Some Florida homeowners see relief as competitive insurance market lowers rates

PENSACOLA, Fla. -- Policyholders in Florida are starting to see more protection for their homes and some relief in their pockets. Experts say a growing market for insurance policies is becoming more competitive, creating lower rates for customers.

The stabilized market stems from insurance reforms at the state level. Not everyone will reap the benefits of lower rates. The great state of Florida surrounded by the Atlantic and the Gulf, making it a higher risk for property owners.

"Over the last five years, the competition for insurance carriers had dwindled so much that you were just doing good to get whatever policy you could get," said Mary Jordan, owner of Gulf Coast Insurance.

The high risk could mean an even higher reward for policy holders. Since 2023, 14 new insurance companies started offering policies in Florida. Jordan says more options mean potentially lower rates for customers.

"Just yesterday, I quoted a home for a customer of ours, and they are currently paying about $4,700 with their current carrier that they had," Jordan said. "We re quoted it and added flood insurance. And between the flood and their the new policy, the insurance came in at about $2,700 or so with flood."

Stories like these are happening statewide.

"In fact, some are claiming 20 to 50% less," said Mark Friedlander with Insurance Information Institute. "So that's a major change and something we didn't expect to see in Florida so soon after their legislative reform."

Friedlander says rates have been going down for the last year and he expects the trend to continue.

"Now is the time to jump in and say, 'I want to get some quotes and see if I could do better,'" Friedlander said.

Friedlander says for some people rates may not change.

"Not every consumer is going to see positive news depending on where you live, the type of construction, individual rating factors -- like your claims history," said Friedlander. "Your credit history insurers look at all that."

Friedlander says if you take the time to shop -- chances are you could get a better rate.

"At this point now, we're seeing that light that we talk about that's really at the end of the tunnel," Jordan said.