financial penalties to weed out bad actors in the industry.
Why This Matters to Everyday Floridians
The ongoing success of Florida’s insurance reform isn’t just good news for policy wonks—it’s a financial lifeline for millions of families. For years, residents were caught in a spiral of rising premiums, shrinking options, and frustrating claim disputes. Now, the trajectory is finally changing.
Thanks to strategic legislative actions like SB 2A, Florida’s insurance landscape is becoming both fairer and more sustainable. The long-term benefits? Greater housing stability, consumer confidence, and economic growth.
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