Florida Realtors announced in a public statement that a consumer advocacy group credits recent reforms with reducing litigation, lowering the number of Citizens Property Insurance policies, and attracting new insurers to help stabilize the market.
According to Florida Realtors, Florida’s property insurance market faced prolonged instability, with escalating litigation and insurer losses threatening to push the system toward collapse. The Consumer Protection Coalition pointed to new legislative reforms as a driving force in steadying the market and noted that reciprocal insurance exchanges have played an increasingly important role. Industry experts cited by the Insurance Journal SAY that reciprocal insurance structures offer stability by spreading risk among members and can respond more flexibly to market changes than traditional carriers, contributing to market stabilization in Florida.
Florida Realtors further state that since the implementation of reforms, 14 new insurance carriers, including several reciprocal exchanges, have been approved to write homeowners’ policies in Florida since 2023, with two entering the market in the past month. The Insurance Journal reports that reciprocal insurers, such as the newly established Tower Hill Insurance Exchange, have increased their market presence by leveraging a member-owned structure that incentivizes careful underwriting and risk management. These reciprocal insurance models have helped create more options for Florida consumers and added a layer of financial resilience to the overall market.
Florida’s Office of Insurance Regulation (OIR) has approved the transfer of tens of thousands of policies from Citizens Property Insurance Corporation to private insurers as part of the state’s ongoing depopulation efforts. According to Insurance Business Magazine, as of March 31, 2025, Citizens’ policy count had declined to approximately 841,470, down from its peak of around 1.4 million in October 2023, reflecting a significant reduction in Citizens’ exposure. This process, which includes reciprocal and traditional insurers, is intended to strengthen the overall stability and capacity of Florida’s property insurance market.
Florida Realtors is the statewide professional association representing real estate professionals in Florida. It aims to support homeownership dreams while building strong communities and shaping public policy on real property issues. The organization emphasizes ethical practice and professionalism while providing resources and advocacy for its members.
