What Shapes Your Florida Home Insurance Premium

Posted on by McGriff-Williams in Home Insurance, McGriff-Williams News |

If your renewal notice showed a higher premium or a change you didn’t expect, it helps to know what goes into the price. Here is a plain look at how rates are set, what has changed in Florida law and what you can review before renewal.

How home insurance rates are set in Florida

Insurance companies file their rates with the Florida Office of Insurance Regulation, and state law says rates may not be excessive, inadequate or unfairly discriminatory. The factors reviewed include past and expected losses, expenses, competition among insurers and the cost of reinsurance, which is coverage insurance companies buy for themselves to help pay for large losses. Your own premium also depends on your home and the coverage and deductibles you choose.

Florida law changes since this post first ran

When we first wrote this post in 2022, a property insurance reform bill had been postponed. The Legislature has since passed several property insurance laws, including Senate Bill 2A in December 2022.

  • Assignment of benefits: For home and other residential property insurance policies issued on or after January 1, 2023, Florida law generally doesn’t let you sign over post-loss benefits to a third party, such as a contractor. The same rule applies to commercial property policies.
  • Attorney fees: Senate Bill 2A, which took effect December 16, 2022, ended one-way attorney fees in property insurance lawsuits, so each side generally pays its own attorney fees, with some exceptions. Older policies may be treated differently, so for a specific case, ask a Florida attorney.
  • Claim deadlines: Notice of a new or reopened property claim is generally due within 1 year after the date of loss.
  • Roof age: Roof age can affect your price and how a roof claim is paid. Florida law says an insurance company can’t refuse to issue or renew a home policy solely because the roof is less than 15 years old. See our roof guide for more.

These laws don’t set any one person’s premium.

What you can review at renewal

For a home policy, Florida law generally requires your insurance company to give at least 45 days’ written notice of the renewal premium and at least 120 days’ written notice of nonrenewal, with some exceptions. Got a non-renewal notice or a renewal bill that went up? A second look can help you see what changed and what your options are. Reach out when the notice arrives so there’s time to compare options before your renewal date. Worth checking:

  • Your coverage amounts and deductibles.
  • Updates since your last policy, such as a new roof, plumbing or wiring, with permits or receipts.
  • Wind mitigation reports matter mainly for homes built in 2001 or earlier. If your newer home has impact rated windows and doors, ask us whether a report would help. The inspection may be at your own cost. McGriff-Williams Insurance doesn’t do wind mitigation inspections.

McGriff-Williams Insurance is an independent agency, so a licensed member of our team may be able to compare options from the insurance companies we represent. Call us at (352) 371-7977 or request a quote.

General information, not legal or coverage advice. Coverage depends on the policy issued, its terms and underwriting. Laws are summarized as of November 1, 2026. McGriff-Williams Insurance is an independent insurance agency in Gainesville, in business since 1983 and licensed in Florida.

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