On May 21, the Florida Office of Insurance Regulation (OIR) published its May 2024 Florida Property Insurance Market Update, claiming “overall market stabilization following the historic legislative reforms of 2022 and 2023.” Those 2022 and 2023 reforms include Florida Governor Ron DeSantis’ signing of SB 2-A, which eliminated one-way attorneys’ fees for disincentivizing “frivolous lawsuits” to reduce the burden of litigation and bring down costs for Florida homeowners.

Per the OIR, 10 Florida property insurers have filed for a 0% rate decrease to take effect in 2024, and at least eight more have filed for a rate decrease to take effect in 2024. The eight insurers that have reportedly filed for unspecified rate decreases are Safe Harbor Insurance Co., Spinnaker Insurance Co., Southern Oak Insurance Co., American National Property & Casualty Co., US Coastal Property & Casualty, Florida Peninsula Insurance Co., Stillwater Property and Casualty Insurance Co., and American Integrity Insurance Company of Florida.