Desantis announces Florida home, auto insurance rate reductions

In recent years, Florida has passed several laws in an attempt to stabilize the struggling insurance market. (Credit: pla2na/Adobe Stock)

Florida Governor Ron Desantis announced last week that not only will Citizens Property Insurance customers in Miami see a decrease in their homeowners premiums, but three major insurers plan to lower auto rates in the state, as well.

“Today I announced that Citizens Property Insurance will be instituting homeowners’ insurance premium decreases for three-quarters of Miami Dade, and statewide decreases averaging 5.6%. I also was pleased to announce significant reductions in auto insurance rates in Florida for companies like GEICO (10.5% decrease), State Farm (6% decrease) and Progressive (8.1% decrease),” DeSantis said in a release. “For the last four years, inflation spurred by the Biden Administration, active hurricane seasons, and unchecked litigation in Florida made for an environment that caused turbulence in insurance markets and steep increases in premiums. There are a lot of factors involved in insurance rates, and Florida’s property and auto markets are challenging — but in addition to the decreases I announced, data suggests that in 2024, Florida had the lowest average homeowners’ premium increases in the nation, and the overall market has stabilized with 11 new companies having entered the market over the past two years.”