Insurance has been Florida's hidden mortgage payment for years. Falling premiums quietly hand buying power back, and this is the first broad relief we've seen in a while.
There's finally some relief on the line item that's been quietly wrecking Florida budgets. Per the Governor's office, Citizens Property Insurance filed a statewide average personal-lines rate reduction of 8.7%, effective at renewals starting in June 2026. Reportedly, more than 330,000 policyholders across all 67 counties see decreases, and 150,000-plus get cuts of 10% or more. In South Florida, including Miami-Dade and Broward, reductions reportedly run up to 14%.
The backdrop, per the Governor's office, is that Citizens policies in force fell to about 395,144, down roughly 50% year over year and the lowest in 14 years, credited to litigation reform. Separately, Insurance Journal reported on June 30 that Florida insurers achieved 15% to 25% reinsurance-cost reductions at the June 1 renewals after a hurricane-free 2025.
I want to be careful here, because these are filed reductions reported at a high level, and your actual number depends on your property, your coverage and your carrier. Not everyone is on Citizens, and a filing is not the same as the exact figure that lands on your renewal. Verify your own quote before you count on it.
My read: for years, insurance has functioned as a hidden second mortgage payment in Florida, and it's quietly priced buyers out of homes the sticker never explained. When premiums fall, buying power comes back without prices moving at all. If you shelved a Miami purchase because the insurance quote blew up your budget, this is a real reason to re-run the numbers. A lower premium plus the recent dip in rates can change what you qualify for and what you're comfortable carrying. Get a fresh insurance quote before you write off a house you loved.
Insurance and rates both moved. Plug in the new numbers and see what your true monthly cost looks like now, taxes and premium included.
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