After three years of 20-40% annual premium increases, Florida property insurance is showing the first signs of stabilization. Several private carriers re-entered the Florida market in 2025. Citizens Property Insurance (the state's insurer of last resort) has shed 300,000+ policies as private companies absorb the risk. Average renewal increases are running 5-8% — still above the national average but dramatically better than the 30%+ spikes of 2022-2024.
Why Are Premiums Stabilizing?
The insurance reform bill (SB 2-A) passed in late 2022 is working. Litigation filings against insurance carriers dropped 60%+ in 2024-2025 as the elimination of one-way attorney fees removed the financial incentive for frivolous lawsuits. Fewer lawsuits = lower carrier costs = more carriers willing to write Florida policies = more competition = lower premiums. The cycle is finally turning positive.
What Are Tampa Bay Homeowners Paying Now?
Average annual premiums in the Tampa Bay metro: $3,500-$5,500 for a typical single-family home (depending on age, roof, location, and coverage). Homes with new roofs (2020 or newer) and full wind mitigation are at the lower end. Older homes, especially in flood zones with older roofs, can still see $7,000-$10,000+. The gap between "insurable" and "hard to insure" homes has widened — making roof condition and wind mitigation features more important than ever for resale value.
What Should Homeowners Do?
Even though the crisis is easing, do not be complacent. Shop every renewal — new carriers entering the market means more options. Get your wind mitigation inspection updated (every 5 years). If your roof is approaching 15 years, start planning for replacement — the math on insurance savings alone can justify the investment. Barrett factors insurance costs into every buyer consultation and listing analysis.
Have questions? Barrett Henry, REALTOR® and Broker Associate at REMAX Collective, brings 23+ years of real estate experience. Call (813) 750-0926 or email barrett@nowtb.com.