Commissioner Mike Yaworsky approves significant homeowners insurance rate decreases affecting more than 62,000 Florida policies

Tallahassee, Florida – Florida homeowners are seeing another round of proposed insurance relief after Insurance Commissioner Mike Yaworsky approved rate decreases affecting more than 62,000 policies across the state.

The Florida Office of Insurance Regulation announced the approvals on Sept. 22, saying four insurance companies will reduce homeowners’ rates when affected policies come up for renewal. The companies are One Alliance North America Insurance Company, Safe Harbor Insurance Company, Unique Insurance Company and Vyrd Insurance Company.

The approved filings vary in size and number of customers affected. One Alliance North America requested a 10.4% decrease covering 17,148 policies. Safe Harbor requested a 4.1% reduction affecting 10,501 policies, while Unique Insurance sought a 3.2% decrease for 8,266 policies. Vyrd requested a 10.4% reduction involving 26,751 policies.

The changes will not apply to every Florida homeowner. They are tied to the policies written by the four companies and will take effect as those policies renew. The latest approvals are part of a larger series of filings now being reviewed by the state’s insurance regulator.

“This is the latest wave of significant rate decreases for Floridians, which continues to grow higher. I expect to see more aggressive rate cuts in the near future and going into 2027. OIR is receiving a flood of rate decrease requests ranging from -0.3 to -19.7. This is great news for Floridians and OIR will expedite reviews of rate filings to ensure policyholders feel it in their pockets.”

According to OIR, 48 insurance companies have filed for homeowners’ rate decreases since January 2024, while another 53 companies have requested no change or a 0% increase. Those figures cover filings received by the regulator rather than approved reductions for every policyholder.

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The recent numbers also show a change in the direction of homeowners’ rate filings compared with previous years. The 30-day average rate request is currently a 4.8% decrease. A year earlier, the comparable average was a 1.1% decrease, while five years ago it was a 5.2% increase. OIR also reported that the average approved rate in July 2022 was a 15.33% increase.

Looking at a longer six-month period produces a smaller decline. The 180-day average request for homeowners’ rates is a 0.3% decrease, compared with no change one year earlier. Three years ago, the 180-day average was a 5.1% increase. These averages represent rate requests submitted to the regulator, not necessarily the final rate changes ultimately approved for consumers.

The latest announcement follows other developments in Florida’s property insurance market. In May, OIR said three additional property and casualty insurers had entered the state, bringing the number of companies entering the market since the state’s insurance reforms to 20. The agency also reported more than 190 residential filings for either rate decreases or 0% increases at that time.

Another insurer, Kin Insurance, has separately announced lower rates for new and existing customers in South Florida. According to the company, homeowners in Broward, Miami-Dade and Palm Beach counties could see average reductions of more than 20%. Kin also said qualifying customers may receive additional discounts, including discounts for bundling auto and home coverage and for seniors.

The broader insurance market has also shown changes in recent years. OIR reported in May that Florida domestic property companies had an 83% pooled combined ratio at the end of 2025, compared with 94% at the end of 2024 and 109% in 2022. The agency also said the number of insurers participating in Florida’s property market has increased since legislative reforms were adopted.

The latest announcement also cites an S&P Global report on insurance rate changes in 2025. According to the figures provided by OIR, Florida recorded a 0.92% decrease, while the national calculated weighted average was a 5.5% increase. The state’s reported change was the lowest among the states in that comparison.

For homeowners, however, the effect of the latest approvals will depend on their insurance company, policy and renewal date. A statewide improvement in average rate requests does not mean every homeowner will receive a reduction.

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OIR said it is continuing to review multiple pending requests for lower rates and expects additional announcements. The agency is responsible for regulating Florida’s insurance industry and reviewing rate filings submitted by insurers.

The four newly approved reductions therefore represent one part of a broader shift in the state’s homeowners insurance market, with regulators now processing a growing number of requests for lower or unchanged rates.