Floridians pay the very best dwelling insurance coverage charges within the nation — $10,996 per yr, in keeping with Insurify data. And automotive insurance coverage charges aren’t a lot better, with the state’s average full-coverage rate amounting to $3,166 per yr.
That’s the fifth-highest price within the nation.
However now, a newly proposed Florida constitutional modification goals to assist Floridians decrease their insurance coverage charges whereas additionally gaining the peace of thoughts that their protection received’t be dropped.
The “Annual Insurance coverage Coverage Charge Discount” Modification, proposed by the Florida Constitutional Modification Community, nonetheless wants round 891,000 signatures to make it onto the November 2026 poll. But when it does, and passes, it might present welcome stability for Florida policyholders.
What the modification proposes
The proposed modification goals to supply policyholders with two key advantages.
It might bar insurers from canceling the coverage of any policyholder except the policyholder violated the phrases of the coverage. And it could require insurers to cut back a policyholder’s premiums by 4% if the policyholder stays claims-free for a interval of 12 months.
The modification would apply to all types of insurance coverage, in keeping with Chris Wills, chair of the Florida Constitutional Modification Community and creator of the modification.
Wills stated he created the proposed modification as a result of latest regulation adjustments surrounding insurance coverage prices nonetheless haven’t translated into decrease charges for householders.
“So it’s time that we, the residents, take issues into our personal arms and put ahead a measure that may truly begin to cut back insurance coverage charges for Floridians in each nook of our state,” he informed WESH 2 Information.
Insurers have, to this point, been quiet concerning the proposal. However critics argue the modification’s enactment might result in diminished provider choices within the market or larger prices elsewhere.
What’s subsequent? Getting on the poll
The Annual Insurance coverage Coverage Charge Discount Modification faces two appreciable challenges earlier than it might take impact. First, it should seem on the poll, which suggests including a further 891,000 signatures earlier than November 2026.
Secondly, ought to the proposed modification accrue the required signatures, it can nonetheless require a 60% majority vote in November to go.
If it does go, it could take impact on Jan. 1, 2027.
