Tim Cerio, president, CEO and executive director of Citizens Property Insurance Corporation, said the Florida property insurance market now offers more consumer options following reforms that reduced litigation and encouraged insurer participation.
The topic is significant as recent legislative changes have led to lower rates for policyholders and increased competition among insurers in the state. These developments are expected to benefit homeowners seeking coverage in a market that has faced challenges in previous years.
‘The Florida property insurance market is again healthy and vibrant. Most Floridians now have many options as financially sound private insurers compete for their business. Citizens, as it always has, will be there for those policyholders unable to secure coverage in the private market,’ Cerio said. A post on Citizens’ X account linked to a press release detailing an average 6.8 percent rate drop for multiperil policies and 5.5 percent for wind-only coverage in 2026. The changes take effect July 1 for new and renewing policyholders. The announcement attributed the improvements to reforms that lowered litigation and supported private insurer participation.
Florida enacted reforms in 2022 and 2023 aimed at addressing litigation within the property insurance sector. These measures eliminated one-way attorney fees and assignment of benefits practices, resulting in lawsuits against insurers falling by 25 percent in 2025 compared to 2024. Rate requests for homeowners averaged just 0.9 percent over a span of 180 days in 2026 according to InsuranceNewsNet.
Reciprocal insurance exchanges such as Trident Reciprocal Exchange and Ovation Home Insurance Exchange have entered Florida’s property market since these reforms were implemented. These member-owned structures assume policies from Citizens while providing competitive alternatives, allowing faster surplus building through subscriber contributions according to Conning. Additionally, Florida’s tort reforms lowered property and casualty insurance costs by 14.5 percent compared to pre-reform projections, generating $4.2 billion in annual gross product and supporting over 29,000 jobs statewide as more companies enter the market as reported by Insurance Journal.
Cerio leads Citizens Property Insurance Corporation after previously serving as general counsel to Governor Ron DeSantis and Governor Rick Scott. He holds degrees from the University of Florida and was a member of the state’s Constitution Revision Commission during 2017-2018 according to his official biography.
