Florida’s insurance market, which has been battered by active hurricane seasons, excessive litigation and spiraling rates, is undergoing a turnaround, the governor said last week as he touted premium decreases and more insurers moving into the state.

Surveys continue to show that Floridians pay the highest property insurance premiums in the nation, but Gov. Ron DeSantis said on Feb. 5 that in 2024, the Sunshine State posted the lowest average property insurance rate increases in the country. In addition, 11 new insurance carriers have entered the state’s insurance market, bolstering competition, he said.

“… Citizens Property Insurance will be instituting homeowners’ insurance premium decreases for three-quarters of Miami-Dade and statewide decreases averaging 5.6%,” DeSantis said. “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).”