Florida Homeowners Rates Are Finally Falling — But Does Your Renewal Actually Drop?

By Justin Bryan · November 5, 2026 · Home Insurance

After years of double-digit increases, Florida homeowners finally got some good news. On October 29, the Florida Office of Insurance Regulation (OIR) announced that more than 824,300 homeowners received rate decreases on new policies or renewals effective in October — including decreases of up to 12.1%. If you own a home in St. Petersburg, Tampa, Clearwater, Wesley Chapel, or Sarasota, that headline probably raised the obvious question: when my renewal shows up, does my bill actually go down? Here's what the announcement really says, and how to read your renewal when it lands.

What the state actually announced

The numbers come straight from OIR's October 29 release (linked in Sources below):

• Over 824,300 Florida homeowners received rate decreases on new policies or renewals effective in October, with decreases up to -12.1%.
• Since January 2024, 48 companies have filed for a rate decrease, and 53 more requested no change or a 0% increase — meaning more than 100 carriers have held the line or cut rates in under two years.
• About 450,000 more Floridians will receive decreases from filings taking effect in November, December, and January, with more requests still under review.

The release also names decreases already in effect from filings made in August: American Integrity filed two — a -0.3% decrease covering about 184,000 customers and a -12.3% decrease covering about 8,900 — and Florida Family Home filed a -8% decrease covering about 20,700 customers. OIR credits the turnaround largely to Florida's 2022–2023 litigation reforms, which cut the lawsuit volume that had been driving premiums up for years.

Why an average decrease is not a promise to your household

Here's the part the headlines skip: a filed rate decrease is an average across a company's whole book of policies, not a discount applied to every customer. Your individual renewal is still priced on your home — its age, roof, construction, distance to the coast, claims history, and the cost to rebuild it. Two neighbors on the same street in Largo or Land O' Lakes can get very different renewals from the same carrier in the same month. Your premium can also be pulled upward by things that have nothing to do with the rate filing: if your home's replacement-cost estimate rose (and rebuild costs have), the higher coverage amount costs more even at a lower rate. So a smaller increase than last year — or even a flat renewal — can still mean the decrease reached you. The honest way to judge it is line by line, which brings us to the checklist.

One decrease that is guaranteed: the FIGA line is gone

Separate from the rate filings, there's one reduction that applies across the board. Since October 2023, Florida property policies have carried a 1% emergency assessment from the Florida Insurance Guaranty Association (FIGA) — the state safety net that pays claims when an insurer goes insolvent. That assessment, originally scheduled to run through 2028, ended early: FIGA's own site confirms it is not collected on any policy with an effective date of October 1, 2026 or later. It's only 1%, but it comes off automatically — and it's the easiest thing to verify on your paperwork. If your renewal takes effect on or after October 1, 2026 and a FIGA assessment line still shows on your declarations page, that's worth a phone call.

Your Tampa Bay renewal checklist

When the renewel packet arrives — whether you're in Pinellas, Hillsborough, Pasco, or Sarasota County — spend five minutes on these before you pay it:

• Compare the total premium to last year, at the same coverage. If your agent or carrier changed limits or deductibles, the comparison is meaningless until you line the two years up side by side.
• Check for the FIGA line. On renewals effective October 1, 2026 or later, the 1% emergency assessment should be gone (see above).
• Look at your dwelling limit (Coverage A). Did it keep pace with rebuild costs? A premium that "dropped" because your coverage quietly fell behind is not a win — it's a gap you'd discover after a fire or storm.
• Know your hurricane deductible in dollars, not just percent. Florida hurricane deductibles are usually a percentage of the dwelling limit — 2% on a $400,000 home is $8,000 out of your pocket before the policy pays. Raising that percentage to chase a lower premium is the most expensive way to "save."
• Make sure your credits are still there. Wind-mitigation credits for roof shape, roof-to-wall connections, and opening protection can be worth real money, and they can fall off after a roof replacement or a carrier change. If you've never had a wind mitigation inspection, ask about one.
• Compare before you renew. With over 100 carriers cutting or holding rates, your current company's offer is no longer the only realistic option the way it felt in 2023. An independent agent can price the same coverage across several carriers.

Don't chase the lower number by cutting coverage

The temptation, after years of increases, is to grab the cheapest renewal by trimming the policy itself — lower dwelling limit, higher hurricane deductible, dropping water-damage or replacement-cost endorsements. That's how a "savings" turns into a five-figure surprise after a claim. The decreases OIR announced are rate decreases: the same coverage for less money. Take those. If your renewal didn't drop, the better move is usually to shop the same coverage to other carriers, not to shrink the coverage until the price fits. And remember that none of this touches flood: homeowners insurance still excludes flood damage, and falling home rates don't change that — our Florida flood insurance explainer covers what a seperate flood policy does and doesn't do.

The bottom line for Tampa Bay

The direction has genuinely changed: 824,300 October decreases, roughly 450,000 more coming through January, and the 1% FIGA assessment gone for good measure. From Dunedin and Palm Harbor to Brandon, Riverview, New Port Richey, and North Port, most homeowners renewing this winter should see relief of some size — but "some size" is doing a lot of work in that sentence, and the only way to know your number is to read your declarations page against last year's. If your renewal went up while the state's announcements say down, or you just want a second set of eyes on the checklist above, use the form below — we'll compare your current coverage across carriers and tell you plainly whether your renewal is fair.

Sources

• Florida Office of Insurance Regulation — Commissioner Yaworsky and CFO Ingoglia Highlight Major Rate Decreases for Homeowners (Oct 29, 2026) — 824,300+ homeowners with October decreases up to -12.1%; 48 companies filed decreases and 53 requested 0% since January 2024; ~450,000 more decreases effective November–January; American Integrity and Florida Family Home filings already in effect
• Florida Insurance Guaranty Association — Assessments — the 1% emergency assessment (2023A) is discontinued effective September 30, 2026 and is not collected on policies with an effective date of October 1, 2026 or later

This post is general information about Florida insurance, not advice about any specific claim or policy.