Homeowner insurance costs fell by 0.7% in fourth quarter of 2024
Homeowner insurance costs fell by 0.7% between the third and fourth quarters of 2024, a result of declining rates that insurance officials in Florida have been touting for the past several months as signs that the market is returning to health.
The decline in costs of multiperil insurance for owners of single-family houses — from an average premium of $3,668 to $3,644 — marks the first time that costs have dropped since the Office of Insurance Regulation began releasing quarterly Residential Market Share Reports in mid-2022.
Average premium costs are revealed by dividing the total premiums by the number of policyholders reported by companies.
Stacey Giulianti, chief legal officer for Florida Peninsula Insurance, which saw a 3.9% decline in average homeowner premiums, said the result reflects recent reforms that the Florida Legislature enacted to reduce costs resulting from runaway litigation.
“As experts have been predicting for the last few years, the strong actions of the Florida Legislature and governor to decrease frivolous litigation are starting to show solid reductions in personal residential insurance rates,” Giulianti said. “This pro-consumer trend will continue, unless the Legislature makes the big mistake of reversing it in the current session.”
