Citizens Property Insurance Corporation, Florida’s state-backed insurer created to provide coverage when private options are unavailable, announced Wednesday that its Board of Governors has approved proposed 2026 rates that would lower average premiums for personal lines customers for the first time since 2015, reflecting how recent legislative changes have strengthened the state’s property insurance landscape.
The proposal recommends an average statewide premium drop of 2.6% for personal lines. About three out of five Citizens customers would see an average cut of 11.5%, or roughly $359.
“Critical reforms championed by Gov. DeSantis and approved by the Florida Legislature have done what they were supposed to do: provide rate relief to policyholders and stability to the Florida market,” said Tim Cerio, Citizens President/CEO and Executive Director. “These 2026 rate proposals are further confirmation that Florida’s insurance market is thriving.”
Citizens’ policy count reached 1.42 million in October 2023. By the end of 2025, that number is expected to fall to about 385,000 — a 73% reduction from the peak and the lowest total since the organisation was formed in 2002.
Following legislative reforms that reduced unnecessary lawsuits and strengthened oversight, 17 new insurance carriers have entered the Florida market, and Citizens is no longer the state’s largest property insurer.
In 2025, the Citizens Depopulation Program shifted more than 546,000 policies to private insurers approved by the Florida Office of Insurance Regulation (OIR).
“Thanks to the Governor’s leadership and the Legislature’s actions, I can say unequivocally that Citizens has returned to its proper role as Florida’s insurer of last resort,” Cerio added. “It’s important now for us to stay the course and resist any effort to roll back the critical reforms responsible for this success.”
The approved rate recommendations will now be submitted to the OIR. After a public hearing, the regulator will evaluate the proposal, make any needed adjustments, and issue final orders for Citizens’ 2026 rates, scheduled to take effect June 1, 2026.
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