Florida’s insurer of last resort is cutting rates again, reinforcing signs of a stabilizing property market.

Citizens will reduce homeowners multiperil rates by an average of 8.8% in 2026, with all personal lines policyholders receiving at least a 2% decrease. Wind-only policies will see an average 5.5% reduction.

The new rates, approved by regulators, take effect July 1, 2026 for new business and apply at renewal for existing policies.

The move follows a sharp contraction in Citizens’ book. Policy count has dropped to 336,000, down 76% from a peak of 1.41 million in October 2023, as private carriers re-enter the market and take back business.

Leadership attributes the shift to litigation reforms and improving market conditions, with Citizens emphasizing its role as a fallback option rather than a primary carrier.

The update reinforces a broader trend: depopulation is working, and pricing pressure is easing—at least for now.