The Florida Office of Insurance Regulation (OIR) announced this Thursday that more than 824,300 homeowners in the state will see reduced rates on their homeowner policies during new policies or renewals in October, with discounts reaching up to 12.1%.
The announcement was made jointly by Insurance Commissioner Mike Yaworsky and State Chief Financial Officer Blaise Ingoglia, who highlighted the approved rate reductions that took effect this month.
According to the official chart published by the OIR, four companies lead the reductions for October: Cypress applies the largest cut, with an average of -12.1% for about 64,300 insured individuals, effective from October 1; Castle Key Indemnity reduces by -12% for 51,580 clients starting October 11; Universal P&C decreases by -5% for approximately 512,000 insured individuals from October 16; and Olympus implements a -0.1% reduction for 66,800 clients as of October 31.
In addition to these four, the OIR reminded that as of August, there are already reductions in American Integrity Insurance —two approved requests: -0.3% for 184,000 policyholders and -12.3% for 8,900— and in Florida Family Home Insurance, with a -8% for 20,700 policies.
It is essential for property owners to keep in mind that these figures are state averages, not guaranteed uniform discounts. The actual savings on each bill depend on the county, the characteristics of the property, the coverage selected, and the policy renewal date. It is advisable to review the renewal notice or consult directly with the insurance agent.
"I am pleased to highlight further rate reductions for Florida homeowners, with the latest and largest set taking effect for new clients or renewals this October. The OIR is working diligently to review all these requests and, in some cases, urging companies to implement greater reductions if our actuaries determine they are capable of doing so," stated Yaworsky.
For his part, Ingoglia emphasized that "these rate reductions are a positive proof of the favorable changes in the Florida insurance market since our historic reforms of civil liability."
The trend doesn't stop there. The OIR reported that it has multiple pending applications that will come into effect in November and December 2026, as well as in January 2027, which will benefit an additional 450,000 Floridians.
The context is relevant: since January 2024, 48 companies have submitted requests for rate reductions and 53 have requested to keep them unchanged. The average approved rate for homeowners' insurance decreased from +15.33% in July 2022 to -4.81% in June 2026, reflecting legislative reforms that have curbed abusive litigation in the state.
On Wednesday, two additional insurers had already announced reductions: Security First Insurance reduced the HO6 condominium insurance by 7.3% for over 20,000 insured individuals, and Mangrove Property Insurance applied a 5.6% decrease in HO3 policies.
"We're not going to take our foot off the gas, and we plan to announce more discounts in the coming two months and into the new year," promised Commissioner Yaworsky.
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