The Florida Office of Insurance Regulation has announced that the state experienced the smallest home insurance rate increase in the nation for 2024, as reported by LendingTree’s 2025 State of Home Insurance Report. The announcement was made on X.
According to LendingTree’s report, average homeowner premium increases across the United States surged to approximately 11.4% in 2024, reflecting national inflationary pressures within the insurance market. Florida’s position as the state with the lowest increase contrasts sharply with states like Montana and Nebraska, where rates rose over 20%, highlighting Florida’s relative premium stability.
LendingTree reports that Florida’s home insurance premiums increased by just 1.7% in 2024—the smallest rise recorded among all 50 states. This minimal increase is particularly notable amid widespread industry volatility and is significantly lower than the national average of 11.4%. The outcome for Florida indicates an unusually stable and controlled rate environment.
The report also shows that Texas and New York had the next-smallest year-over-year premium increases in 2024, at 3.4% and 3.8% respectively, compared to Florida’s 1.7%. This grouping of three states with relatively minor rate hikes underscores Florida’s distinct advantage in maintaining low increases and suggests potential regional or regulatory factors contributing to more controlled premiums.
According to Florida’s official Office of Insurance Regulation (OIR) website, the OIR oversees rate filings, market behavior, insurer solvency, licensing, and consumer protection across the state’s insurance markets. It regulates thousands of insurance entities, enforces compliance with Florida statutes, and maintains a dedicated public filing system for rate and form approvals. The OIR’s mission emphasizes ensuring a fair, stable, and compliant insurance industry.
