February 5, 2025
Thanks to the efforts of Governor Ron DeSantis, the Florida Legislature, and the support of thousands of Floridians, we are seeing positive changes in the Florida property casualty insurance market that benefit both individuals and businesses throughout the Sunshine State.
In 2022-2023, Gov. DeSantis and the Florida Legislature took significant steps to address Florida’s insurance crisis by passing effective legal system abuse reforms and enhancing consumer protections during the claims process. We have seen Florida’s market steadily improve over the last two years since the reforms were implemented.
According to a recently commissioned statewide survey by APCIA, three out of four Floridians (77%) agree that Florida lawmakers made the right decision to limit excessive legal system abuse and frivolous lawsuits to help stabilize the state’s property insurance market.
Rates Are Stabilizing with Many Companies Decreasing Rates
According to a February 2025 S&P Global report, Florida has the lowest average statewide homeowners rate increase in the nation at just 1 percent. Since January 2024, 17 companies have filed for a rate decrease and 34 companies have requested no change or 0% increase.
According to APCIA’s survey, two out of three Floridians (67%) agree that Florida’s property insurance market is showing signs of improvement following the reforms implemented by the Florida Legislature.
New Insurers Entering the Market to Offer Coverage
Eleven new insurers have entered the marketplace since the reforms were implemented, giving consumers more choices for coverage. And with more competition in the marketplace, it is important for consumers to shop around to see if they can find a better price for similar coverage. According to APCIA’s survey, nearly half of those who shopped around for coverage were able to secure a better price. This is another positive sign that the market is improving.
Enhanced Consumer Protections During the Claims Process & Increased Insurer Accountability
In addition to instituting these historic reforms to bring stability to the marketplace, the Florida Office of Insurance Regulation has also worked on intensifying its enforcement efforts to protect consumers during the claims process.
According to APCIA’s survey, of those who filed a home or auto insurance claim in the last two years, three out of four claimants are satisfied with the outcome of their insurance claim (75% of homeowners insurance claimants and 77% of auto insurance claimants). Additionally, three out of four claimants (75%) believe their insurance company treated them fairly regarding their insurance claim.
More Benefits for Consumers Will Continue to Emerge Over Time
As these reforms continue to work, consumers should continue to see benefits as market conditions further improve.