Florida Insurance Rates Drop in 2026: What It Means for You

Is Florida homeowners insurance getting cheaper in 2026?

Yes. Citizens Property Insurance approved a statewide average rate decrease for 2026, its first cut since 2015, with the largest reductions in Broward and Miami-Dade counties. A new state law is also pushing more condo and commercial policies out of Citizens and into private carriers.

Last updated: August 10, 2026

For years, the insurance conversation stopped every NJ to Florida move cold. I heard it from almost every client. The equity math worked. The tax math worked. Then someone mentioned a friend's insurance bill and the whole plan stalled.

That conversation is starting to change. Not because the risk in Florida went away. Because the market that prices that risk is stabilizing, and the numbers now back that up.

Citizens is cutting rates for the first time since 2015

Citizens Property Insurance Corporation, Florida's state-backed insurer of last resort, approved a statewide average rate decrease of 8.7% for 2026. Broken out by policy type, homeowners multiperil policies are seeing an average 8.8% reduction, and wind-only policies are seeing an average 5.5% reduction. It is the first time Citizens has cut rates for personal lines policyholders since 2015.

More than 330,000 Citizens policyholders across all 67 Florida counties will see a decrease, and more than 150,000 of those will see reductions of 10% or greater. The new rates take effect at each policyholder's renewal starting this year.

South Florida is seeing the biggest cuts

The reductions are not even across the state, and South Florida is where they are landing hardest. That region historically carried the highest premiums in Florida, driven in large part by litigation activity that recent reforms have worked to reduce.

These are the counties that scared off the most buyers over the past few years. They are also the ones showing the clearest sign the market is turning.

A new law is pushing condo and commercial policies out of Citizens

Governor DeSantis signed Senate Bill 1028 in June 2026, expanding the Citizens clearinghouse system for condo and commercial policies. Under the new law, if an approved private or surplus lines carrier offers comparable coverage at a total cost no more than 15% higher than Citizens' rate, Citizens generally cannot issue or renew that policy. The carrier has to carry a strong financial strength rating to participate, and Citizens has until January 1, 2027 to build the clearinghouse.

This matters most to condo associations, apartment properties, and commercial buildings, not individual single-family homeowners. But if you are considering a Florida condo, this is the kind of shift that changes the master policy and HOA math over time, sometimes before it shows up in the unit owner's own premium.

What this means if you are planning a move from NJ to Florida

Insurance was never the whole story, but it was often the thing that made people pause. A statewide rate decrease, concentrated where a lot of Bergen and Hudson County buyers are already looking in South Florida, is a real shift in the conversation.

It does not mean every policy is getting cheaper. Rates still vary by property, elevation, roof age, construction type, and carrier. A rate decrease at the state level is a market-wide signal, not a guarantee for any specific address.

If you are working through what a NJ to Florida move actually costs, insurance is one line in that ledger. Property taxes, closing costs, and what your New Jersey equity actually buys in Florida are the others. I put together the full picture in my Florida cost and tax tools.

Frequently Asked Questions

Resources and Further Reading

• Citizens Property Insurance Corporation, "Citizens' 2026 Multiperil Rates to Drop Statewide," March 4, 2026
• Executive Office of the Governor, "Governor Ron DeSantis Announces Major Insurance Rate Relief as Florida's Reforms Deliver Results," 2026
• Florida Senate Bill 1028 (2026), Citizens Property Insurance Corporation commercial and condo clearinghouse provisions