Significant insurance rate cuts across Florida are on the horizon thanks to Gov. DeSantis, Florida lawmakers
Miami, Florida – Governor Ron DeSantis has announced notable rate cuts in Miami-Dade County and marked a turning point in Florida’s insurance market by establishing large statewide declines in auto insurance premiums. Along with the arrival of 11 new insurance companies into Florida’s market, this development marks a strong period of stability and expansion.
At a recent press conference, Governor DeSantis revealed these revisions, pointing out that in 2024 the state boasts the lowest average rate of increase among all the states. More specifically, those living in Miami-Dade, Broward, and Palm Beach counties would witness appreciable drop in their insurance rates.
“Today I announced that Citizens Property Insurance will be instituting homeowners’ insurance premium decreases for three-quarters of Miami Dade, and statewide decreases averaging 5.6%. I also was pleased to announce significant reductions in auto insurance rates in Florida for companies like GEICO (10.5% decrease), State Farm (6% decrease) and Progressive (8.1% decrease),” said Governor DeSantis.
The governor also underlined notable rates cuts in auto insurance from big companies including GEICO, State Farm with 6%, and Progressive with an 8.1% drop. These changes are a part of a larger project aiming at increasing economic growth and making living in Florida affordable.
The Florida legislature has passed five important measures targeted at changing the insurance landscape in the state since 2019. These include steps to tighten claim timelines, cut abusive litigation procedures linked with the Assignment of Benefits, and lower frivolous lawsuits—all of which have helped to explain the current favorable trend in insurance premiums.
The rise in the number of active insurance policies in Florida, now at over 7.58 million—an increase of 130,000 policies over the past year—indicates that the reforms appear to be paying off. The entrance of 11 new companies into the market supports this increase in demand, therefore improving rates and giving consumers more options in addition to increasing competitiveness.
Governor DeSantis highlighted the favorable effects of these legislative developments. DeSantis claims that the deliberate efforts over the last few years have produced a more competitive and customer-friendly insurance sector. Clear markers of this achievement are the rate of policy expansion and the declining average premium rates. Comparatively to other states, the average rate increase across the state in 2023 was just 1%.
Furthermore, the changes in insurance have had a domino effect in several areas of the state. For example, the drop in litigation connected to auto glass repairs from over 24,000 cases in the second quarter of 2023 to just 2,613 in the same period in 2024. Legislative actions eliminating some lawsuit incentives help to explain this drop, therefore encouraging a more stable and affordable environment for Florida’s vehicle owners.
Florida residents should continue to benefit from these changes as Governor DeSantis keeps advocating for stability and enhancements in the insurance system. Floridians have plenty to welcome in terms of economic relief and improved consumer protections as the market stabilizes and insurance costs drop. The governor’s all-encompassing approach to insurance reform emphasizes his determination to solve long-standing problems and guarantee a strong and healthy market for next generations.
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