Commissioner Mike Yaworsky Approves Significant Rate Decreases for Homeowners
'OIR is reviewing multiple pending requests for rate decreases with more announcements coming in the near future'
TALLAHASSEE, Fla.—Florida Insurance Commissioner Mike Yaworsky has approved significant rate decreases for homeowners, affecting over 62,000 policies. OIR is receiving a flood of rate cut or zero increase requests that are currently pending review. Since January 2024, 48 companies have filed for a rate decrease, and 53 companies have requested no change or 0% increase.
Commissioner Yaworsky recently approved four companies to decrease rates that will be effective at renewals, including One Alliance North America Insurance Company, Safe Harbor Insurance Company, Unique Insurance Company and Vyrd Insurance Company. One Alliance North America requested a -10.4 rate decrease, impacting 17,148 policies; Safe Harbor requested a -4.1 rate decrease, impacting 10,501 policies; Unique requested -3.2 rate decrease, impacting 8,266 policies; and Vyrd requested a -10.4 rate decreases, impacting 26,751 policies.
Commissioner Mike Yaworsky said, “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.”
The 30-day average request for homeowners’ rates is -4.8%, compared to -1.1% one year ago and +5.2% five years ago. The average approved rate in July 2022 was +15.33%. The 180-day average request for homeowners’ rates is -0.3%, compared to 0.0% one year ago. Three years ago, the 180-day avg. for homeowners was +5.1%.
Kin Insurance also recently announced rate decreases for new and existing Florida policyholders in South Florida. The company reported homeowners insurance rates will decrease an average of more than 20% for Floridians in Broward, Miami-Dade and Palm Beach counties. Kin is also offering several discounts for qualifying customers, including bundling auto coverage with home policies, senior discounts and more.
According to a report by S&P Global, Florida had the lowest rate change in the nation in 2025. The vast majority of states saw rate increases in 2025; yet, Florida is the only state with a decrease of -0.92. The national calculated weighted average increase reported 5.5%. Several states had a two-year cumulative rate increases over 34%, with one state reporting a compound increase up to 44.5%.
For highlights on Florida’s insurance market, click here.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on X @FLOIR_comm.
|
