Florida Homeowners Insurance Rates Are Starting to Drop: Should You Shop Your Policy?
For years, Florida homeowners have become accustomed to seeing one thing when their homeowners insurance renewal arrives: a higher premium.
Recently, however, there have been encouraging signs that Florida’s homeowners insurance market may be moving in a different direction.
In September 2026, the Florida Office of Insurance Regulation (OIR) announced the approval of significant homeowners insurance rate decreases affecting more than 62,000 policies across the state. Four insurance companies received approval for decreases ranging from 3.2% to 10.4%, which will take effect as affected policies renew.
Even more noteworthy, these aren't isolated filings. Since January 2024, 48 insurance companies have filed for rate decreases, while another 53 have requested no rate increase at all.
For Florida homeowners who have dealt with years of rising insurance costs, that's welcome news.
But there is an important question:
Does this mean your homeowners insurance premium is going down?
Not necessarily.
Florida's Insurance Market Is Showing Signs of Improvement
The recent rate filings are a significant change from what Florida homeowners were experiencing just a few years ago.
According to OIR, the 30-day average requested homeowners insurance rate change is currently a 4.8% decrease. Five years ago, the average request was a 5.2% increase, and in July 2022, the average approved rate increase reached more than 15%.
Florida is also seeing more private insurance companies participating in the market, giving homeowners additional options in some areas.
All of this points toward a homeowners insurance market that looks considerably different from the one Floridians faced during the height of the state's property insurance challenges.
What Do Lower Florida Homeowners Insurance Rates Mean for Your Renewal?
This is where homeowners need to be careful.
A rate decrease does not mean every Florida homeowner will automatically see their premium decrease by the same percentage.
Your homeowners insurance premium is affected by numerous factors, including your insurance company, location, home's age, roof age and type, replacement cost, coverage limits, deductibles, discounts and other underwriting characteristics.
The recent decreases also apply specifically to policies written by the carriers receiving the approved reductions. OIR notes that the actual rate impact on individual policies can vary. Florida Realtors
In other words, Florida's overall insurance market can improve while your individual renewal stays the same or even increases.
That's one reason it's important to look beyond the percentage change shown on your renewal.
When Was the Last Time You Shopped Your Homeowners Insurance?
Many homeowners purchase a policy and continue renewing it year after year.
There's nothing inherently wrong with staying with the same insurance company. If the coverage and pricing remain competitive, staying put may make sense.
The problem is assuming that the company that offered you a competitive rate several years ago is still the best fit today.
Insurance companies continually adjust their rates, underwriting guidelines and appetite for different types of homes. At the same time, Florida's insurance marketplace has been changing.
That means a homeowner who had very few competitive options a few years ago may have additional choices today.
If you haven't compared your homeowners insurance recently, your next renewal is a good opportunity to see what else is available.
Don't Shop on Price Alone
Saving money is important, but homeowners insurance isn't something you want to choose based solely on the lowest premium.
Two quotes that appear similar can provide very different levels of protection.
When comparing policies, homeowners should pay attention to things such as:
Dwelling and other structure coverage
Hurricane and all-other-perils deductibles
Personal property coverage
Water damage limitations
Roof settlement provisions
Liability limits
Loss-of-use coverage
Available endorsements and exclusions
A cheaper policy isn't necessarily a better policy if the savings come from reducing coverage you actually need.
The goal should be to find the right combination of coverage, carrier and price.
Should You Shop Your Policy Now?
For many Florida homeowners, this is an excellent time to at least review their current
coverage and pricing.
That doesn't necessarily mean you should switch insurance companies.
It means you should know your options.
If your current carrier remains competitive and provides the coverage you need, staying with them may be the right decision. If another reputable carrier can provide comparable or better coverage at a meaningful savings, then changing carriers may be worth considering.
The important thing is making that decision after comparing your options rather than automatically renewing year after year.
Let Cornerstone Review Your Options
At Cornerstone Insurance Partners, we work with many insurance carriers to help Florida homeowners compare their options.
If your homeowners insurance is coming up for renewal, we'd be happy to review your current policy, compare available options and help make sure you're getting the right coverage at a competitive price.
Already have a renewal? Send it to us and let us take a look.
Sometimes your current policy will still be the best option. Sometimes it won't.
Either way, you'll know.
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