Homeowners in Florida could begin to see reductions in their insurance premiums starting March 1, according to estimates from experts.

However, those who must renew their policy before that date will not receive the discount until next year.

"They still do not have the exact date, but we believe it will be effective on March 1, when property owners will start receiving those reductions," explained Dulce Suárez-Resnick, vice president of Agente Acentria Insurance. in statements to Telemundo 51.

Despite Governor Ron DeSantis' announcement, the reductions are modest compared to the increases of between 20% and 30% that have affected homeowners in recent years.

How much will the premiums decrease?

In Miami-Dade, 73% of Citizens policies will see a reduction of 6.3%, while in Broward, 50% of the policies will decrease by 4.5%.

However, these discounts may be lower due to the Inflation Guard, an automatic adjustment that increases policy coverage each year.

"Policies will always increase in coverage a little, it's almost always around 4 %", experts explain.

Therefore, a reduction of 6.5% could see a significant decrease.

In Broward, for example, "the reduction is 4.5%, so some homeowners may not notice a real savings, although they also will not face an increase," Suárez-Resnick noted.

Additional factors that affect insurance pricing

Another factor that will influence the rates is the arrival of new insurance companies in the state.

While their presence could stabilize the market in the long term, in the short term it could represent an increase in costs.

The insurers entering Florida come with an agreement to take on Citizens policies during the first year, but they may charge up to 20% more.

"They can charge up to 19.9% on the Citizens premium, and customers must accept it," specialists warn.

However, following the exit of 11 insurance companies in recent years, it is anticipated that by the end of March, 13 new insurers will be approved to offer policies in Florida.

"This tells us that the market is opening up to diversity and competition, which will eventually lead to a reduction in prices," concluded Suárez-Resnick.

After several years of sustained increases in property insurance costs in South Florida, homeowners will receive relief in 2025.

The governor, Ron DeSantis, announced that the rates of Citizens Property Insurance, the state insurer, will decrease for a large portion of its customers in the region.

Seventy-three percent of those insured by Citizens in Miami-Dade County will experience an average reduction of 6.3% in their rates.

In Broward, 50% of policyholders will see an average decrease of 4.5%.

Statewide, only 20% of those insured by Citizens will receive this relief, highlighting that South Florida will be the most benefited.

This is because Miami-Dade holds about 173,000 policies, becoming the epicenter of these adjustments.

Factors behind the reduction of rates

Governor DeSantis attributed this decline in rates to increased competition within Florida's insurance market.

In the last two years, 11 new companies have entered the sector, which has helped stabilize it after a critical period in which multiple insurers left the state due to the high number of claims and lawsuits.

The recent legislative reforms have played a key role in this improvement.

Among the measures taken, the elimination of fraud related to ceilings and restrictions to curb excessive litigation stand out.

These regulations have helped reduce the cost of policies and attract new insurers to the state.

Reactions from lawmakers

For state legislators, the reduction of fees represents the fulfillment of promises made in recent years.

The Speaker of the Florida House of Representatives, Danny Pérez, highlighted the positive impact of the reforms.

"We are seeing that the reforms are beginning to take effect. More companies are entering the market, and several insurers have notified the Office of Insurance Regulation (OIR) that they will be reducing premiums," stated Pérez.

The aim of these reforms is to build trust in the market, attract new insurance companies, and protect homeowners from disproportionate increases in their premiums.

Reduction in car insurance

The stabilization of the insurance market in Florida is not limited to property policies.

DeSantis also announced that three of the country's major auto insurers - Geico, State Farm, and Allstate - have requested to reduce their rates statewide.

The companies have submitted requests to reduce premiums by between 6% and 10%, which will benefit thousands of drivers in Florida.

With these changes, the state aims to consolidate a more stable and accessible insurance market for homeowners and drivers, following years of rising policy costs.