Lisa Miller & Associates announced that Florida homeowners insurance rates continued to decline in 2024, marking the first net industry average decrease in two years. The announcement was made in a report on March 24.
According to the Florida Office of Insurance Regulation’s fourth quarter 2024 Quarterly and Supplemental Reporting (QUASR) report, there has been a shift in the insurance market following legislative reforms passed in 2022 and 2023. These reforms aimed to reduce litigation abuse and stabilize the reinsurance market. The South Florida Sun Sentinel reported that these changes enabled 17 insurers to file for rate decreases and 34 to file for no change.
Insurance Commissioner Michael Yaworsky informed Florida lawmakers in March 2024 that the market is responding positively to the reforms, with consumer rates beginning to reflect underlying cost reductions. According to the South Florida Sun Sentinel, Yaworsky cited reduced litigation, more stable reinsurance pricing, and a drop in fraudulent claims as indicators of progress. He emphasized that any reversal of the reforms could risk undoing this recovery.
Statewide data from the QUASR report indicated that the average premium for multiperil homeowners insurance fell from $3,668 to $3,644 between Q3 and Q4 of 2024. Condominium unit insurance experienced its first average premium decline, down 1.7% from $1,737 to $1,707. This was accompanied by a second consecutive quarterly drop for condo association coverage, down another 2.5% after a 3% decline the prior quarter.
Lisa Miller & Associates is a Florida-based government affairs and strategic consulting firm specializing in insurance policy, disaster recovery, and resilience planning. The firm provides regulatory analysis and advocacy services for clients across both public and private sectors. Lisa Miller, a former Florida Deputy Insurance Commissioner, is recognized for her thought leadership on insurance market reforms and regulatory strategy.
