Lately, we’ve been hearing the same tired narrative: “Insurance rates in Florida are still out of control.” And while we understand the frustration—especially after years of steep increases—we’re here to tell you that’s no longer the full story.
Here’s the truth: rates are coming down.
Thanks to the tort reform measures Florida passed in 2022 and 2023, we are finally seeing the first signs of relief.
17 carriers have filed rate decreases 34 carriers have filed no rate increases 11 new carriers have entered the Florida market
These aren’t hypotheticals—these are real filings from real companies that are finally able to offer more competitive pricing due to improved market conditions.
Why Don’t You Feel It Yet?
We get it. You might not have seen your own renewal drop just yet. Here’s why:
It takes time. Insurers file rate changes in advance, and they must be approved by regulators before going into effect. The positive effects are just beginning to roll out.
Location matters. Certain areas—especially high-risk coastal zones—may take longer to see reductions due to past storm activity and higher rebuilding costs.
Claim history and property condition still impact your individual rate, even in a softening market.
But make no mistake—this is the first meaningful market improvement we’ve seen in years, and it’s a direct result of reforms designed to reduce frivolous lawsuits and encourage more insurers to do business here.
Our Promise: Keep Fighting for You
At Ricci Insurance Group, we don’t just watch the market—we help shape it. We were in Tallahassee this month advocating to keep these reforms in place, because we know firsthand how much they matter to the families and business owners we serve.
We’ll continue to push for responsible legislation, more competition, and fair pricing. And we’ll keep educating our clients and community so you can see through the noise and misinformation.
Better days are ahead—and they’re already beginning.
