ORLANDO, Fla. \u2014\u00a0It is good news for Central Florida homeowners as we wrap up 2025 \u2014 some companies are planning to lower home insurance premiums for 2026. <\/p>\n
Even Florida\u2019s insurer of last resort, Citizens Property Insurance Corporation, plans to lower rates for the first time since 2015.<\/p>\n
What You Need To Know<\/p>\n
Analysts say Florida insurance reforms are starting to work
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Citizens Property Insurance, the state’s company, is proposing premium rate cuts for first time since 2015
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Analysts say some companies are proposing double-digit rate cuts for some areas of Florida<\/p>\n
Depending on where they live, many Central Florida homeowners could save money as they pay their home insurance bill for 2026.\u00a0\u00a0<\/p>\n
Florida homeowners with a mortgage on their property are usually required to carry home insurance. Rising home insurance rates over the last few years have stretched family budgets while other costs of living climb.<\/p>\n
John Tankersley, of Pine Street Insurance, has been selling home insurance in Florida for 28 years. He said Florida\u2019s 2022 insurance reforms are starting to work. <\/p>\n
\u201cThe property insurance market is the healthiest it\u2019s been in five years,\u201d he said.<\/p>\n
Tankersley said he is seeing more companies filing rate decreases with state regulators, who decide if they will approve those rate requests.<\/p>\n
\u201cThere\u2019s a number of companies that have already filed for double-digit rate decreases,\u201d he said.<\/p>\n
Companies proposing premium decreases for 2026 include:<\/p>\n
State Farm filed for a 10% rate reduction statewide
\nFlorida Peninsula Insurance proposes an average reduction of 8.4%
\nThe Patriot Select Insurance Company plans to reduce premiums by 11.3%<\/p>\n
State regulators approved Heritage Property and Casualty Insurance Company lowering policyholders premiums next year by 9.6% for Seminole County residents, and by 7% for Osceola County policyholders.\u00a0<\/p>\n
Heritage CEO Ernie Garateix said companies are able lower rates because they have clear storm damage data from the last three years.\u00a0<\/p>\n
\u201cThe data we\u2019re getting from 2023 to 2024 and I think 2025 will be another year is, you\u2019re seeing expected losses, more normality in the industry,” he said. “And that will allow us to take down those, some of those rates.”<\/p>\n
Tankersley wants consumers to know that while some homeowners will see rates go down, others could still see rates increase.<\/p>\n
\u201cIt\u2019s all based on geographic locations, counties, zip codes and what the loss ratio is in each of the counties and the concentration of those carriers have in each of those counties,\u201d he said.<\/p>\n
Major hurricanes in recent years pushed many homeowners to Citizens Insurance, Florida\u2019s state insurer when private companies won\u2019t cover a home.<\/p>\n
Now, Citizens plans to cut rates for 2026 by an average 2.6% statewide. Citizens says 60% of customers would see an average premium cut of 11.5% if the state approves those rates.\u00a0\u00a0<\/p>\n
Tankersley said many Citizens customers are now getting offers from private companies.<\/p>\n
\u201cYou don\u2019t have to take that,” he said. “You can actually shop with other companies, and the best advice I can give is call your agent.”<\/p>\n
Tankersley added that policyholders with private companies should consider shopping their insurance rates too, as the market outlook improves.<\/p>\n
Citizens has sent more than\u00a0546,000 policies to private insurers this year, which officials say is helping the insurance market.\u00a0More new companies are writing insurance policies in Florida, and existing companies are issuing more policies here.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"ORLANDO, Fla. \u2014\u00a0It is good news for Central Florida homeowners as we wrap up 2025 \u2014 some companies…\n","protected":false},"author":2,"featured_media":90046,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[28924,16022,1011,274,28,30,29,1190,1337,115,772,1335,139,278,835],"class_list":["post-90045","post","type-post","status-publish","format-standard","has-post-thumbnail","category-florida","tag-ach-housing","tag-app-housing","tag-app-human-interest","tag-app-top-stories","tag-florida","tag-florida-headlines","tag-florida-news","tag-human-interest","tag-keith-landry","tag-news","tag-on-air-ticker-article","tag-orange-county","tag-orlando","tag-top-stories","tag-vod"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/90045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=90045"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/90045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/90046"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=90045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=90045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=90045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}