Florida Governor Ron DeSantis announced that the state has achieved significant reductions in auto insurance rates, with companies such as State Farm and Progressive lowering premiums. This development follows reforms aimed at addressing lawsuit abuse. DeSantis made the statement in a press release on February 5.

“Homeowners’ insurance premium decreases,” said DeSantis, Governor of Florida. “Statewide decreases averaging 5.6%.”

According to the press release, Florida’s tort reform has strengthened the insurance market by reducing litigation abuse, lowering costs, and attracting new insurers. Since 2022, more than 477,000 policies have shifted back to the private market, a substantial increase from just 16,408 that year. This shift has fostered greater competition and improved choices for consumers. Additionally, auto insurance rates are declining, with major providers like GEICO (-10.5%), Progressive (-8.1%), and State Farm (-6%) reducing premiums. Auto glass repair lawsuits have also dropped nearly 90% within a year.