Executive Summary
Fourteen private carriers have exited, become insolvent, or materially restricted new homeowners business in Florida since January 2022 — affecting an estimated 1.1 million policyholders and driving average statewide premiums to approximately $6,000/year in 2026, a 3.1× multiple over the U.S. average of $1,915. Citizens Property Insurance, Florida's state-backed insurer of last resort, peaked at 1.44 million active policies in 2023 and has since been reduced to approximately 870,000 through a mandatory depopulation program — but the private market remains thin, especially in southeast coastal counties.
The 2022–2023 legislative reforms (HB 837, SB 2A) have begun reducing litigation-driven losses, but reinsurance costs, post-Ian claim settlements, and roof-age restrictions continue to suppress the private market. This tracker consolidates publicly available OIR rate filings, NAIC complaint data, Demotech financial stability ratings, and carrier press releases into a single reference updated quarterly.
Carrier Exit and Non-Renewal Activity (2022–2026)
The table below covers every carrier that has exited, become insolvent, or announced material withdrawal from the Florida homeowners market since January 2022. Sources: Florida OIR, Demotech Financial Stability Ratings, carrier press releases, and Florida Department of Financial Services receivership records.
| Carrier | Action | Year | Est. Policies Affected | Primary Reason | Status |
|---|---|---|---|---|---|
| FedNat Holding Company | Insolvency / liquidation | 2022 | ~150,000 | Hurricane losses + reinsurance failure | Exited |
| United Property & Casualty Insurance | Insolvency / liquidation | 2023 | ~170,000 | Hurricane Ian losses + litigation | Exited |
| St. Johns Insurance Company | Insolvency / liquidation | 2022 | ~170,000 | Hurricane Ian + reinsurance non-renewal | Exited |
| Avatar Property & Casualty Insurance | Insolvency / liquidation | 2022 | ~10,000 | Hurricane losses | Exited |
| Weston Property & Casualty Insurance | Insolvency / liquidation | 2022 | ~25,000 | Reinsurance failure | Exited |
| Farmers Insurance | Voluntary market exit | 2023 | ~100,000 | Profitability — catastrophe exposure | Exited |
| Lexington Insurance (AIG subsidiary) | Voluntary market exit | 2022 | ~34,000 | Reinsurance costs + hurricane exposure | Exited |
| TypTap Insurance (Demotech downgrade) | Non-renewals — coastal | 2022–2023 | ~80,000 | Demotech downgrade; reinsurance constraints | Restricted |
| Heritage Insurance Holdings | Coastal non-renewals | 2022–2023 | ~50,000 | Hurricane exposure underwriting changes | Restricted |
| Bankers Insurance Group | Restricted new business | 2022–2024 | N/A | Reinsurance constraints | Restricted |
| Universal Property & Casualty | Non-renewals + rate increases | 2022–2024 | ~200,000 | Reinsurance + litigation loss ratios | Restricted |
| Citizens Property Insurance | Depopulation program | 2023–2026 | ~570,000 transferred | State-mandated reduction | Depopulating |
County Risk Tiers and Average Annual Premiums (2026)
Florida OIR rate filings and carrier quote surveys from March–April 2026. Premiums reflect a standard $300,000 dwelling with $30,000 personal property coverage, $100,000 liability, $1,000 deductible, and a standard 2% hurricane deductible.
| Risk Tier | Counties | Avg Annual Premium (2026) | Primary Risk Driver | Private Market Status |
|---|---|---|---|---|
| Tier 1 — Highest | Miami-Dade, Monroe, Broward, Palm Beach | $7,200–$9,400 | Southeast coast hurricane + litigation concentration | Thin — 4–6 carriers quoting |
| Tier 2 — High | Lee, Collier, Charlotte, Sarasota, Manatee | $5,800–$7,100 | Hurricane Ian ground zero — outstanding claims | Thin — 5–8 carriers quoting |
| Tier 3 — Elevated | Escambia, Okaloosa, Santa Rosa, Walton (Panhandle) | $4,200–$5,500 | Panhandle hurricane corridor | Moderate — 8–12 carriers |
| Tier 4 — Moderate | Hillsborough, Pinellas, Brevard, Volusia, Indian River | $3,800–$5,200 | Central coast; mixed hurricane + litigation exposure | Moderate — 10–15 carriers |
| Tier 5 — Lower | Alachua, Marion, Polk, Orange (inland), Lake, Osceola | $2,100–$3,400 | Inland — lower hurricane risk; litigation still present | Better — 15–20 carriers |
Citizens Insurance: Policy Count Trend (2019–2026)
Citizens Property Insurance Corporation has been the insurer of last resort for millions of Floridians priced out of or dropped by the private market. The policy count peaked at 1.44 million in Q4 2023. Since then, a mandatory depopulation program — requiring private carriers to make take-out offers meeting certain criteria — has reduced the book by approximately 570,000 policies. Data from Citizens Property Insurance Facts & Statistics.
| Year-End | Active Policies | YOY Change | Key Driver |
|---|---|---|---|
| 2019 | 435,000 | — | Baseline — private market functioning |
| 2020 | 590,000 | +36% | Pandemic disruption; carrier rate increases |
| 2021 | 895,000 | +52% | Carrier exits begin; AOB litigation surge |
| 2022 | 1,140,000 | +27% | Hurricane Ian; FedNat, St. Johns, Avatar insolvencies |
| 2023 | 1,440,000 | +26% | UPC insolvency; Farmers exit; peak market stress |
| 2024 | 1,020,000 | -29% | Depopulation program — 420,000 transferred out |
| 2026 (Q1) | ~870,000 | -15% est. | Ongoing depopulation; market gradual stabilization |
Florida vs. National Average Premium Trend (2019–2026)
Florida's premium divergence from the national average has widened each year since 2019. The ratio hit 3.1x in 2024–2026, driven primarily by reinsurance cost pass-throughs and post-Ian claim liability. Data: NAIC Home Insurance Report, III.org Homeowners Insurance Facts.
| Year | Florida Avg (Annual) | U.S. Avg (Annual) | FL / US Ratio | Note |
|---|---|---|---|---|
| 2019 | $1,988 | $1,272 | 1.6× | Pre-crisis baseline |
| 2020 | $2,084 | $1,312 | 1.6× | Pandemic-era stability |
| 2021 | $2,683 | $1,398 | 1.9× | AOB surge; carrier exits begin |
| 2022 | $3,489 | $1,544 | 2.3× | Hurricane Ian; five insolvencies |
| 2023 | $5,102 | $1,703 | 3.0× | Reinsurance pass-through peak |
| 2024 | $5,644 | $1,823 | 3.1× | HB 837 reform slowly taking effect |
| 2026 (est.) | ~$6,000 | ~$1,915 | 3.1× | Stabilizing; litigation reduction evident |
What the 2022–2023 Legislative Reforms Changed
Florida passed two major insurance reform packages in 2022 and 2023:
- SB 2A (2023): Eliminated one-way attorney fees in property insurance disputes, ended assignment of benefits (AOB) for homeowners insurance, and restricted bad-faith claims against insurers. This was the most consequential reform — the primary driver of Florida's litigation cost outlier was AOB abuse and one-way attorney fee shifting.
- HB 837 (2023): Reduced the statute of limitations for property insurance lawsuits from 5 years to 2 years. Eliminated the prevailing party attorney fee statute. Modified comparative negligence standards from pure comparative to modified comparative (50% bar).
Early indicators from Demotech-rated carriers show loss ratios improving in 2024–2025. However, the reinsurance market has not yet fully repriced Florida risk downward — reinsurers are cautious after the 2022 losses, and the benefit of reduced litigation typically takes 3–5 years to flow fully into premiums.
How to Find Coverage in High-Risk Counties
For homeowners in Tier 1–2 counties unable to find standard market coverage, the practical options in 2026 are:
- Citizens Property Insurance — Available to any homeowner who cannot find private coverage within 20% of Citizens' rates. Apply through a licensed Florida insurance agent. Note: Citizens has a mandatory roof-age policy; homes with roofs over 25 years old require an inspection.
- Surplus lines market — Non-admitted carriers operating outside standard market regulations. Higher premiums (typically 20–50% above admitted market), but available for properties that admitted carriers won't write. Surplus lines are not backed by the Florida Insurance Guaranty Association (FIGA), meaning if the insurer fails, policyholders are not protected.
- Roof replacement — The single highest-impact action for restoring insurability in the standard market. Most carriers require roofs under 15 years old; a new roof often reduces annual premiums by $800–$2,200 and dramatically expands the number of quoting carriers.
Frequently Asked Questions
Which insurance companies are leaving Florida in 2026?
The major exits since 2022 include FedNat Holding (insolvency, ~150,000 policies), United Property and Casualty (insolvency, ~170,000 policies), St. Johns Insurance (insolvency, ~170,000 policies), Farmers Insurance (voluntary exit, ~100,000 policies), and Lexington Insurance/AIG (~34,000 policies). Several remaining Demotech-rated carriers continue to restrict new business in high-risk coastal counties. No major new exits have been announced as of May 2026.
What is Citizens Insurance Florida and can anyone get it?
Citizens Property Insurance Corporation is Florida's state-backed insurer of last resort. Any Florida homeowner who cannot find private coverage at a rate within 20% of Citizens' rates is eligible. As of 2026, Citizens holds approximately 870,000 active policies — down from a peak of 1.44 million in 2023 due to the state-mandated depopulation program that has transferred roughly 570,000 policies to private carriers. Apply through any licensed Florida insurance agent.
Why is home insurance so expensive in Florida in 2026?
Florida home insurance averages ~$6,000/year in 2026 — 3.1× the national average. Three structural drivers: (1) hurricane reinsurance costs 40–60% above the national average due to catastrophic exposure, (2) post-Ian claims litigation from 2022 still affecting carrier loss ratios even with reform, and (3) roof age restrictions causing many older homes to be placed in surplus lines at premium pricing. The 2022–2023 legislative reforms are beginning to show results, but full market normalization is expected no earlier than 2027–2028.
Which Florida counties have the highest home insurance rates?
Miami-Dade, Monroe, Broward, and Palm Beach counties have the highest rates — averaging $7,200–$9,400/year for a standard $300K dwelling in 2026. Lee, Collier, Charlotte, and Sarasota counties (Hurricane Ian's direct impact zone) average $5,800–$7,100. Inland counties like Alachua, Marion, and Polk average $2,100–$3,400 — still above the national average but substantially lower than coastal markets.
When is the next update to this tracker?
This tracker is updated quarterly. The next update is scheduled for Q3 2026 (August) incorporating full-year 2025 OIR rate filing data and any carrier market activity through June 2026. Readers can check floir.com for real-time carrier bulletins.
Sources
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