As of May 2026, the Florida homeowners insurance market is stabilizing for the first time since 2019. Citizens Property Insurance is down to roughly 336,000 policies (a 76% reduction from its October 2023 peak of 1.41 million), the Florida Office of Insurance Regulation (FLOIR) has approved more than a dozen new admitted carriers since the 2022 to 2023 reforms, and 73 carriers filed rate decreases with 94 more filing for 0% in 2025. The 2024 hurricane season (Helene, then Milton) tested the post-reform balance sheet and the private market mostly absorbed it.
If you want the full carrier rundown, average rates, or guidance on whether to stay with Citizens, start with our Florida homeowners insurance pillar.
Key Takeaways
- Citizens depopulation moved roughly 546,000 policies into the private market in 2025 alone; the residual count is around 336,000 as of early 2026.
- FLOIR has approved more than a dozen new admitted property and casualty carriers since the reforms, including Slide, Orange Insurance Exchange, Trident Reciprocal, Manatee Insurance Exchange, Mangrove, Condo Owners Reciprocal Exchange, Mainsail, Orion180 Select, Ovation, and Tailrow.
- SB 2-A (December 2022) eliminated one-way attorney fees and banned post-loss assignment of benefits (AOB); the 2023 tort package (HB 837 plus SB 7052) tightened bad faith and claim filing rules.
- Property insurance lawsuit filings fell roughly 23% from 2023 to 2024 and another 25% in the first half of 2025, per industry tracking.
- 73 carriers filed rate decreases with FLOIR in 2025 and 94 filed for 0%; Citizens itself filed a 2.6% statewide personal lines rate cut for June 2026.
- Hurricane Milton (October 2024) produced industry insured loss estimates of roughly $30 to $50 billion (Verisk, Fitch), with KCC at $36 billion; Helene (September 2024) ran $6 to $14 billion industrywide.
- FIGA voted in February 2026 to end the 1% emergency assessment two years early, saving Florida policyholders an estimated $650 million through September 2028.
The 2026 Florida market in one paragraph
Florida is no longer the market of last resort it was in 2022. The legislature stripped the most expensive cost driver (one-way attorney fees and AOB) out of property litigation in December 2022. Reinsurers responded in 2024 and 2025 by writing Florida more aggressively and cheaper, and FLOIR approved more than a dozen new admitted carriers, per FLOIR's January 2025 announcement from Commissioner Mike Yaworsky. Citizens shed 546,000 policies in 2025 through approved depopulation rounds, per Florida Realtors. For the first time in years, the average homeowners rate filing is in the low single digits or zero, and a meaningful chunk of carriers are filing for actual decreases (per Insurance Journal's December 2025 coverage of Citizens). It is still expensive to insure a home in Florida. It is no longer broken.
What the 2022 to 2024 reform package actually did
There are three pieces of legislation worth knowing by name, and they did very different things.
SB 76 (2021). The first attempt. SB 76 tweaked AOB rules and tightened one-way attorney fee math (introducing a graduated formula), but left the basic incentive structure intact. Effect on the market: insufficient. Carrier insolvencies kept rolling through 2021 and 2022 (FedNat, UPC, Lighthouse, Southern Fidelity, St. Johns, Weston, Avatar).
SB 2-A (December 2022 special session). The real reform. Governor DeSantis called a special session and signed SB 2-A into law on December 16, 2022, per the Florida Justice Reform Institute's contemporaneous coverage. The bill did three things that mattered: it eliminated one-way attorney fees in residential and commercial property insurance suits (a unilateral right plaintiffs' counsel had relied on since 1893), it prohibited post-loss AOB on any residential or commercial property policy issued on or after January 1, 2023, and it shortened the claim-filing window. The Florida Senate's SB 2-A bill summary lays out the details. Clyde and Co's practitioner-side breakdown is a useful technical reference.
HB 837 / SB 7052 (2023). The tort cleanup. HB 837 (signed March 24, 2023) and SB 7052 (signed May 31, 2023) layered additional changes: a 90-day safe harbor for tendering policy limits, a negligence-is-not-bad-faith standard, an explicit duty of good faith on insureds and claimants, and tighter claims-handling and rate-review provisions. Holland and Knight's legislative summary is the cleanest overview.
The combined effect on litigation volume is measurable. Insurance Journal and industry tracking show property insurance lawsuit filings down roughly 23% from 2023 to 2024 and another 25% in the first half of 2025 versus the prior year. That is a structural shift, not a one-year blip. The Institute for Legal Reform's analysis summarizes the trend.
Citizens Property Insurance: from 1.4 million policies to 336,000
The Citizens depopulation story is the single biggest piece of Florida insurance news of the last three years.
Peak. Citizens hit roughly 1.41 million policies in October 2023, per FLOIR data widely reported at the time. That was an unsustainable concentration in a single state-run insurer of last resort, and it was a direct consequence of the private market pulling back in 2021 and 2022.
Depopulation rounds 2023 to 2025. FLOIR began approving large depopulation assumptions in 2023. Slide, Loggerhead, Florida Peninsula, Homeowners Choice, American Integrity, Heritage, Tower Hill, Manatee, and others have all taken on tens of thousands of policies in approved rounds. Slide alone was authorized to assume up to 455,900 Citizens policies in 2025 per FLOIR's tracking. The total moved out of Citizens in 2025 was roughly 546,000 policies, per Florida Realtors.
Current count. As of early 2026, Citizens is at roughly 336,000 policies, a 76% reduction from peak per the same Florida Realtors reporting. The state's exposure to a single catastrophic hurricane (and the assessment risk on every Florida property policy) drops with every policy that leaves Citizens.
2026 Citizens rate filings. For the first time in years, Citizens filed for a rate cut. The Board of Governors voted in December 2025 to file for an average 2.6% personal lines rate decrease effective June 2026, per Insurance Journal. Citizens' own 2026 rate kit breaks the filings down by product and territory.
If you are still in Citizens, the takeaway is straightforward: you will keep getting take-out offers, and most of them are worth taking seriously now in a way they were not in 2022. The eligibility math (Citizens caps you out if a private quote is within 20% of Citizens' premium) catches more homeowners every quarter. Our Florida homeowners insurance companies page walks through the carriers most likely to make you an offer.
The new admitted carriers (2024 to 2025)
FLOIR has approved more than a dozen new property and casualty insurers since the 2022 to 2023 reforms. The names you will actually see on quotes:
- Slide Insurance. Founded 2021. Approved to assume up to 455,900 Citizens policies in 2025. Independent agent channel.
- Orange Insurance Exchange. Reciprocal exchange, approved 2024. Independent agents.
- Trident Reciprocal Exchange. Approved 2024.
- Manatee Insurance Exchange. The reciprocal exchange version of Safepoint.
- Mangrove, Mainsail Insurance Company, Ovation Home Insurance Exchange, ASI Select Insurance Corp. All approved in the post-reform wave.
- Condo Owners Reciprocal Exchange. Niche focus on HO-6 condo unit policies.
- Orion180 Insurance Company and Orion180 Select Insurance Company. Two sister entities approved as part of the new wave.
- Tailrow Insurance Exchange. New company spun out of Homeowners Choice.
Carrier Management's April 2024 piece covered the first wave; FLOIR's own announcements confirmed an additional cohort in early 2025, with Stand and Praxis following in September 2025.
For shoppers: the list of carriers that will write your home in Citrus, Pasco, Sarasota, or Lee County in 2026 is materially longer than it was in 2023. The catch is that many of the new entrants underwrite tightly (no roofs over 15 years, no prior water claims, distance-to-coast cutoffs), so seeing the universe of options usually requires an independent agent.
Hurricane Helene and Hurricane Milton (2024 season) and what the claims data shows
Florida took two major-storm landfalls inside three weeks in late 2024.
Hurricane Helene. Made landfall as a Category 4 in Florida's Big Bend region on September 26, 2024. Industry insured loss estimates ranged from roughly $6 billion to $14 billion industrywide: Verisk at $6 to $11 billion, Moody's RMS at $8 to $14 billion. Most of the Florida economic damage was flood (NFIP and uninsured), not wind, so the private homeowners market took a smaller share of Helene than the headline numbers suggested.
Hurricane Milton. Made landfall on Florida's west coast as a Category 3 on October 9, 2024. Industry insured loss estimates were much higher: Verisk and Fitch at $30 to $50 billion industrywide, KCC at $36 billion. Milton was largely a wind event, which is what the private homeowners market actually insures, so the carrier-level loss share was much heavier than Helene.
The post-storm financial reports. Despite back-to-back landfalls, no Florida-domiciled homeowners carrier was placed in liquidation in 2025, per FIGA's insolvency tracker. Florida-domiciled domestic carriers reported more than $389 million in net income through September 2024 according to FLOIR data, and reinsurance pricing held steady to slightly softer through the 2025 renewal. The Insurer's reinsurance coverage tracked the capital flow. Helene plus Milton was a major test, and the post-reform private market passed it.
Rate filings 2024 to 2026: the first widespread decreases in seven years
For the first time since 2018, Florida is seeing widespread single-digit rate filings, with a meaningful share of carriers filing actual decreases.
The 2025 filing tally. As of late November 2025, FLOIR had received 73 filings for rate decreases and 94 filings for 0% rate changes, per Insurance Journal. That is a complete inversion of the 2022 filing year, when the average request was a double-digit increase.
Specific carriers filing decreases:
- Florida Peninsula Insurance. Filed for an 8.4% statewide homeowners decrease and a 12% condo decrease in August 2025.
- Heritage Property and Casualty. Approved for a 3.3% average rate decrease.
- Security First Insurance. Filed for an 8% statewide homeowners decrease.
- Citizens Property Insurance. Filed for a 2.6% personal lines decrease for June 2026 implementation.
This does not mean every Florida homeowner is getting a decrease. Rate filings are statewide averages; your specific premium can move differently based on roof age, wind mitigation form, county, and coverage A. But the direction has flipped, and that matters when you are shopping at renewal. If you want the underlying methodology on what actually drives a Florida premium, our Florida homeowners insurance quotes page lays it out.
The Choose Your Coverage / CHOICES rate tool
FLOIR runs a public rate comparison tool, CHOICES, accessible at choices.floir.gov. It compares sample average rates by county across the carriers writing in Florida, including Citizens, for three model risk profiles (pre-2001 home without wind mitigation, pre-2001 home with wind mitigation, and a new $300,000 build). It is illustrative, not a real quote, but it is the cleanest way to see how rates differ by company in your county before you actually shop. The state senate has periodically pushed FLOIR to expand the data, per Insurance Journal's coverage of a 2025 Senate panel hearing. As of May 2026, CHOICES is the single best free tool a Florida homeowner has for ballpark cross-carrier comparison.
FIGA assessment update: the surcharge is ending two years early
If your declarations page still shows a 1% FIGA emergency assessment line, that line item is going away.
Background. The Florida Insurance Guaranty Association (FIGA) pays covered claims when a Florida-domiciled property insurer becomes insolvent (up to $300,000 per claim, plus an additional $200,000 for the structure and contents portion of a homeowners claim). After the 2021 to 2023 wave of insolvencies (FedNat, UPC, Avatar, Lighthouse, Southern Fidelity, St. Johns, Weston), FIGA levied a multi-year 1% emergency assessment on every Florida property insurance premium to fund those payouts. FIGA's assessments page covers the mechanics.
The early termination. In February 2026, FIGA announced it is ending the 1% emergency assessment two years ahead of schedule. New and renewal policies with effective dates of October 1, 2026 and forward will not carry the surcharge. FIGA estimates the early end will save Florida policyholders roughly $650 million through September 2028, per Insurance Journal's coverage and FIGA's own announcement.
Why this matters: the FIGA surcharge has been a politically visible 1% line on every Florida property policy. Removing it is small in dollar terms (1% of a $3,500 premium is $35), but it is a clean signal that the carrier insolvency wave is over.
My Safe Florida Home: still funded for 2026
The My Safe Florida Home program (wind mitigation grants) is still funded in 2026, but the queue is long.
The 2025 to 2026 fiscal year allocation was roughly $280 million in initial funding, plus an additional $180 million appropriation, per WFLX's May 2026 reporting. Governor DeSantis's proposed 2026 to 2027 budget calls for more than $600 million for the combined home and condo programs, including $480 million to clear the backlog of roughly 45,000 homeowners who have completed wind mitigation inspections and are waiting on grant funding.
For eligible homeowners, the program provides up to $10,000 in matching grant money for qualifying wind hardening improvements (impact windows, hurricane shutters, roof reinforcement). The program site is the right starting point, and applying earlier in the fiscal year improves odds given the backlog. A completed wind mitigation form is also one of the biggest premium drivers on any Florida home insurance quote, so the grant pays back twice: once on the grant itself, once on years of lower premiums.
What it means for homeowners shopping today
Four things follow from the 2026 market reset, in order of practical importance.
1. If you are still with Citizens, you will get take-out offers, and you should look at them. In 2022, the private market quote was often 40% to 80% higher than Citizens, so the law's 20% rule trapped you. In 2026, private quotes are landing within 20% of Citizens often enough that Citizens itself is shrinking. That is also why our non-renewal page emphasizes shopping the open market before assuming Citizens is your only landing spot.
2. If you renewed before mid-2025, re-shop anyway. The new admitted carriers were not even in the market a year ago, and the "best" carrier for you depends on the specific underwriting box you fit (roof age, wind mitigation form, prior claims, county), not the brand. Our best Florida homeowners insurance page walks through the matrix.
3. Watch wind mitigation. Roof age, opening protection, and the four-point inspection drive a larger share of your premium than the carrier you pick. If your roof is over 15 years old, that is the conversation to start with.
4. Lender approval still matters. Demotech-rated Florida specialists are accepted by Fannie Mae and Freddie Mac, but a small number of jumbo lenders require AM Best ratings. Confirm before you bind.
Frequently Asked Questions
What is the most important Florida homeowners insurance news in 2026?
The Florida market is stabilizing. Citizens is down to roughly 336,000 policies (from 1.41 million at peak), more than a dozen new admitted carriers have entered since the 2022 to 2023 reforms, 73 carriers filed rate decreases with FLOIR in 2025, and FIGA is ending its 1% emergency assessment two years early in October 2026. The 2024 hurricane season (Helene, Milton) was a major test and the private market absorbed it without large new insolvencies.
When did Florida fix the lawsuit problem driving up homeowners insurance rates?
The fix happened in three pieces. SB 76 (2021) tweaked AOB and one-way attorney fee rules but did not solve the underlying incentive. SB 2-A, signed December 16, 2022 during a special session, eliminated one-way attorney fees in property insurance suits and banned post-loss AOB on residential and commercial property policies issued on or after January 1, 2023. HB 837 and SB 7052 (2023) added tort and bad faith refinements. Litigation volume has dropped roughly 23% from 2023 to 2024 and another 25% in the first half of 2025.
How many policies does Citizens Property Insurance have now?
Roughly 336,000 as of early 2026, per FLOIR data reported by Florida Realtors. That is a 76% reduction from the October 2023 peak of 1.41 million policies. Citizens shed approximately 546,000 policies through approved depopulation rounds in 2025 alone.
What new homeowners insurance carriers have been approved in Florida recently?
Since the 2022 to 2023 reforms, FLOIR has approved Slide, Orange Insurance Exchange, Trident Reciprocal Exchange, Manatee Insurance Exchange, Mangrove, Condo Owners Reciprocal Exchange, Mainsail Insurance Company, Orion180 Insurance Company and Orion180 Select Insurance Company, Ovation Home Insurance Exchange, ASI Select Insurance Corp., Tailrow Insurance Exchange (from Homeowners Choice), plus Stand and Praxis (approved later in 2025). Most are accessible through independent agents.
Are Florida homeowners insurance rates going down in 2026?
For many homeowners, yes, at least in direction. 73 carriers filed for rate decreases with FLOIR in 2025 and 94 more filed for 0%. Florida Peninsula filed for an 8.4% statewide decrease, Heritage was approved for 3.3%, Security First filed for 8%, and Citizens filed for a 2.6% personal lines decrease effective June 2026. Your individual premium still depends on roof age, wind mitigation form, county, and prior claims, so the statewide average is not a guarantee for any single home.
How big were the insured losses from Hurricane Helene and Hurricane Milton?
Hurricane Helene (September 26, 2024) produced industrywide insured loss estimates of roughly $6 to $14 billion (Verisk $6 to $11 billion, Moody's RMS $8 to $14 billion with a best estimate of $11 billion). Most of Helene's Florida damage was flood, much of it on NFIP or uninsured. Hurricane Milton (October 9, 2024) was largely a wind event and ran much higher: Verisk and Fitch at $30 to $50 billion industrywide, KCC at $36 billion, CoreLogic at up to $34 billion. Despite back-to-back landfalls, no major Florida-domiciled homeowners carrier was placed in liquidation in 2025.
Is the FIGA 1% surcharge still on my policy?
For now, yes, but not for long. FIGA voted in February 2026 to end the 1% emergency assessment two years ahead of schedule. The surcharge continues to apply to policies with effective dates through September 30, 2026, and is removed on new and renewal policies effective October 1, 2026 and after. FIGA estimates the early end saves Florida policyholders roughly $650 million through September 2028.
How Latent Insurance Services Helps
Latent Insurance Services (NPN #20972791) is an independent brokerage. We do not write Florida homeowners policies on our own paper, and we are not captive to any single Florida carrier. We quote the open market: national brands (where they still write in Florida), Demotech-rated Florida specialists (Tower Hill, American Integrity, Heritage, Universal, Edison, Slide, Kin, People's Trust), the new admitted carriers (Slide, Orange, Trident, Manatee, Mangrove, Mainsail, Orion180, Ovation, Tailrow), HNW carriers (Chubb, AIG Private Client, PURE, Cincinnati), and Citizens when nothing private will write at all.
If you want to see what you actually qualify for in 2026, including whether a Citizens take-out offer is worth taking and whether a wind mitigation upgrade will pay back inside three years, book a 30-minute consult: https://cal.com/latentinsure/30min.
You can also start with our broader guides: the Florida homeowners insurance pillar, the best Florida homeowners insurance buyer's guide, the carrier list, the non-renewal playbook, and the Florida homeowners insurance quotes page.