Florida homeowners insurance rates are dropping for thousands of policyholders
TALLAHASSEE, Fla. - State insurance regulators approved property insurance rate decreases for four private carriers, bringing financial relief to tens of thousands of homeowners at policy renewal.
Florida insurance rate drops
What we know:
Florida Insurance Commissioner Mike Yaworsky approved rate reductions for One Alliance North America Insurance Company, Safe Harbor Insurance Company, Unique Insurance Company and Vyrd Insurance Company. The approved rate changes affect over 62,000 policies when they come up for renewal.
One Alliance North America requested a 10.4% rate decrease impacting 17,148 policies, while Safe Harbor requested a 4.1% reduction for 10,501 policies. Unique received approval for a 3.2% decrease affecting 8,266 policies, and Vyrd requested a 10.4% cut impacting 26,751 policies.
What we don't know:
Officials have not confirmed exact dates for when individual policyholders will see updated billing statements. Insurance representatives have not stated if additional private carriers will submit rate cuts before the end of the year.
State insurance regulation trends
By the numbers:
Since January 2024, 48 insurance carriers submitted filings for rate decreases, while 53 companies requested zero increase. Pending rate cut requests under state review range from 0.3% to 19.7%.
The 30-day average requested rate for homeowners sits at -4.8%, down from -1.1% one year ago and +5.2% five years ago. The 180-day average requested rate stands at -0.3%, compared to 0.0% last year and +5.1% three years ago. Average approved rates peaked at +15.33% in July 2022.
Regional home coverage changes
Local perspective:
Kin Insurance announced rate decreases averaging more than 20% for home coverage in Broward, Miami-Dade and Palm Beach counties. The company offers additional customer discounts for bundling auto and home policies, alongside savings for senior citizens.
According to an S&P Global report, Florida recorded the lowest rate change in the nation in 2025 with a 0.92% decrease. The national calculated weighted average increase reached 5.5%, while several states experienced two-year cumulative rate hikes over 34%.
The Source: The information in this story was gathered from Florida Insurance Commissioner Mike Yaworsky, who issued statements on recent policy approvals, as well as reporting from S&P Global and company updates from Kin Insurance.