Overview
- State Farm filed for average reductions of 10.2% on its Mutual product and 8.8% on its Fire and Casualty product, with proposed effective dates of Jan. 2, 2026 for new policies and March 14, 2026 for renewals.
- The company says its Florida auto rates are down more than 20% since October 2024, translating to over $1 billion in annual customer savings, or roughly $400 per vehicle.
- Filings indicate about 2.5 million Florida policies would be affected, building on additional cuts implemented in August of 4.4% and 7.9% across the two products.
- The move follows Progressive’s plan to return nearly $1 billion to Florida auto customers, as the governor and state regulators press carriers to report excess underwriting gains and issue credits.
- Florida’s Office of Insurance Regulation cites fewer lawsuits and strong underwriting gains behind the trend, noting that the state’s five largest auto insurers have averaged a 6.5% rate decrease in 2025.