Newly released data from Florida’s Office of Insurance Regulation (OIR) reveals that while the number of residential property insurance policies in the state has grown only modestly over the past three years, average premiums and total written premiums have surged dramatically.

The first-quarter 2025 figures offer a revealing comparison to the final quarter of 2022 — just before Florida lawmakers enacted major reforms to reduce excessive litigation in the insurance space. The data includes both personal and commercial residential lines, with personal residential policies spanning condos, mobile homes, renters’ insurance, and more.

Here are the key takeaways, based on analysis by Insurance Journal and longtime Florida insurance experts:

• The total number of policies in force rose to nearly 7.6 million — just a 4% increase since Q4 2022. For context, Florida’s population grew by about 3% in that time, while the number of housing units expanded by double digits, according to data from the U.S. Census and Federal Reserve.

• Direct written premium across the market climbed to approximately $23 billion — a 40% jump since the end of 2022.

• The average annual premium now stands at $3,023 — representing a 34% increase over Q4 2022. For comparison, inflation across all goods and services nationally was around 8% during the same period.

Among the 30 largest insurers by policy count, rate hikes varied widely:

• ASI Preferred Insurance posted the smallest increase at 2.5%.

• Olympus Insurance saw premiums rise by 53%, Heritage Property & Casualty by 65%, and Homesite Insurance by 80%.

While averages can be distorted by outliers and policy types, the raw OIR data highlights overall trends. For instance:

• American Traditions Insurance and American Strategic Insurance Corp. had among the lowest average premiums at $1,685 and $1,973, respectively.

• Olympus and TypTap Insurance showed averages near $5,600 annually.

Some insurers gained policyholders through takeouts from Citizens Property Insurance Corp. or by assuming policies left behind by failed carriers. Slide Insurance recorded the most significant growth — a 254% increase in policy count since 2022. Florida Peninsula Insurance followed with a 111% rise.

Citizens, the state-run insurer, reduced its policy load by more than 25% and saw its total written premium drop by around 13%. Over the same timeframe, Citizens implemented an 18% rate hike — the maximum allowed under state rules.

The database includes all personal lines policies but does not separate them by category. This explains why companies that focus on renters’ insurance — like American Bankers Insurance Company of Florida and American Modern Home Insurance — reported annual premiums below $205.

While insurance carriers have faced criticism from homeowners, lawmakers, and some federal officials for increasing rates, insurers from 2016 through 2023 largely attributed hikes to excessive litigation costs. Those issues were the focus of sweeping legislative reforms in 2022 and 2023.

Yet, according to Paul Handerhan, president of the Federal Association for Insurance Reform, other challenges persist.

“Even where policy counts have gone down, premium hikes are being driven by inflation in building replacement costs, reinsurance price increases, and the growing reinsurance capacity needed to protect against insolvency risks,” Handerhan said.

He added that the market is finally showing signs of stabilization. In May, AM Best reported that after nearly a decade of losses, Florida’s personal property insurance sector returned to underwriting profitability in 2024.

The complete Q1 2025 report is available via Excel on the OIR website. A separate database provides policy-level breakdowns by carrier and coverage type.

Previously known as Quarterly Supplemental Reports (QUASR), this data is now being collected monthly under new state requirements. Insurers must submit PMIR (Personal and Commercial Residential Monthly Reports) using form OIR-D0-1185, which requires ZIP code-level detail on:

• Total policies in force at month’s end

• Policy cancellations and nonrenewals

• Cancellations and nonrenewals due to hurricane risk

• New policies issued

• Structure exposure value under wind-included policies

• Policies excluding wind coverage

• Claims opened, closed, and pending

• Claims in alternative dispute resolution (ADR), including type of ADR used

These updates are part of Florida’s ongoing efforts to increase transparency and strengthen the state’s insurance system.