Governor Ron DeSantis, joined by Insurance Commissioner Michael Yaworsky, announced Wednesday that Florida’s recent insurance reforms are leading to significant consumer savings, highlighted by Progressive’s planned refund of nearly $1 billion to Florida auto policyholders.
The announcement, made in Sarasota, emphasized that the state’s historic tort and insurance reform efforts are driving down rates, attracting new insurers, and reducing costly litigation in both the auto and homeowners’ markets.
Auto Insurance Savings and Refunds
Thanks to improved market conditions and reduced losses, Florida’s top five auto insurers are now averaging over a 6% rate reduction. Progressive, one of the state’s largest auto writers, is slated to issue approximately $950 million in credits to an estimated 2.7 million personal auto policyholders active as of December 31, 2025.
“Florida’s insurance market is stabilizing with decreasing auto and home insurance rates, and frivolous litigation is declining,” said Governor DeSantis. “We’ve secured nearly $1 billion in credits for Progressive auto policyholders – and the other carriers are expected to follow suit soon.”
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Insurance Commissioner Mike Yaworsky confirmed that the Office of Insurance Regulation (OIR) is actively ensuring that insurance companies comply with state law, which mandates that auto insurers return “excess profits” to policyholders.
“Companies must act in the best financial interest of Florida consumers—please know that OIR is fully aware of the books, and we are watching,” Yaworsky stated.
Homeowners Market Stability
The reform success extends to the property insurance sector, which has seen record growth and stability:
- Seventeen new insurance companies have entered the marketplace, backed by over $574 million in policyholder surplus.
- 33 companies have filed for rate decreases since January 2024.
- The 30-day average for homeowner rate filings is now -1.3%, a substantial drop from -0.1% a year ago.
- Florida had the lowest average homeowners rate increase in the nation in 2024—just one percent—while 33 other states saw double-digit increases.
- Reinsurance costs, a major factor in premiums, have also continued to decline.
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Decline in Litigation and Market Confidence
The Governor credited the tort reforms with a “dramatically improved” legal climate. Frivolous property claim litigation has declined sharply, down 25% in the first half of 2025 compared to the same period in 2024. Overall insurance litigation filings fell 23% year-over-year from 2023 to 2024.
This renewed industry confidence is also visible in the depopulation of Citizens Property Insurance Corporation, the state’s insurer of last resort. More than 694,000 policies have transitioned back to the private market in 2024 and 2025, signaling a clear shift of risk.
“It’s a good day when the insurance companies are the ones sending the checks to the policyholders instead of receiving checks from policyholders,” said Chief Financial Officer Blaise Ingoglia.
The Governor also announced continued investments in the My Safe Florida Home program for 2026, which provides grants for homeowners to harden their properties against storm damage and further lower premiums.
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