Sources referenced in this article:
- Florida Office of Insurance Regulation: Property Insurance Stability Report—July 2026
- Florida OIR: New Property and Casualty Insurers Entering Florida’s Market
- Citizens: 2026 Multiperil Rates to Drop Statewide
- Citizens Property Insurance: Depopulation Resources
Depending on which headline—or client—you encountered this morning, Florida’s property insurance market is either making a remarkable recovery or remains one thunderstorm away from complete chaos.
As usual, the truth requires more than a headline.
Florida insurance agents are being asked whether premiums are finally coming down, whether more carriers are entering the state and whether Citizens Property Insurance is still carrying an unusually large share of the market. These are fair questions, but answering them responsibly requires current information and a few important qualifications.
Thankfully, our pals at the Florida Office of Insurance Regulation have done most of the heavy lifting for us.
In July, OIR published its comprehensive Property Insurance Stability Report for July 2026. The 31-page report examines insurer financial performance, rate filings, Citizens policy counts, litigation activity, reinsurance and other indicators affecting the Florida property insurance market in 2026.
You are welcome to read the entire report. In fact, we encourage it.
Because we also know that many of you are currently saying, “Thirty-one pages? That’s adorable,” here are some of its most useful takeaways.
The Short Version: OIR Sees Continued Improvement
OIR’s overall conclusion is that Florida’s property insurance market continued to stabilize through 2025 and into 2026.
That conclusion belongs to OIR—not to us—and it is based on several different measurements. No single number can establish that every insurer, policyholder or Florida community is experiencing the same improvement.
Among the developments highlighted in the report:
- Florida’s domestic property insurers produced a pooled combined ratio of 83% in 2025.
- OIR reported 44 company filings requesting rate decreases for residential policies effective in 2024 or later.
- Another 48 filings requested no rate change.
- OIR reported 21 new companies approved to write residential property insurance in Florida since the legislative reforms.
- Citizens reported 293,465 policies in force as of June 5, 2026.
- Preliminary OIR data indicated that average risk-adjusted reinsurance costs decreased by at least 10% across most layers from 2025.
Those are encouraging indicators. They are not promises about what will happen to an individual client’s premium or coverage.
Insurer Financial Results Improved in 2025
One of the report’s more significant findings involves the combined ratio of Florida’s domestic property insurers.
OIR reported a pooled combined ratio of 83% for 2025, which it identified as the lowest recorded in more than a decade. A combined ratio below 100% generally means insurers collectively collected more in premiums than they paid in claims and related expenses before investment income is considered.
That suggests improved operating performance across the group OIR measured.
It does not mean every insurer earned a profit, every financial concern has disappeared or the market is immune from future hurricanes. Florida remains highly dependent on global reinsurance and exceptionally exposed to catastrophe losses.
For agents, the responsible takeaway is that OIR is reporting measurable financial improvement—not that future stability is guaranteed.
What Is Happening With Florida Homeowners Insurance Rates?
According to the July report, the upward rate trend has moderated and moved downward in a growing number of filings.
OIR reported that, for residential policies effective in 2024 or later:
- 44 companies requested a rate decrease.
- 48 companies requested no increase.
That is meaningful evidence of a changing rate environment, but a statewide filing trend does not tell an individual homeowner exactly what will happen at renewal.
A client’s premium can still be affected by:
- Location
- Coverage limits
- Construction type
- Roof age and condition
- Wind-mitigation features
- Deductible selections
- Prior claims
- Replacement costs
- Changes in underwriting eligibility
- The insurer’s approved rates
“More companies are filing decreases” is supportable.
“Your premium will decrease” is not—at least not until the agent has reviewed the client’s actual renewal.
More Companies Have Entered the Market
The July report states that 21 new companies had been approved to write residential property policies in Florida since the legislative reforms. OIR also reported that another residential property company had reentered the market after recapitalizing and that an additional company was acquired to expand its Florida presence.
Earlier, on May 20, OIR had announced that 20 new property and casualty insurers had entered the market. The July report reflects a later reporting date and identifies 21 companies approved to write residential property policies.
More participating insurers can create opportunities for additional capacity and competition. It does not mean every company will write every home or operate in every part of Florida.
Agents still need to review each carrier’s:
- Geographic appetite
- Roof and property requirements
- Coverage forms
- Deductibles
- Financial information
- Underwriting restrictions
- Available endorsements
A larger carrier landscape is encouraging, but it is not the same as universal availability.
Citizens Is Much Smaller Than It Was
OIR’s report says Citizens had 293,465 policies in force as of June 5, 2026—the lowest total in 25 years.
For comparison, Citizens approached 1.2 million policies at the end of 2022 and later reached approximately 1.41 million policies in October 2023, according to Citizens. Citizens attributed much of the subsequent decline to its depopulation program and improved private-market participation.
Citizens also announced that its 2026 approved rates produce an average decrease of 8.8% for homeowners multiperil policyholders and an average decrease of 5.5% for homeowners wind-only policyholders. The changes became effective July 1 for new policies and apply to existing policies at renewal. Individual results vary by policy and location. Citizens explains the approved changes here.
Agents working with Citizens policyholders should continue to monitor private-carrier offers and explain the client’s choices carefully. Citizens maintains current offer information, worksheets and program materials through its Depopulation Resources.
A takeout offer should never be explained using premium alone. Coverage differences, deductibles, endorsements and policy conditions also matter.
What Should Agents Tell Clients?
The most accurate message is neither “Everything is fixed” nor “Nothing has improved.”
Try this instead:
“Florida OIR’s latest report shows several signs of market improvement, including better financial results, more rate-decrease filings, additional insurers and a significant reduction in Citizens policies. Your own premium and options will still depend on your property, insurer, location and coverage. Let’s review the actual terms before drawing conclusions.”
That explanation recognizes OIR’s findings without turning a statewide trend into a personal guarantee.
Agents should also make it clear that:
- A rate filing is not the same as a guaranteed premium reduction.
- A new carrier may not write every property.
- Citizens depopulation does not automatically mean replacement coverage is identical.
- Improved industry results do not eliminate Florida’s catastrophe exposure.
- Market conditions can change after major storms, reinsurance renewals or regulatory developments.
The Bottom Line
According to Florida OIR, the state’s property insurance market entered 2026 with measurable signs of improvement.
Insurer financial results strengthened. More carriers were approved to enter the residential market. Rate filings increasingly included decreases or no changes. Citizens’ policy count fell dramatically.
These developments provide legitimate reasons for optimism—but not a license to overpromise.
The best thing Florida insurance professionals can do is point clients to reliable information, explain what the statewide data does and does not mean, and then review the client’s individual renewal, property and available coverage options.
For those who want the details straight from the source, read OIR’s complete July 2026 Property Insurance Stability Report.
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This article summarizes information published by the Florida Office of Insurance Regulation and Citizens Property Insurance Corporation. Information and links were reviewed on August 11, 2026. Market conditions, rates, underwriting requirements and company participation can change. Agents should consult current regulatory publications, carrier guidance and policy documents when assisting clients.