Florida’s property insurance market is showing strong signs of recovery, signaling optimism for homeowners across the state.
Citizens CEO Tim Cerio confirmed that recent legislative reforms have significantly improved market dynamics. Since 2024, the number of active private insurers in Florida has grown, with 12 new companies entering and several existing carriers expanding their footprint. Over 27 private insurers have filed for rate decreases, while 41 maintained steady pricing. As a result, Florida recorded the lowest homeowner rate increase in the nation in 2024 at just 1%.
Citizens Property Insurance (the state-backed insurer serving as insurer of last resort) has undergone major reductions in policy counts, reflecting an improved private market. As of June 20, 2025:
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Citizens’ policies declined by 36% compared to 2024, with a drop from 1.21 million to nearly 777,600.
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Total insured exposure fell by about 43%, from $520 billion to $295 billion.
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Since early 2024, around 678,000 policies were successfully moved into the private sector under the depopulation initiative.
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A notable decrease in litigation—down to 10.6% from 18.6%, and a reduction in pending lawsuits from over 20,000 in 2022 to about 12,600 now—has helped stabilize costs and discourage insurers from fleeing the state.
The market’s recovery also includes strong reinsurance confidence, which allowed Citizens to secure a $4.49 billion risk-transfer program providing coverage for a 1-in-100-year storm without raising assessments on policyholders.
Some challenges remain. Although homeowner premiums in Florida remain among the highest nationwide, the ability for homeowners to return to Citizens—should private insurers exceed a 20% premium gap—offers additional security.
In summary, key signs of market strength include:
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Increased competition from new and expanding private insurers
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Homeowner rate flatness or declines in many cases
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Substantial reduction in Citizens’ policy load and exposure
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Lower litigation and reinsurance costs
These improvements mark a pivotal shift from past instability toward a stable and more affordable market for Floridians.