MIAMI, Fla. – During a news conference Wednesday, Gov. Ron DeSantis announced rate decreases on home and auto insurance policies will be coming soon for some Floridians.
DeSantis said Citizens Property Insurance will soon announce that 73% of Miami-Dade primary homeowners will receive a premium decrease in 2025. Plus, he said some major auto insurance companies will be providing premium decreases for all Floridians.
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Governor DeSantis Provides Announcement on Premium Relief for Home and Auto Insurance Policies https://t.co/z2Hc0Ucqat
— Ron DeSantis (@GovRonDeSantis) February 5, 2025
RELATED | Private insurers approved to take more Citizens Property Insurance policies in 2025
The auto insurance companies that have announced premium decreases so far include:
- GEICO: 10.5% decrease statewide
- Progressive: 8.1% decrease statewide
- State Farm: 6% decrease statewide
DeSantis said while most of the home premium decreases will apply to South Florida homeowners, an overall decrease will be merited for over 20% of Citizens policyholders statewide.
“We can’t control storms, we can’t control inflation nationwide. There’s a lot of things that are beyond our control, but providing a solid marketplace is one,” DeSantis said.
Gov. DeSantis announced that Florida now has 7.58 million active insurance policies, marking an increase of over 130,000 in the past year. This growth is bolstered by the entry or expansion of 11 insurance companies in the Florida market. Additionally, DeSantis said that Florida has the lowest average premium rate increase in the nation, with an average statewide rate hike of just 1%, a stark contrast to other states where premiums have surged by more than 20%.