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MIAMI – Florida Republican Gov. Ron DeSantis delivered some good news for Floridians.

During a press conference at Florida International University, DeSantis announced that residents will see a decrease in their auto and homeowners’ insurance policies, highlighting significant progress in stabilizing rates and expanding consumer protection.

DeSantis said the rates for Citizens Property Insurance Company, Progressive, GEICO and other homeowners and car insurance companies will be reduced, reflecting Florida’s 2024 record of lowest-in-the-national average for rate increases.

“Today I announced that Citizens Property Insurance will be instituting homeowners’ insurance premium decreases for three-quarters of Miami Dade, and statewide decreases averaging 5.6 percent,” DeSantis said. “I also was pleased to announce significant reductions in auto insurance rates in Florida for companies like GEICO (10.5% decrease), State Farm (6% decrease) and Progressive (8.1% decrease).”

DeSantis said the last four years, inflation spurred by the Biden Administration, active hurricane seasons, and unchecked litigation in Florida made for an environment that caused turbulence in insurance markets and steep increases in premiums.
“There are a lot of factors involved in insurance rates, and Florida’s property and auto markets are challenging, but in addition to the decreases I announced, data suggests that in 2024, Florida had the lowest average homeowners’ premium increases in the nation, and the overall market has stabilized with 11 new companies having entered the market over the past two years,” DeSantis said.