Overview

• Florida regulators approved an average 6.6% statewide increase for Citizens Property Insurance's most common homeowners policy, down from the initially proposed 13.5%.
• Premiums for 73% of Miami-Dade and 52% of Broward County homeowners will decrease by an average of 6.3% and 4.5%, respectively, as announced by Governor Ron DeSantis.
• Statewide, 20% of Citizens customers will see rate reductions, while the average increase across all personal residential policies is set at 8.6%.
• The decision reflects recent market stability, legislative reforms, and a lack of major hurricanes in South Florida in recent years, according to officials.
• Citizens, created as an insurer of last resort, has reduced its policy count below 1 million after peaking at 1.4 million in 2023, as efforts to shift policies to private insurers continue.