Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga, and crocheting.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.
Published June 6, 2024 at 5:00 AM PDT | Reading time: 2 minutes
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Florida homeowners who’ve been struggling with the volatile insurance market may be seeing a light at the end of the tunnel. So far this year, nine homeowners insurance companies have filed for rate decreases in Florida, and 10 have filed to keep their rates unchanged in 2024, according to the Florida Office of Insurance Regulation (OIR).
In a May insurance market update, the OIR reported a downward trend in requests for rate increases, a return to profitability for many insurers, and a reduction in abusive litigation of homeowners insurance claims.
Companies requesting lower or flat rates
Florida requires insurance companies to file requests for rate changes with the OIR for approval before implementing them. Currently, the office is reviewing the 19 filings and has not yet issued approvals.
Insurance Company
▲▼
Requested Rate Change
▲▼
American Integrity Insurance Company of Florida
Not publicly listed
American National Property & Casualty Company
-3.3%
Florida Peninsula Insurance Company
-2%
Heritage Property & Casualty Insurance Company
Not publicly listed
Safe Harbor Insurance Company
-4.9%
Southern Oak Insurance Company
Not publicly listed
Spinnaker Insurance Company
-11.5%*
Stillwater Property and Casualty Insurance Company
-2.9%
US Coastal Property & Casualty
-2%
All rate decrease information obtained from the Florida OIR. *Not approved by the Florida OIR yet; for renters insurance
The Florida home insurance market
Severe weather conditions, climate change, and rampant litigation had the state’s home insurance market on the verge of collapse in 2022.
In 2023, over a dozen insurers stopped writing policies, stopped renewing policies, or withdrew from the state’s market, forcing many homeowners to get insurance through Florida’s insurer of last resort, Citizens Property Insurance Corp. The average rate from Citizens is $22,165 per year, according to Insurify data.
Florida homeowners pay the highest home insurance rates in the country. In Florida, the average cost of homeowners insurance for $300,000 in dwelling coverage reached $10,996 in 2023, according to Insurify data. Insurify predicts an additional 7% increase in the average this year, putting Florida’s average at $11,759 by the end of 2024.
Signs of improvement
Citizens is experiencing consistent policy decreases for the first time in several years, the OIR says. The office approved 13 companies to assume more than 350,000 policies from Citizens in the first quarter of 2024, reducing its financial exposure by billions.
Domestic insurer Security First announced in May a 5.9% rate reduction for 80,000–90,000 of its policyholders. And the OIR announced earlier this year that eight new companies are approved to enter Florida’s home insurance market:
Ovation Home Insurance Exchange
Manatee Insurance Exchange
Condo Owners Reciprocal Exchange
Orange Insurance Exchange
Orion180 Select Insurance Company
Orion180 Insurance Company
Mainsail Insurance Company
Tailrow Insurance Companies
The impact of litigation
Rampant fraud and frivolous litigation contributed to Florida’s steep rates and dire insurance landscape, the Insurance Information Institute (Triple-I) reported.
Florida led the U.S. in claims litigations, with nearly 80% of all home insurance lawsuits, yet had only 9% of all claims, Triple-I said. Insurers paid $2.9 billion in various legal costs in 2022, the OIR said, which directly translated into higher rates for homeowners.
In December 2022, the Florida legislature passed Senate Bill 2A. The bill made sweeping changes that include shorter claim, estimate, and payout deadlines, as well as one-way attorney fees, stricter bad-faith litigation, and prohibiting contractors from suing insurers on behalf of homeowners.
As a result, the OIR reports double-digit decreases in non-catastrophe claims.
What’s next: The market moving forward
While the OIR is optimistic, Floridians may not immediately see rate reductions.
Florida is the most hurricane-prone state in the country, and residents should expect an upcoming “hurricane season from hell,” according to a recent Insurify report. Insurers typically pass on the cost of claims to policyholders in the form of higher rates.
However, the new legislation should curb the amount of fraudulent claims and hopefully prevent rates from skyrocketing, the OIR says. Additionally, Bill 2A also established the Florida Optional Reinsurance Assistance program (FORA), which offers reinsurance at a discounted rate for qualified companies. With FORA, the OIR hopes insurers in the state will be more financially able to pay out claims rather than transferring most of the cost to homeowners.
Sara Getman is an Associate Editor at Insurify and has been with the company since 2022. Prior to joining Insurify, Sara completed her undergraduate degree in English Literature at Simmons University in Boston. At Simmons, she was the Editor-in-Chief for Sidelines Magazine (a literary and art publication), and wrote creative non-fiction.
Outside of work, Sara is an avid reader, and loves rock climbing, yoga, and crocheting.
7+ years in business and financial services content
Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.
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