Homeowner insurance costs in Florida have decreased for the first time since 2022, with premiums dropping by 0.7% between Q3 and Q4 2024. This decline, from an average of $3,668 to $3,644, reflects recent legislative reforms aimed at reducing costs associated with excessive litigation. Stacey Giulianti of Florida Peninsula Insurance noted that these reforms are leading to lower rates, although proposals are still being discussed that may reverse these changes. The Insurance Commissioner stated that 17 companies have sought rate reductions, indicating a positive trend in the insurance market stability.
"As experts have been predicting for the last few years, the strong actions of the Florida Legislature and governor to decrease frivolous litigation are starting to show solid reductions in personal residential insurance rates."
The decline in costs of multiperil insurance for owners of single-family houses - from an average premium of $3,668 to $3,644 - marks the first time that costs have dropped since the Office of Insurance Regulation began releasing quarterly Residential Market Share Reports in mid-2022.
Since January 2024, 17 companies filed for rate decreases and 34 requested no changes or no increases, Insurance Commissioner Michael Yaworsky said recently.
Policyholders have been required to pay legal fees out of their own pockets or as a percentage of any amount awarded by the court.
Collection
[
|
...
]