Florida Insurance Commissioner Mike Yaworsky has approved rate decreases for four more homeowners insurance companies, adding to a wave of relief that's now reaching policyholders in Miami-Dade and Broward counties. One Alliance North America and Vyrd Insurance Company both received 10.4% rate cuts, affecting 17,148 and 26,751 policies respectively, while Safe Harbor Insurance Company's 4.1% decrease covers 10,501 policies and Unique Insurance Company's 3.2% cut applies to 8,266 policies.
The approvals were reported by WSVN 7News, which quoted Yaworsky saying “the latest wave of significant rate decreases for Floridians, which continues to grow higher.” He added that he expects more aggressive rate cuts in the near future and going into 2027. The station reported that the Florida Office of Insurance Regulation has received rate decrease requests ranging from 0.3% to 19.7% and plans to expedite reviews of those filings.
Kin Insurance separately announced that its homeowners rates will decrease by an average of more than 20% for policyholders in Broward, Miami-Dade and Palm Beach counties, according to the same report. The cuts add to a recent wave of rate decreases in Florida.
A Statewide Rate Reversal Two Years in the Making
The four newest approvals bring the total number of insurers filing for rate decreases in Florida since January 2024 to 48, per the station's report. Regulatory data adds further context: according to the Florida Office of Insurance Regulation, the state's 30-day average requested rate change for homeowners insurance fell to -4.8% in September, compared to -1.1% a year earlier and +5.2% five years earlier — a sharp reversal from the average approved increase of +15.33% the office recorded in July 2022.
Beyond the insurers cutting rates outright, the same regulatory data shows an additional 53 property insurance companies have requested no change or a 0% increase as of September, suggesting the market has broadly plateaued after years of steep increases. Florida also stood out nationally in 2025: per the station's report, an S&P Global report found the state recorded an overall 0.92% insurance rate decrease that year, making it the only state in the nation to see rates fall while the national calculated weighted average rose 5.5%.
Why Rates Are Finally Coming Down
The turnaround traces back to Senate Bill 2-A, which eliminated one-way attorney fees for property insurance claims and banned assignment-of-benefits agreements, according to the Florida Senate. The bill addressed excessive litigation in property insurance claims. The effect on lawsuit volume has been dramatic: the percentage of litigated claims for state-backed Citizens Property Insurance dropped to just 5% in 2025, while lawsuits involving insurers other than Citizens fell sharply from a peak of 127,915 in 2021, as reported by Insurance Journal.
Insurance Journal's reporting also shows how the state-backed insurer of last resort has shrunk as private carriers regain their footing. Citizens Property Insurance Corporation's active policy count dropped from a peak of 1.42 million in October 2023 to under 300,000 by May 2026, cutting its share of the Florida market to roughly 2% for the first time in over 15 years. Citizens itself won approval for a statewide average rate reduction of 8.7% in 2026, marking its first statewide premium decrease since 2015.
Relief Comes With Fine Print for Homeowners
New capital has also flowed back into the state, with the Insurance Information Institute reporting that at least 17 new private property insurance companies entered or re-entered the Florida market by late 2025 to write residential coverage.
Still, the relief follows years of compounding cost increases that left Florida homeowners with the nation's highest premiums. Hoodline previously reported that Florida homeowners paid an average annual premium of $8,292 in 2025 — the highest in the country and 181% above the national average — after statewide premiums jumped 49.5% between 2020 and 2025. That prior reporting also found Florida slipping in national livability rankings as insurance costs piled up.
Policyholders filing claims now also face tighter procedural rules than before the 2022 overhaul. Under the post-2022 statutes, homeowners face a shortened deadline of one year, down from two years, to report a new or reopened claim, while insurers must pay or deny claims within 60 days, down from 90 days, according to the Florida Department of Financial Services.
