Published: Sep. 2, 2025 at 10:41 PM EDT
PANAMA CITY, Fla. (WJHG/WECP) – The cost of home insurance in Florida is finally trending down after years of steep increases.
According to Hutt Insurance Agency, Florida homeowners paid an average of $5,400 annually compared to the national average of $2,400. But reforms passed by the state legislature in 2022 and 2023 are beginning to ease the burden.
Agency president Trey Hutt said rates dropped an average of 10.3% over the past year, with 16 new insurers now approved to write policies in the state.
“We do have two new insurance companies, and that’s always good news to have more players in the market; it helps competition,” Hutt said. “Rates this year are down on average about 10%, and we hope to see that accelerate.”
Hutt added that if rates continue to fall by about 10% each year, Florida could return to more stable and affordable premiums.