Florida Gov. DeSantis announces decrease in homeowners insurance premiums
- SCCLR Newsletter
- Jan 12
- 2 min read
By: NBC6
DeSantis announced the decrease at a news conference in Davie on Monday, where he said that policyholders with Citizens Property Insurance, the state’s insurer of last resort, will receive average reductions of 8.7% statewide, while discounts in South Florida counties will be even greater.
Florida Gov. Ron DeSantis announced a significant decrease in homeowners insurance premiums across the state — especially in South Florida — as a result of reforms promoted by his administration to stabilize the insurance market.
DeSantis announced the decrease at a news conference in Davie on Monday, where he said that policyholders with Citizens Property Insurance, the state’s insurer of last resort, will receive average reductions of 8.7% statewide, while discounts in South Florida counties will be even greater.
In Miami-Dade, Broward, and Palm Beach counties, the average reduction will reach 13.4%, benefiting tens of thousands of homeowners, DeSantis said.
"These are historic reductions that have not been seen in modern memory," DeSantis said, attributing the drop in premiums to a combination of legal reforms, increased market competition, and a drastic decline in abusive litigation related to insurance claims.
According to DeSantis, in recent years Florida accounted for about 8% of homeowners insurance claims nationwide but generated nearly 80% of the country’s litigation costs. After legislative changes approved in recent years, that dynamic has begun to reverse, allowing insurers to reduce costs and pass those savings on to consumers.
In concrete terms, the governor detailed that:
In Broward County, about 27,000 homeowners will see an average reduction of 14.1%.
In Miami-Dade County, 42,000 households will receive a reduction of nearly 14%.
In Palm Beach County, 26,000 policyholders will receive an average reduction of 11.9%.
In Monroe County, homeowners with full coverage will see an average reduction of 11.3%, while those with wind-only policies will not face increases.
DeSantis also highlighted that the number of policies held by Citizens dropped from 1.3 million to fewer than 400,000, the lowest level in 14 years, thanks to the entry of 17 new private insurance companies into the Florida market.
This increased competition, he said, has been key to pushing prices down.
Florida Insurance Commissioner Michael Yaworsky backed the announcement and emphasized that his office modified Citizens' initial proposal to ensure that the savings were reflected directly in policyholders’ pockets.
Beyond homeowners insurance, the governor noted that reductions have also been recorded in auto insurance and surplus lines, which he said confirms that “the reforms are working and Florida is moving in the opposite direction from the rest of the country, where premiums continue to rise."
The new rates will begin to be reflected gradually in policy renewals starting this spring, providing financial relief to hundreds of thousands of Florida families.
