Homeowners insurance rates are dropping for tens of thousands of Floridians, and two of the four approved carriers cover coastal homeowners or write policies statewide through Hillsborough County agents.

Florida Insurance Commissioner Mike Yaworsky approved rate decreases for four companies Tuesday, according to a news release from the Office of Insurance Regulation. The cuts range from 3.2% to 10.4% and take effect when policyholders renew.

Four insurers approved for rate decreases

Vyrd Insurance Co., a St. Petersburg-based carrier founded in 2021 that writes homeowners policies statewide through independent agents, tied for the largest cut, a 10.4% decrease covering 26,751 policies. One Alliance North America Insurance Co. received the same 10.4% cut, affecting 17,148 policies.

Safe Harbor Insurance Co., a Florida-domiciled insurer that specifically covers coastal homeowners, received approval for a 4.1% decrease on 10,501 policies. Unique Insurance Co. rounds out the list with a 3.2% cut on 8,266 policies.

What the cuts mean for South Shore homeowners

For South Shore homeowners, the timing matters. Insurance premiums have become a growing share of monthly housing costs in the Apollo Beach and Ruskin area. A Southshore Circle newsletter published Aug. 29 noted that two homes with nearly identical listing prices can carry very different monthly payments once insurance, property taxes and community fees are added.

Rates reverse after years of increases

The approved cuts follow years of increases. In July 2022, the average approved homeowners rate change in Florida was a 15.33% increase, according to the OIR. The 30-day average rate request is now a 4.8% decrease, compared with a 1.1% decrease a year ago and a 5.2% increase five years ago.

Florida was the only state to post a rate decrease in 2025, according to an S&P Global report cited by the OIR. The state's rates fell 0.92%, while the national weighted average rose 5.5%.

Yaworsky said in the release that he expects more aggressive rate cuts heading into 2027. The office is reviewing additional decrease requests and plans to speed up its review process, he said. A separate flood insurance rate filing requesting no increase is also pending.

Since January 2024, 48 companies have filed for rate decreases and 53 have requested no change, according to the OIR.

Policyholders at the four approved companies will see the new rates at their next renewal. The OIR is still reviewing decrease requests from other carriers, with proposed cuts ranging from 0.3% to 19.7%.