Florida regulators are continuing to approve auto insurance rate reductions heading into 2026, with USAA the latest carrier to file a material cut.

Florida Insurance Commissioner Mike Yaworsky approved an average 7% personal auto rate decrease filed by USAA, scheduled to take effect by May 2026. The filing is expected to generate more than $125 million in annual savings for USAA policyholders in Florida.

According to the Florida Office of Insurance Regulation, auto insurers have continued to submit rate reductions across the state. Over the past year, 42 personal auto writers have filed for decreases, with 32 of those filings submitted in the last six months.

Regulators attribute the trend to improving loss experience following Florida’s tort reform measures. State officials say discussions with insurers are ongoing to push additional reductions or flat renewals where supported by data. USAA similarly cited improved market conditions and legislative reforms as the basis for its filing.

Earlier this month, Commissioner Yaworsky joined Ron DeSantis to highlight a series of recent auto rate cuts across the market, including:

• Florida Farm Bureau: average decrease of 8.7%

• Progressive: average decrease of 8%, in addition to a previously announced $1 billion policyholder refund

• State Farm: average decrease of 10.1%, marking its third reduction since 2024 and more than $1 billion in cumulative statewide savings

• AAA: three reductions totaling 15%, with an additional round set to take effect in early 2026

• Allstate: average decrease of 4% affecting roughly 13,100 drivers

Loss data cited by the state shows a sharp improvement in Florida’s auto insurance performance. In 2024, Florida posted the lowest personal auto liability loss ratio in the country at 53.3%, the state’s lowest level in 15 years. The overall personal auto incurred loss ratio fell to 57.5%, down from 73.2% in 2023 and 89.7% in 2022. Auto physical damage loss ratios also declined to 66.7% in 2024, compared to 70.3% in 2023 and 112.0% in 2022.

Regulators also pointed to stabilization in the homeowners market. Since legislative reforms were enacted, 17 new insurers have entered Florida, and more than 185 residential rate filings have requested decreases or flat renewals. Since January 2024, 39 homeowners insurers have filed for rate reductions and 48 have requested no change. The average 30-day homeowners rate request now stands at a 2.3% decrease, compared to a 0.5% increase a year earlier, while the 180-day average has shifted to a 0.7% decrease from a 7.9% increase.