Good news for Florida homeowners—insurance rates are finally showing signs of relief!

Governor Ron DeSantis recently announced that Citizens Property Insurance Corp. will be reducing rates by an average of 5.6% statewide in 2025. This marks a positive shift for the Florida insurance market, which has seen skyrocketing premiums in recent years.

Why Are Rates Dropping?

Several factors are contributing to the stabilization of insurance costs:

• Statewide Insurance Market Recovery – The Florida property insurance market is showing signs of improvement, allowing Citizens to reduce its policy count below 1 million for the first time in years.
• Legislative Reforms – Recent changes, including limits on attorney fees, adjustments to assignment of benefits, and a home-hardening program, have helped make policies more affordable.
• Reinsurance Support – A $2 billion reinsurance initiative has provided additional financial stability to insurers, reducing pressure on premiums.

Who Will Benefit?

While the statewide rate reduction is significant, homeowners in certain counties will see even greater relief:

• 75% of Miami-Dade homeowners are expected to see lower rates.
• 50% of Broward County homeowners will experience rate reductions.
• 19% of Palm Beach County homeowners will benefit from lower premiums.

While these numbers are promising, many homeowners may still see increases depending on their specific policy and provider.

What Can You Do to Lower Your Premiums?

Even with these rate reductions, it’s always smart to shop around for the best insurance options. Peter Craig from Heidrick & Company Insurance suggests:

✅ Reviewing your policy annually to ensure you have the right coverage.
✅ Exploring multiple carriers to compare rates and potential savings.
✅ Taking advantage of home-hardening programs that offer discounts for wind mitigation and storm-resistant upgrades.

If your home insurance premiums are rising, now is the time to shop for better options. Contact Peter Craig at Heidrick & Company Insurance at (239) 686-0401 or email peter@heidrickandcompany.com for a personalized review of your coverage.

As Florida’s real estate market continues to recover, keeping your insurance costs in check is key to protecting your investment. Stay informed and take advantage of these positive shifts!