Florida insurance commissioner Mike Yaworsky approves additional auto rate cuts for consumers and military service members in 2026

Tallahassee, Florida – Florida drivers can expect continued relief at the auto insurance pump as Commissioner Mike Yaworsky announced further rate cuts for 2026, including significant savings for military service members and their families. USAA, one of the state’s leading auto insurers for active-duty personnel, veterans, and their families, has filed for an average 7% reduction in premiums. The decrease is expected to go into effect by May 2026 and is estimated to save Florida members more than $125 million annually.

“Going into the new year, the Office of Insurance Regulation is not slowing down on approving rate decreases or 0% increases from insurance companies. USAA is just one of many auto insurance companies that OIR is having great conversations with to ensure reductions for policyholders,” said Commissioner Mike Yaworsky. “We are thrilled with the progress in the home and auto insurance market since the critical legislative reforms were passed. It is very clear that tort reform was the right thing to do, and we will continue to build on this success.”

The announcement comes after a year in which 42 companies covering personal auto lines filed for rate decreases, with 32 of those filings occurring in the last six months alone. Yaworsky’s office has made clear that ongoing dialogue with insurance companies is helping maintain downward pressure on rates while ensuring policyholders continue to receive strong, reliable coverage.

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Randy Termeer, President of USAA Property & Casualty, highlighted the importance of the reductions for military members. “Every dollar counts for our active-duty service members, veterans and their families – now more than ever,” Termeer said. “This rate decrease reflects improving conditions in Florida’s insurance market, as well as our ability to price competitively while maintaining the financial strength to take care of our members when they need us. Florida leaders have done great work to strengthen the insurance system and support a more stable, competitive market for Floridians.”

USAA attributes its rate reductions to Florida’s legislative reforms, which have stabilized the state’s auto insurance market and made it more predictable for both insurers and consumers. Earlier this month, Commissioner Yaworsky joined Governor Ron DeSantis to announce rate relief across both the auto and home insurance sectors, highlighting additional notable decreases from other major insurers:

• Florida Farm Bureau filed for an average rate decrease of 8.7%.
• Progressive announced an average rate reduction of 8%, on top of a previous commitment to refund policyholders over $1 billion.
• State Farm implemented its third rate reduction since 2024, lowering premiums by an average of 10.1% and reducing rates more than 20% in total, saving Florida drivers over $1 billion statewide.
• AAA delivered three separate reductions over the year, cutting premiums by 15%, with a fourth round of reductions filed last fall and scheduled to take effect early 2026.
• Allstate lowered rates for approximately 13,100 drivers, averaging a 4% decrease.

The improvements in Florida’s insurance market are underpinned by the state’s successful tort reform measures. In 2024, Florida recorded the lowest personal auto liability loss ratio in 15 years, at 53.3%. Personal auto insurers in the state also posted the nation’s fifth-lowest incurred loss ratio at 57.5%, down from 73.2% in 2023 and 89.7% in 2022. Physical damage loss ratios similarly improved, dropping from 112% in 2022 and 70.3% in 2023 to 66.7% in 2024, demonstrating increased market stability and efficiency.

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Homeowners in Florida are also seeing positive effects from the reforms. Since the legislative changes, 17 additional insurance companies have entered the market. The Office of Insurance Regulation has received over 185 filings for residential rate decreases or 0% increases. Since January 2024, 39 companies filed for reductions and 48 requested no change, with the 30-day average request for homeowners’ rates at -2.3%, compared with +0.5% the year prior. Over 180 days, the average request fell to -0.7% versus +7.9% one year ago.

These developments suggest that Florida’s insurance market is becoming more competitive and transparent, allowing consumers to benefit from lower rates while ensuring insurers maintain financial strength to cover claims. Commissioner Yaworsky emphasized that the Office of Insurance Regulation will continue to actively monitor market conditions and collaborate with insurance providers to keep rates fair for all Floridians.

The ongoing rate reductions, especially for companies like USAA, signal a significant win for both everyday drivers and military families, providing much-needed financial relief while reinforcing the stability of Florida’s insurance market. As legislation and oversight continue to guide the market, policyholders can expect further savings and increased confidence in their coverage moving into 2026.

For Floridians, these measures offer reassurance that the insurance system is improving, rates are becoming more manageable, and both consumers and service members alike are being prioritized as the market continues to recover and strengthen.