Florida Outlook Weekly “FLOW”.
Interim Update on the Home and Car insurance in Florida
Oct 28th 2025 — The past week saw Florida’s insurance reforms yielding tangible savings for residents, while state officials urged further fiscal restraint and rate relief.
Auto refunds signal market turnaround. Gov. Ron DeSantis and Insurance Commissioner Michael Yaworsky announced that Florida’s insurance market “is stabilizing with decreasing auto and home insurance rates” and less litigation. They highlighted that the top five auto insurers have cut rates by more than 6% on average this year and that improved profitability will lead Progressive to refund nearly $1 billion to Florida auto policyholders. DeSantis said the reforms attract new carriers, with 17 new property insurers entering the state and 33 companies filing for rate decreases, while reinsurance rates are declining.
Property‑insurance stability improves. According to the governor, the market now supports 7.61 million residential policies and has accumulated $574 million in surplus from new entrants. Florida’s domestic property insurers reported $954 million in net income at the end of 2024, reversing years of losses. Rate‑filing data show that the 30‑day average homeowners rate request is –1.3% and the 180‑day average is –0.1%, compared with a +7.6% increase a year ago. Reinsurance costs have fallen 1.56% in 2024 and 0.36% in 2025, and auto rate filings show a –6.5% average change for 2025, down from +4.3% in 2024 and +31.7% in 2023. Progressive disclosed it had set aside $950 million in policyholder credits, expecting to distribute refunds to roughly 2.7 million Florida auto policyholders.
Officials call for tax relief amid local spending concerns. Separately, Florida CFO Blaise Ingoglia accused the City of Miami of “wasteful spending,” noting that its budget has ballooned 44.29% since FY 2019‑2020 to about $1.2 billion. He said expenditures exceed what inflation and population growth would justify by over $94 million and equate to roughly $15,320 in new spending per new resident since 2020. Ingoglia urged city commissioners to cut the millage rate by 0.50, which he estimated would save about $251 per year on a $500,000 home. He framed the call as part of a broader push to translate insurance‑market gains into lower property taxes.
Broader insurance trends. The reforms have reduced frivolous property-claim litigation by 23% and contributed to the depopulation of Citizens Property Insurance Corporation as private carriers assume hundreds of thousands of policies. The My Safe Florida Home program continues to help homeowners harden properties with over 122,000 inspections and 63,000 grants approved since 2022.
About this report: This weekly summary highlights significant developments in Florida’s financial sector for wealth managers, insurers, policy leaders and consumers.
