Last year, the people of Florida were frustrated over the cost of automobile and property insurance. Indeed, it has been one of the major factors fueling people’s frustrations over affordability. But here we are a year later, and a different story is emerging.
Automobile insurance rates in Florida are plummeting. Let me say that again. Automobile insurance rates are plummeting. Property insurance rates have flattened, and many insurers are seeking reductions in premiums for customers. In the state of Florida, by law, insurance companies are required to return gains exceeding a certain threshold to policyholders in the form of rate reductions.
So what changed in a year? Quite simply, the reforms are finally taking hold. The 2023 lawsuit reforms, which were passed into law, have halted the frivolous lawsuits that had turned our state into a judicial hellhole and were making every insurance customer in the state fund an open ATM of guaranteed payouts based on loopholes in the law.
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Essentially, the way the law was written effectively guaranteed that any lawsuit filed against an insurer would be paid, regardless of how frivolous, and then, irrespective of how small a settlement might be, the insurer would be responsible for the plaintiff’s legal fees. That means that relatively small settlements could yield gigantic payouts to the attorneys. The billboard attorneys want you to believe that this is free money, but in a state where both auto and property insurance are almost always required, what this means is that all the customers were paying higher and higher rates to fund the attorneys’ filing these lawsuits.
As we enter the new year, the state’s powerful attorney lobby is pushing to roll back some of these reforms, making it easier for them to return to their previous status. They are also looking to expand opportunities for higher verdicts in medical lawsuits. Both of these efforts, if successful, would result in higher automobile, home, and health insurance rates.
Currently, Florida is leading the nation in reductions of insurance premiums. However, we still face a high cost of living associated with rapid population growth. As we move into 2026, it would seem foolish to revert to our previous state before the legislature passed the 2023 lawsuit reforms.
For all of our sakes, I hope the legislature agrees.
Other stories you may want to read:
Stealing Homes with Paperwork: Palm Beach County’s Growing Property Fraud Crisis
Florida Immigration Enforcement Tops 10,000 Arrests, DeSantis Says
The Florida Council for Safe Communities
- Florida Tort Reforms Are Working Bigly - January 2, 2026