Good news for ratepayers – Florida regulators have approved significant rate reductions for Citizens Property Insurance Corporation, the state’s insurer of last resort, marking the first statewide premium decreases for its personal lines policyholders since 2015.
The Florida Office of Insurance Regulation set new rates that deliver an average 8.8% decrease for multiperil homeowners policies and a 5.5% reduction for wind-only policies.
All Citizens personal lines policyholders will receive at least a 2% cut, with the changes taking effect July 1 for new policies and applying to renewals for existing ones.
The approved reductions exceed Citizens’ initial December 2025 proposal of a 2.6% average statewide decrease for personal lines, which regulators expanded after reviewing market conditions.
Citizens’ policy count has fallen sharply to approximately 336,000 as of early March 2026—a 76% drop from its peak of 1.41 million in October 2023—as private insurers have taken on more business amid improved market stability.
“The Florida property insurance market is again healthy and vibrant,” Citizens President and CEO Tim Cerio said. “Most Floridians now have many options as financially sound private insurers compete for their business. Citizens, as it always has, will be there for those policyholders unable to secure coverage in the private market.”
Officials attribute the rate relief and depopulation to legislative reforms, including measures to curb abusive litigation, eliminate one-way attorney fees, and restrict assignment-of-benefits practices, which have reduced costs and encouraged private carriers to re-enter the market.
Cerio emphasized to the Citizens Board of Governors that ongoing efforts to fortify the market are essential to minimize the risk of post-storm assessments on Florida policyholders.
The rate cuts reflect continued progress in stabilizing Florida’s property insurance sector following years of sharp increases and market challenges.
