Newly posted data from Florida regulators show that, in the last three years, the number of property insurance policies in the state has risen only slightly while direct premium written and average premiums have climbed significantly.
The first-quarter 2025 data from the Florida Office of Insurance Regulation, when compared to the last quarter of 2022 – the period just before state lawmakers approved far-reaching statutory changes – gives a snapshot of the market and what has changed since the litigation-limiting reforms were enacted.
The data includes personal residential and commercial residential lines. The personal residential policies listed include all types, such as condominium unit, mobile home, dwelling-fire, and renters’ insurance, OIR noted. Here are some highlights as analyzed by Insurance Journal and veterans of the Florida insurance industry:
- Overall, the number of policies in force climbed to almost 7.6 million. That’s only about a 4% increase from Q4 2022. By comparison, Florida’s population has increased about 3% in that time, but the number of homes in the state grew by double digits, according to the U.S. Census, the Federal Reserve, and other sources.
- Total direct premium written climbed to about $23 billion, almost a 40% increase since 2022.
- Dividing total premium by policies in force shows the average premium reached $3,023 this year, a 34% increase from Q4 2022. To compare: Nationally, prices for all goods and services rose about 8% in that time frame.
- Among the 30 insurers with the highest policy counts, the average premium increases ranged from a low of 2.5% for ASI Preferred Insurance to highs of 53% for Olympus Insurance, 65% for Heritage Property & Casualty Insurance, and 80% for Homesite Insurance.
- Averages can be skewed by a few outlying numbers, types of properties covered, and other factors. But the raw OIR data gives a general indication of trends. The report shows that average annual premiums for the top 30 carriers, excluding those that write mostly tenants’ insurance, ranged from a low of $1,685 for American Traditions Insurance and $1,973 for American Strategic Insurance Corp., to a high of about $5,600 for Olympus and for TypTap Insurance.
- Some insurers shed policies while others added, partly through takeouts of Citizens Property Insurance Corp. policies and through assumptions of policies left behind by a few insolvent carriers. Slide Insurance has grown more than any other carrier, with a 254% increase in policies in force since 2022, followed by Florida Peninsula Insurance, with 111% growth in policies.
- Citizens has depopulated significantly in the 30-month period, dropping more than 25% of its policies and trimming its direct premium written by some 13%, the data show. Citizens also raised its rates about 18% during the time frame, as allowed by statute and OIR.
The database included all personal lines policies, but was not broken down by policy type. That’s why American Bankers Insurance Company of Florida, and American Modern Home Insurance, which write heavily in renters’ coverage, both reported average annual premiums of less than $205.
