Citizens Property Insurance Corporation will cut rates for its homeowners multiperil policyholders by an average of 8.8% in 2026 under rates approved by the Florida Office of Insurance Regulation, per the insurer's March 4 announcement. The reductions, effective with new and renewal multiperil policies beginning in March, are larger than the 2.6% statewide average decrease Citizens' own board recommended in December. This publication publishes information, not financial advice.
The sequence matters for reading the numbers. On December 10, 2025, Citizens' board of governors approved a filing calling for an average 2.6% personal-lines decrease, with roughly 463,000 personal-lines policyholders slated for an average cut of 11.5%, about $359 a year, per the insurer. When the Office of Insurance Regulation acted on the multiperil component this spring, the approved reduction came in at nearly triple the board's headline figure, and Governor Ron DeSantis' office announced the outcome as major rate relief, crediting the 2022 and 2023 legislative reforms with lowering reinsurance and litigation costs.
Miami-Dade policyholders should temper the averages. Multiperil cuts apply to the standard homeowner policy, not to separate wind or flood coverage, and South Florida premiums start from some of the highest bases in the state, so an 8.8% average reduction still leaves many Miami-Dade households paying more each year than they did five years ago.
Citizens occupies a distinct position in the market: it is a state-created nonprofit that covers property owners who cannot find private coverage, and by statute its board proposes rates each fall that regulators then adjust. The March approval means the average multiperil customer renews into the cut at their own renewal date, so a Kendall household with a June renewal sees the reduction mid-year while a March renewal sees it immediately. Private-market filings, which dozens of carriers submitted for 2026, follow their own review clocks at the Office of Insurance Regulation.
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Why it matters here: Renewal timing matters too: the decrease arrives on each policy's own renewal date from March onward, not retroactively.
Why it matters here: Citizens is the insurer of last resort, and its rolls grew heaviest in South Florida after private carriers retreated, so any statewide move in its rates lands disproportionately on Miami-Dade's condo rows and suburban roofs. Policyholders can verify their own premium change on their renewal declaration page, and the Office of Insurance Regulation posts approved filings for every carrier, which is where residents of Hialeah, Kendall and Miami Beach can compare what their own insurer requested against what regulators allowed. A policyholder's own declaration page, not the statewide average, remains the number that pays the bill.