2 years since Florida insurance reforms, the impact appears to have benefited consumers

Businessman holding and giving insurance and assurance icon including family health real estate car and financial for risk management concept.

It’s been two years since there were major reforms to Florida’s insurance regulations, and the Florida Chamber of Commerce says the updates have brought some stability to the industry.

The Consumer Protection Coalition released a report saying the rates of increase in insurance premiums for property and auto owners are dropping. The organization is advising state lawmakers to allow those changes to continue.

“The facts are crystal clear — insurance rates are stabilizing or dropping for Floridians,” said Mark Wilson, President and CEO of the Florida Chamber. “We cannot go backwards to the days when meritless litigation led to higher bills for hard-working Floridians.”

The Consumer Protection Coalition analysis shows that since Gov. Ron DeSantis signed legislation in March 2023, which eliminated risk-free litigation and other elements regarding legal battles surrounding insurance claims, there have been positive trends in prices.

According to the review, Florida had the lowest average homeowner premium increases in America last year, at 1%. That’s well below other states, where some had premium jumps as high as 22%. That’s about the level of increases Florida saw before the new law was approved two years ago.

The rate of increase in auto insurance rates has also dropped, falling from about 22% hikes in 2023 to a 0.8% rise in 2025.

And regulators in Florida have enforced more penalties on behalf of residents. The Office of Insurance Regulation has issued about $3 million in fines against insurers who have engaged in misconduct in the two years since reforms.

Insurance companies are embracing many of the reforms.

“We appreciate the legislative and regulatory reforms, which we believe have stabilized Florida’s marketplace, inspiring our conviction to bring new capital, capacity and expertise to help homeowners meet their property insurance needs,” said Stephen Weinstein, CEO of Mangrove Property Insurance Co.

“Assuming a continuation of a stable legal and regulatory framework in the future, together we can help Florida’s residents better manage the volatility of hurricanes and other hazards, strengthen their homes, and foster stronger, more sustainable communities.”