Florida insurance rates show signs of stabilizing—but many Southwest Floridians aren’t seeing relief

LEE COUNTY, Fla. (WINK) — Florida’s insurance market may finally be stabilizing, at least on paper.

New data from the Insurance Information Institute reveals Florida has seen fewer insurance lawsuits; more companies entering the market and signs that rates are leveling off statewide.

However, some homeowners in Southwest Florida say they're not seeing that relief.

“It’s expensive," William Rodgers, who lives on a canal in Southwest Florida, said. "It’s a lot of money."

WINK News obtained the data via email, which shows Florida's insurance market is improving.

“The trends we are seeing throughout Florida are very positive,”  Mark Friedlander with the Insurance Information Institute said. “Rates are declining for both homeowners' insurance and auto insurance.”

Data shows insurance-related lawsuits dropped 23% from 2023 to 2024, and another 25% in 2025. At the same time, nearly 20 new insurance companies have entered Florida’s market, increasing competition and stabilizing rates.

“Insurance agents are telling us they are re-quoting customers up to 40% less year-over-year,” Friedlander said. "That is in Southwest Florida."

But Rodgers says both his flood and homeowners' insurance costs have skyrocketed since Hurricane Ian.

“It went from about $1,800 a year, to now, it’s almost $6,000 — and that’s just structure,” Rodgers said on his flood insurance.

Rodgers said his reality doesn't match the data because rising costs have doubled his monthly housing expenses.

“Southwest Florida is considered one of the highest risk-areas of the state,” Friedlander said.

Friedlander said Hurricane Ian became one of the largest insured loss events in U.S. history, and insurers are still factoring that risk into current pricing.

“That’s going to have downward impacts for many years,” he said.

WINK News asked viewers about their insurance rates on Facebook and received mixed responses. Many commentors said they are still paying more, while others reported seeing lower rates — but only after switching insurance companies or shopping around for new policies.

“You’re not forced to keep your insurance policy,” Friedlander said. “Take the time to shop it.”

For years, Florida’s insurance system has faced intense strain.

Data from the Florida Office of Insurance Regulation and the National Association of Insurance Commissioners shows the state accounted for 72% of the nation’s insurance lawsuits in 2023, but only accounted for roughly 10% of all insurance claims filed nationwide during that same time.

Friedlander says that imbalance caused insurance costs to increase across the state. He points to repeated hurricane impacts along the Gulf Coast — including Hurricane Ian — as a major reason why the state is still considered high-risk.

Experts say while Florida’s insurance market is improving overall, high-risk areas, like Southwest Florida, may take longer to feel the benefits.

Friedlander recommends homeowners obtain three different quotes before committing to an insurance company.

As competition increases, some homeowners may find better rates, even if their current premium is going up.

Friedlander said homeowners should not assume they’re stuck with rising premiums.

"This is a great time to shop your coverage. Don't matter where you live, because the market has become extremely competitive," Friedlander said.