What does the state say drives Florida premiums?
OIR's July 2026 Property Insurance Stability Report calls Florida the most catastrophe-prone state in the U.S., with 8,436 miles of shoreline. To spread that risk, Florida insurers buy reinsurance on the global market, and OIR notes the state's domestic insurers are especially reliant on it and sensitive to hardening reinsurance conditions. When reinsurance is expensive, that cost flows into premiums.
Litigation is the other major factor OIR tracks. Using national market-conduct data, OIR reports Florida accounted for 12.33% of U.S. homeowners claims opened in 2024 but 73.15% of homeowners lawsuits; preliminary 2025 figures show that share falling to 41.29%. The Legislature passed reforms aimed at that problem between 2019 and 2023, including SB 76, SB 2-A and HB 837.
The Department of Financial Services (DFS) adds that hurricanes have caused tens of billions of dollars in insured damage and that predictions of more catastrophic storms have pushed premiums up.[1][3]
What are average premiums in Broward and Palm Beach?
OIR publishes county averages from insurer data. As of March 31, 2026:
- Broward County homeowners policies including wind: $6,136 average ($3,008 for policies that exclude wind)
- Palm Beach County homeowners policies including wind: $6,323 average ($3,175 excluding wind)
- Condo unit-owner policies including wind: $1,816 in Broward and $2,311 in Palm Beach[1]
What affects the price of your own policy?
These are averages; OIR notes actual premiums vary with the company, insured value, deductibles and policy terms. The Consumer Financial Protection Bureau (CFPB) lists the main cost factors as the disaster risk of the location, property characteristics (size, condition, roof type, electrical system, year built, building code and mitigation features), your deductible, and prior claims on you or the property.
Florida law requires residential rate filings to separate the hurricane portion of the premium from all other coverages, and your premium notice must show both. Insurers must also include discounts for documented wind-resistant features, which is why a wind mitigation inspection and your hurricane deductible choice can change what you pay.[1][2][4]
Are rates coming down?
OIR reports that 2024 rate filings showed a slight downward trend for the first time in years and that the trend continued through 2025 and into 2026. For residential policies effective in 2024 or later, 44 companies requested a rate decrease and 48 requested no change, and 21 new companies have been approved to write residential property policies since the reforms. Market conditions shift, so compare current quotes through a licensed insurance agent rather than relying on averages.[1]
Key takeaways
- OIR identifies hurricane exposure, reinsurance costs and claims litigation as core drivers of Florida premiums.
- As of March 31, 2026, OIR's average homeowners premium including wind was $6,136 in Broward and $6,323 in Palm Beach County.
- Your own premium depends on location, roof, year built, mitigation features, deductible and claims history.
- Florida requires a separate hurricane premium component and discounts for documented wind-mitigation features.
- OIR reports a downward rate-filing trend since 2024, so get fresh quotes from a licensed agent.
Sources
- [1]Florida Office of Insurance Regulation — Property Insurance Stability Report, July 1, 2026
- [2]Consumer Financial Protection Bureau — Shop for homeowner's insurance
- [3]Florida Department of Financial Services — Premium Discounts for Hurricane Loss Mitigation: A Guide for Consumers (July 2026)
- [4]Florida Statutes (2026) — s. 627.0629, Residential property insurance; rate filings
Reviewed October 11, 2026. General real-estate information for Florida, not legal, tax, lending or insurance advice. Laws, rates and deadlines change — confirm property-specific facts with the agency cited, a Florida real-estate attorney, CPA or licensed insurance agent.