Florida Peninsula Insurance, one of the state’s largest private property insurers, is seeking approval for a major decrease in insurance premiums for its 170,000 policyholders.
If approved, this could mark a turning point in Florida’s ongoing insurance crisis — and bring long-awaited financial relief to homeowners.
Florida’s Insurance Burden: $5,700 a Year on Average
Florida homeowners pay the highest average insurance premiums in the U.S., with annual costs now topping $5,700 per year — nearly four times the national average.
Why so high?
- Hurricanes & flooding risks
- Soaring reinsurance costs
- Litigation and claims abuse
- A strained private insurance market, pushing many homeowners to the state-run Citizens Property Insurance Corp.
These costs have not only strained homeowners but also slowed housing demand in some regions, as insurance premiums pushed total housing costs out of reach for many families.
Why Premiums May Be Coming Down
Florida Peninsula Insurance says it can lower rates thanks to:
- Legislative reforms targeting lawsuit abuse and fraud
- Increased competition in Florida’s insurance market
- Reduced reinsurance costs (coverage insurers buy to protect against catastrophic losses)
Combined, these improvements are stabilizing the market and finally creating space for premium reductions.
What It Means for Florida Homeowners
If more insurers follow suit, Floridians could see:
- Lower monthly housing costs, making homeownership more affordable
- Reduced reliance on Citizens, the state-backed insurer of last resort
- Improved buyer confidence, with more predictable long-term costs
For buyers who’ve been on the sidelines, insurance relief could open the door to purchase opportunities in markets like Miami, Tampa, Orlando, and West Palm Beach.
How Lendworth USA Helps You Take Advantage
At Lendworth USA, we understand how rising insurance costs affect home affordability — and we tailor our mortgage solutions to help you buy with confidence:
- FHA, USDA, and VA loans with competitive terms
- Foreign national mortgages — no U.S. credit history required
- Equity-based lending for investors and non-traditional borrowers
- Refinancing options to reduce monthly payments as housing costs come down
📞 Call Lendworth USA today to get pre-approved and take advantage of a market that may soon be more affordable for Florida homeowners. Insurance relief is coming — now may be the time to make your move.