Florida’s struggling property insurance market has shown signs of promise over the last year, which has been reflected in the number of customers who rely on the state’s insurer of last resort, Citizens Property Insurance. (Credit: candy1812/Adobe Stock)
One of Florida’s largest property insurance groups has filed for the largest rate reduction in the company’s 20-year history.
Last week, the Boca Raton-based Florida Peninsula Insurance Company announced it is seeking a rate reduction of 8.4% on homeowners policies and 12% on condominium policies. As of May 31, Florida Office of Insurance Regulation data shows Florida Peninsula is the ninth largest personal and commercial residential insurer in the state with 189,218 policies in force.
In an interview with WPTV, Florida Peninsula President Clint Strauch said the rate decrease was driven by legislative reforms in the state from December 2022.
"Prior to the legislation, the insurance industry was suffering significant losses," Strauch told WPTV. "The legislation has turned (the industry) around. We're starting to slowly become profitable, which is allowing us to do this rate decrease for our customers."
Strauch said he expects that around 80,000 Florida policyholders will benefit from this rate reduction.
"The financial position of the Florida insurance industry has improved dramatically over the past two years due to legislative actions which addressed the two factors that led to the risk crisis: legal system abuse and claim fraud," Mark Friedlander, senior director of media relations at the Triple-I, told Newsweek.
"Not only have premiums stabilized (reporting a 1.75 percent average increase in 2025, the lowest in the U.S.), but 14 new carriers have entered the market, existing insurers are growing their market share—including major national insurers—and state-backed Citizens Property Insurance Corp. has cut its risk exposure in half due to depopulation," Friedlander added.
Florida’s struggling property insurance market has shown signs of promise over the last year, which has been reflected in the number of customers who rely on the state’s insurer of last resort, Citizens Property Insurance.
In June, Citizens CEO Tim Cerio announced to the company’s Board of Governors that the insurer’s policy count had fallen to 777,592 as of June 20. This marks a decrease of 36% from June 2024 and a 44.9% drop from its peak of 1.41 million policies in force in October 2023.
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