Florida Peninsula Insurance, one of the largest property insurers in Florida, is decreasing rates by 8%, Gov. Ron DeSantis said.

Governor Ron DeSantis announced Monday that Florida homeowners with Citizens Property Insurance will receive significant premium reductions when their policies renew beginning in spring 2026.

Encouraged by the new rules, 17 new insurers have set up shop in Florida and many of them are signing up new policyholders who had no choice but Citizens before this. Citizens has shed more than 1 million policies from its October 2023 peak of 1.4 million policies as new companies have absorbed former Citizens' policyholders.

The governor says the average Citizens policyholder could see a nearly 9% cut. The announcement comes after Citizens slashed hundreds of policies last year. Democrats argue the market is still fragile

Property tax is not the burden to which you should be paying attention. Property insurance has been, and remains, the problem you should be addressing. Thus far, under your administration, insurance companies have profited, and Florida citizens have funded those profits.

Property insurance costs are higher than ever, despite some incremental rate cuts over the last year as the Florida insurance market made a dramatic recovery.