Posted on November 11, 2026

After years of steep increases, Florida homeowners are finally seeing some good news. The Florida Office of Insurance Regulation (OIR) has been approving rate decreases for a growing number of home insurance companies, and new carriers are competing for business again. If you haven't looked at your homeowners policy in a while, now is a smart time.

What's changing

• In September, OIR approved rate cuts of 3.2% to 10.4% for four more insurers, covering about 62,700 policies.

• Since January 2024, 48 insurance companies have filed for rate decreases and 53 asked for no change.

• Citizens Property Insurance has shrunk from about 1.4 million policies in 2023 to roughly 255,000, as private companies take customers back.

• Florida was the only state with an average homeowners rate decrease in 2025, and the state's insurance commissioner expects more cuts going into 2027.

What it means for you

Rate cuts don't happen automatically for everyone. Your premium depends on your home's age, roof, location, wind mitigation features and claims history, and each company prices those differently. A lower rate at one company doesn't help you unless you're insured with it. That's why comparing options matters.

As Citizens' president put it, homeowners leaving Citizens "will find a home in the private market, but they should shop it."

Three things to do before your next renewal

1. Check your roof and wind mitigation. An updated wind mitigation inspection or a newer roof can unlock meaningful credits.

2. Review your coverage, not just your price. Make sure your dwelling limit reflects today's rebuilding costs and know your hurricane deductible.

3. Compare carriers. As an independent agency, we can shop multiple insurance companies for you at once.

Let's review your policy together

Hurricane season ends November 30, which makes this a great time to review your coverage before 2027. Schedule your free annual review in our office, at your home, by video or phone, or by email, or request a home insurance quote at illuminationinsurance.com.

Rates and savings vary by company, property and underwriting. A quote is not a guarantee of coverage or price. Illumination Insurance Agency LLC is a Florida licensed insurance agency (#L094471). Source: Florida Office of Insurance Regulation, as reported by Florida Realtors, September 2026.