JACKSONVILLE, Fla. – Christmas is fast approaching, but there’s one unexpected gift homeowners might unwrap early this season: lower property insurance premiums. Industry experts say shopping around for coverage could yield significant savings, as Florida’s private insurance market shows signs of recovery.
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Mark Friedlander, a spokesperson for the Insurance Information Institute, encourages homeowners to explore their options.
“It would be a good time to shop,” Friedlander says. “You don’t necessarily have to move right now, but it’s worth calling your local agent, getting a few quotes, and checking out the market.”
A market on the mend
For years, Florida has faced what many called a “property insurance crisis.” However, recent trends suggest a turnaround.
The state-backed Citizens Property Insurance Corporation is seeking a nearly 14% rate increase, which could steer more customers toward private insurers. Notably, 23 private companies have filed for rate decreases or no changes in 2024, offering consumers the potential for lower premiums.
“And not only do you have these companies filing for either rate decreases or flat rates,” Friedlander explains, “but you have new companies entering the market. There are several new companies available now through independent agents across the state.”
The market’s resilience is especially notable given this year’s hurricane season, which caused three landfalls in Florida and billions of dollars in damage across the country. Despite these challenges, Friedlander describes the market as stable and recovering.
“I wouldn’t say [the crisis] is over...but it is recovering very well, and all signs point to a much more stable market going forward,” he said.
New competition could mean big savings
At least nine new property and casualty insurers have entered the Florida market recently. Agents suggest that Citizens customers, whose rates are poised to rise, could find better deals with private carriers. Friedlander emphasizes the importance of comparison shopping, especially as the Office of Insurance Regulation is expected to decide on Citizens’ rate hikes by year’s end.
“Now might be the ideal time to shop your policy,” Friedlander advises. “You might be very surprised that you could do better with a private carrier than with Citizens.”
As the holiday season approaches, this shift in the insurance market could offer Floridians more than just financial relief—it could be the perfect gift of peace of mind.