Why Florida Home Insurance Isn’t as Scary as You’ve Heard

If you’ve been following national headlines, you may have seen stories about rising homeowners insurance costs in Florida. For many out-of-state buyers, these reports can raise valid concerns. But here’s the truth: the situation isn’t as dire as it seems—especially if you’re buying a new construction home. Why Florida Home Insurance Isn’t as Scary as You’ve Heard - 1

At ICI Homes, we understand that insurance can feel complicated. That’s why we’re breaking it down and giving you the facts—backed by the latest updates from the Florida Office of Insurance Regulation (FLOIR).

A Stabilizing Market

In recent years, the state of Florida has taken major steps to stabilize the homeowners insurance market. And it’s working.

In 2024 alone, 10 new insurance companies were approved to sell policies in Florida.

FLOIR reports that as of October 2024, 15 companies submitted 22 filings for rate decreases, affecting 1.5 million policies. Another 29 companies filed for no rate increases, impacting nearly 2 million more.

Many homeowners are now transitioning away from Citizens Property Insurance—the state-backed insurer of last resort—back to private carriers offering competitive rates.

This is good news, especially for new homebuyers looking for peace of mind and a fair premium.

Florida Isn’t the Only State with Weather Risks

Natural disasters happen all over the country—not just in Florida. Consider:

  • Wildfires in California
  • Tornadoes and floods in the Midwest
  • Hurricanes hitting states like Georgia, North Carolina, and New Jersey

Here’s the upside: Florida has no earthquakes and no mudslides, and homes built to current code are among the most resilient in the country. Our unique geography means certain risks don’t apply here—and we build homes to protect against the ones that do.

Ready for your new custom Florida home? Talk to ICI Homes here.

Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered as legal, financial, or insurance advice. Homeowners in Florida should consult with a licensed insurance professional or legal advisor for personalized guidance and to ensure compliance with current state laws and regulations. The author and ICI Homes are not responsible for any decisions made based on the information presented in this blog.  You should be aware that insurance policies, coverage, and laws may change, and the information provided here may contain errors and omission or may not reflect the latest updates.

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