On Thursday, the Florida Office of Insurance Regulation (OIR) revealed that over 824,300 homeowners will experience reductions in their home insurance premiums, applicable to both new policies and renewals in October, with discounts reaching up to 12.1%.
This announcement was made jointly by Insurance Commissioner Mike Yaworsky and the state's Chief Financial Officer Blaise Ingoglia, who highlighted the approved rate decrease requests that have been implemented this month.
According to the official chart released by OIR, four companies are leading the rate reductions for October: Cypress offers the largest discount, averaging -12.1% for about 64,300 policyholders, effective from October 1; Castle Key Indemnity is cutting rates by -12% for 51,580 customers starting October 11; Universal P&C reduces rates by -5% for approximately 512,000 insured individuals from October 16; and Olympus implements a -0.1% reduction for 66,800 clients beginning October 31.
In addition to these four, OIR reminded that American Integrity Insurance has had reductions in effect since August—two approved requests: -0.3% for 184,000 insured and -12.3% for 8,900—and Florida Family Home Insurance has an -8% cut for 20,700 policies.
Homeowners should note that these figures are statewide averages and not guaranteed uniform discounts. The actual savings on each bill depend on factors like the county, property characteristics, coverage chosen, and the policy renewal date. It's advisable to review renewal notices or consult with insurance agents directly.
"I'm thrilled to highlight more rate reductions for Florida homeowners, with this latest and largest batch effective for new customers or renewals this October. The OIR is working diligently to review all these requests and, in some cases, pushing companies for more significant reductions if our actuaries determine they can afford it," Yaworsky stated.
Meanwhile, Ingoglia emphasized that "these rate reductions are a positive testament to the favorable changes in Florida's insurance market since our historic tort reforms."
The trend continues, as OIR reported having multiple pending requests set to take effect in November and December 2026, as well as January 2027, benefiting an additional 450,000 Floridians.
The context is crucial: since January 2024, 48 companies have filed for rate cuts, while 53 have sought to keep them unchanged. The approved average rate for homeowners' insurance shifted from +15.33% in July 2022 to -4.81% in June 2026, reflecting legislative reforms that curbed rampant lawsuits in the state.
On Wednesday, two more insurers announced reductions: Security First Insurance decreased condominium HO6 insurance by 7.3% for over 20,000 policyholders, and Mangrove Property Insurance applied a 5.6% drop in HO3 policies.
"We won't take our foot off the gas and plan to announce more reductions in the coming months and into the new year," promised Commissioner Yaworsky.
Details on Florida's Home Insurance Rate Changes
Which companies are reducing home insurance rates in Florida?
The companies reducing home insurance rates include Cypress, Castle Key Indemnity, Universal P&C, Olympus, American Integrity Insurance, and Florida Family Home Insurance.
How much are the rate reductions for Florida homeowners?
Rate reductions range from -0.1% to -12.3%, depending on the company and policy specifics.
When will these rate reductions take effect?
The reductions are effective in October 2023 for new and renewing policies, with more expected in November and December 2026, and January 2027.