Another Florida insurer files for a 9.8% rate cut

Edison Insurance Co., a Boca Raton carrier with more than 145,000 policies in force, has filed for an average residential rate decrease of 9.8%. Insurance Journal notes it joins a list of Florida property insurers filing decreases this year, three years after state lawmakers cut back the incentives that drove claims litigation.

A filing is not a check in the mail. The 9.8% is a statewide average, which means some policies drop more than that and some barely move or tick up, depending on county, roof age, construction, and how close you are to the water. It also only applies if you are with that carrier. The useful signal is the pattern: when several Florida insurers file cuts in the same year, they are competing again, and competition is what a quote actually responds to. If you renewed on autopilot through 2023 and 2024, your premium is still priced off the hard market.

An independent agent can pull quotes from the carriers filing decreases and tell you whether your current rate still holds up.