Florida Homeowners Insurance Market Shows Signs of Stabilization in October 2026

The Florida property insurance landscape is undergoing a notable transformation as of October 2026. Citizens Property Insurance Corporation, which previously served as the state's insurer of last resort for over 1.4 million policies at its peak in 2023, has seen its policy count drop to approximately 254,413 as of October 9, 2026.

This shift is accompanied by a more competitive private market. The Florida Office of Insurance Regulation has reported that numerous private carriers are now filing for rate decreases rather than the double-digit hikes that characterized the previous few years. Notably, several insurers have received approval for rate reductions, with some carriers implementing decreases exceeding 10% for certain policyholders.

For landlords, this stabilization is a critical development. While premiums remain high compared to national averages, the influx of new companies approved to write residential property coverage since recent legislative reforms suggests a healthier, more balanced market. Property owners are encouraged to monitor these filings closely as the state continues to move away from its reliance on the state-backed insurer.