DAVIE, Fla. – Florida officials on Monday announced what they called historic rate reductions for policyholders of Citizens Property Insurance Corp., the state-run insurer of last resort.
Speaking at Broward College in Davie on Monday, Gov. Ron DeSantis, joined by Chief Financial Officer Blaise Ingoglia and Insurance Commissioner Mike Yaworsky, said Citizens policies have fallen from about 1.3 million to fewer than 400,000 as private insurers reentered the market and took on more customers.
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“The statewide average will be 8.7% reduction. Of those, over 150,000 will see their rights drop by more than 10%," said Gov. DeSantis.
DeSantis and Yaworsky attributed the shift to tort reforms enacted in 2022 and 2023 that curtailed attorney-fee incentives and aimed to reduce litigation tied to property claims. DeSantis said Florida previously accounted for about 8% of homeowners’ claims nationwide but nearly 80% of litigation expenses.
Officials also pointed to broader trends affecting premiums, including inflation, rising replacement costs, and major hurricanes. They said reinsurance costs — coverage insurers buy to protect against catastrophic losses — have stabilized and begun to decline.
On auto insurance, DeSantis said legal reforms have helped reduce costs for rideshare companies, such as Uber.
“They have seen lower costs in Florida than in the rest of the country over the years. And their fares are now six points lower than in 49 other states since March of 2025,” said DeSantis.