Full story in Axios

By Yacob Reyes

Florida home insurers collected more premiums than claims and expenses paid in 2024 — a rare occurrence, and even more so after three hurricanes struck the state that year.

• That’s according to new data from the state Office of Insurance Regulation.

Why it matters: Florida homeowners still face among the highest premiums in the nation, at an average of $3,815 per year.

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The latest: There are now signs of improvement, however modest.

• S&P Global found that Florida had the smallest increase (about 1%) in insurance premiums across the nation in 2024 and ranked it ninth overall for average home insurance cost that year.
• Dozens of new insurers have entered the market. All the while, the bloated state-run insurer offloaded tens of thousands of policies to the private sector, with some consumers now paying less.
• And last year, for the first time since 2015, home insurers raked in more than they paid out.

What they’re saying: “This is great news for consumers,” says Mark Friedlander of the Insurance Information Institute.

• “Florida’s always going to be above the national average because it’s a high-risk state,” he tells Axios. “But the market is improving.”

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What’s next: Florida Peninsula Insurance, among the state’s largest home insurers, requested a statewide decrease of 8.4% in its homeowners’ premiums last week, per WFLA.

• The state Office of Insurance Regulation must approve the rate change for it to take effect. If it goes through, policyholders could see their premiums decrease this year.