DeSantis: Progressive to issue nearly $1 billion in credits to Florida policyholders

SARASOTA, Fla. (WFLA) – There has been a push on both sides of the aisle to ease the financial burden for Floridians. However, there remains disagreement on the approach to make that happen.

During a stop in Sarasota, Gov. Ron DeSantis said reforms signed in 2023 have helped home and auto insurers avoid hiking rates.

"People think, you know, since you've signed a bill into a law, the next day they're like, 'Where's the result?' Well, it's going to take time," DeSantis said.

On Wednesday, DeSantis said because of those reforms, the top five car insurance companies averaged a 6.5% rate drop this year. More specifically, Allstate requested a 7% drop, Liberty Mutual requested 5%, and State Farm called for a 4% decrease.

"A lot of them are filing more and likely to go down even more," DeSantis said.

In September, it was reported that insurance company Progressive had reached its profit limits in Florida. According to state regulations, that ensures credits for policyholders.

"Thanks to Commissioner (Michael) Yaworsky, he has secured almost a billion dollars in credits for Progressive auto insurance policyholders," DeSantis said.

That will appear as a bill credit or a refund check.

Gov. DeSantis said the litigation reforms in the state have also had an impact on home and condo coverage. The governor specifically mentioned Florida Peninsula Insurance.

"One of the largest insurers in the state, Peninsula, requested the largest decrease for the company in modern history, 8.4% for homeowners' premiums including even 12% for condo owners," DeSantis said.

The governor said since 2024, companies covering homes and condos have either filed for a rate decrease or requested no change at all. He also mentioned that 17 new companies have been operating in the state since reforms were signed.

Back on Monday, Senate democratic leaders in Tallahassee called for more to be done about insurance. During a news conference, they said tackling affordability is their number one priority. Sen. Carlos Guillermo Smith, who represents parts of Orange County, said more still needs to be done.

"Look, we heard a lot of big talk about holding insurance companies accountable for what they've been doing to policyholders, it's time for action," Smith said.

For this upcoming session, Senate Democrats have filed bills to reduce litigation costs and apply more regulations. It's unlikely they'll gain traction in a GOP led legislature.

State Republicans argue it's easier to control property taxes than insurance because there are more regulations involved with those private companies.