If you’ve lived in Florida for any length of time, you know that finding affordable, reliable homeowners insurance has been one of the biggest challenges for property owners. Between hurricanes, rising construction costs, and a few insurance companies leaving the state, it’s been a tough few years.
But here’s the good news: the tide is finally turning — and the changes are starting to make a real difference for homeowners and buyers right here in Naples.
More Insurance Companies Are Coming Back to Florida
In just the past year, Florida’s insurance regulators have approved 17 new companies to start writing policies here. That’s a big deal — it means more competition, more choices, and, over time, more stability.
Some of the latest arrivals include Stand Insurance Exchange, Praxis Reciprocal Exchange, and Viceroy Preferred Insurance. Together, these new insurers are bringing in more than $500 million in fresh capital to Florida’s market.
Why it matters: more carriers means less pressure on prices and fewer homeowners stuck relying on Citizens, the state’s “last resort” insurance option.
Citizens Policies Are Moving Back to the Private Market
For several years, Citizens Property Insurance had ballooned as private insurers pulled out of Florida. Now that trend is reversing.
So far this year, hundreds of thousands of policies have moved from Citizens back to private insurance companies. That shift shows growing confidence from insurers who once viewed Florida as too risky.
For homeowners, it means you’ll likely have more flexibility and (eventually) better pricing and service options when it comes to protecting your home.
Why This Is Happening
A few years ago, Florida lawmakers passed a series of reforms aimed at stabilizing the market — targeting issues like excessive lawsuits and inflated claim costs. Those changes are starting to pay off.
As a result:
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Several insurance companies have filed for rate decreases or no increases this year.
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The number of lawsuits related to insurance claims is down roughly 25%.
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And 2024 saw the smallest average rate increase in the country — around 1%.
That’s the most positive shift Florida’s insurance market has seen in years.
What It Means for You as a Homeowner or Buyer
If you already own a home in Naples, you might soon see more insurance options when your policy renews. If you’re thinking about buying, this is a great time to revisit what coverage looks like — and factor in that the overall insurance environment is improving.
In luxury markets like Olde Cypress, Pelican Bay, or Kensington, buyers who may have hesitated because of insurance costs are feeling more confident again. That renewed confidence helps support property values and market activity across Southwest Florida.
For sellers, that means one more piece of good news to share with potential buyers: Florida’s insurance picture is getting healthier.
A Few Things to Keep in Mind
Of course, this progress doesn’t mean insurance is suddenly cheap. Premiums here are still higher than the national average, and coastal homes will always carry more risk. But the overall direction is encouraging — and that’s something we haven’t been able to say in quite a while.
To help yourself get the best rates:
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Keep your home’s wind mitigation and roof certifications up to date.
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Review your coverage annually — you may now have new options.
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Work with your agent or broker to compare quotes across the newer carriers.
The Bottom Line
Florida’s property insurance market is finally showing real signs of recovery. With new insurers stepping in, fewer lawsuits, and rate relief on the horizon, homeowners can breathe a little easier.
For those thinking about buying or selling in Naples, that added stability is yet another reason to move forward with confidence.
“At The Matt & Dawn Team, we believe peace of mind is part of the lifestyle here — and that includes knowing your home is well protected.”