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Insurance Costs

Florida's Homeowners Insurance Crisis and FL-14 Families

Florida's homeowners insurance crisis is devastating Hillsborough families. Premiums have doubled and tripled. Here's what John Peters will fight for.

By John Peters Updated

Ask any family in Apollo Beach, Riverview, Sun City Center, or Brandon what their biggest financial concern is right now. Somewhere in the first three answers — often the first — you will hear some version of: homeowners insurance.

Florida’s homeowners insurance crisis is not a talking point or a campaign issue manufactured for political effect. It is a documented, ongoing market failure. It is making homeownership increasingly unaffordable in a state where owning a home has been a cornerstone of middle-class life for generations.

It is displacing retirees from homes they own outright. It is pricing first-time buyers out of the market. It is threatening the property values that underpin the entire FL-14 community economy. And it is an issue where Congress — not just Tallahassee — has meaningful tools to help.

Where the Market Stands in 2026: The Verified Numbers

The 2026 picture is genuinely two-sided, and FL-14 homeowners deserve both halves:

The good news is real. Four data points show the turn:

The bill in your mailbox is the other half. Insurify’s 2026 national report found Florida’s average annual home insurance cost hit $8,292 in 2025 — an 18% jump and the highest of any state. The same report projects it near $8,458 by the end of 2026. Filed rates stabilizing is not the same as premiums falling back to what Hillsborough families were paying in 2020. Nobody should claim otherwise.

Stabilization is progress. Affordability is the unfinished fight — and part of it runs through Congress.

Why Florida’s Insurance Market Is in Crisis

The Florida homeowners insurance market has been deteriorating for years. Several factors compound each other. Understanding them clearly is the first step toward knowing what can be fixed — and how.

Hurricane losses. Florida has experienced a historically active and destructive hurricane sequence in recent years. Hurricane Ian (2022) produced over $60 billion in insured losses — one of the costliest single storm events in American history. Hurricanes Idalia (2023), Helene (2024), and Milton (2024) added tens of billions more.

Each major loss event depletes insurer reserves and triggers reinsurance recoveries. Reinsurance then costs more in the years that follow. The global reinsurance market — the market through which Florida’s primary insurers purchase their own risk protection — has responded to these losses by dramatically increasing rates. Those increases flow directly through to the retail insurance premium that FL-14 homeowners pay.

Reinsurance costs. Most Florida homeowners insurance companies are relatively small, regional carriers. They purchase reinsurance from global markets — Lloyd’s of London, Bermuda-based reinsurers, and large international insurance groups. When global reinsurance capacity tightens and rates rise after major loss events, Florida’s primary insurers face dramatically higher input costs. Those costs must be reflected in the premiums they charge or absorbed through reduced capacity. Florida experienced both outcomes: premium increases and carrier exits.

Litigation abuse. For years, Florida’s insurance litigation environment was structured in ways that incentivized inflated and fraudulent claims. Roof damage claims were the clearest example, driven by a cottage industry of contractors and attorneys working assignment-of-benefits arrangements. Florida’s legislature made significant reforms to this system in 2022 and 2023. But the legacy losses from the pre-reform period continue to affect market pricing.

Insurance company exits. Major national carriers including Farmers Insurance, several regional carriers, and numerous smaller Florida-specific insurers have either exited the state or dramatically reduced their exposure. When private market competitors leave, the remaining carriers face less competitive pressure to keep rates down. Citizens Property Insurance, the state’s insurer of last resort, then becomes the default option for an increasing share of the market.

Citizens Property Insurance: What FL-14 Homeowners Need to Know

Citizens Property Insurance Corporation was created by the Florida Legislature to provide coverage to homeowners who cannot obtain insurance in the private market. It is not a federal program — it is a Florida state-chartered entity. But understanding it is essential for FL-14 homeowners navigating the current market.

Citizens’ trajectory tells the story of the whole market:

Its mandate remains last-resort coverage, not competing with private insurers.

The critical federal dimension of Citizens is this: Citizens does not have the unlimited backstop of the federal government. Its reserve capacity is limited. If a catastrophic hurricane season depletes its reserves, Citizens has the authority to levy emergency assessments to cover its losses. Those assessments fall on all Florida insurance policyholders — not just Citizens customers.

That assessment mechanism makes the financial health of Citizens a statewide concern. And the adequacy of federal disaster relief funding directly affects how much of the hurricane recovery burden falls on Florida’s insurance system versus federal programs.

Flood Insurance: The Federal Program FL-14 Coastal Homeowners Depend On

Standard homeowners insurance does not cover flooding — the storm surge, rising water, and rain-driven flooding that causes the majority of hurricane damage in Florida. Flood insurance is a separate policy. For the vast majority of Florida coastal and near-coastal homeowners, the only available source is the National Flood Insurance Program (NFIP), reached through FEMA’s official FloodSmart flood insurance portal.

The NFIP covers properties in communities that meet federal floodplain management standards. It is the primary flood coverage option for Hillsborough County’s Tampa Bay coastal communities — Apollo Beach, Ruskin, and the Tampa Bay-facing waterfront neighborhoods of southern Hillsborough. The same is true for properties along the Alafia River through Riverview, the Hillsborough River, and the tidal wetlands throughout the district.

Homeowners with federally backed mortgages in FEMA-designated Special Flood Hazard Areas are required by law to carry NFIP flood coverage.

The NFIP has been chronically underfunded relative to its losses. It carries over $20 billion in debt to the U.S. Treasury, accumulated after major storm seasons. Congress has repeatedly extended the NFIP under short-term continuing resolutions rather than enacting a long-term reauthorization. That cycle creates uncertainty for lenders, homeowners, and the real estate market. The NFIP’s Risk Rating 2.0 pricing system, implemented in 2021, has produced significant premium increases for many Florida coastal property owners as rates shift toward actuarial soundness.

John Peters will fight for a long-term NFIP reauthorization that achieves financial sustainability. It must not produce the kind of premium shock that makes flood insurance effectively unaffordable for middle-income Florida coastal homeowners. The goal must be a program that can pay its claims without ongoing Treasury bailouts. At the same time, it must preserve the coverage access that communities like Apollo Beach and the Alafia River corridor have no viable alternative to.

The Federal Role: What Congress Can Actually Do

Florida’s insurance crisis is primarily a state policy issue. Insurance regulation is a state function, and the Florida Legislature and Office of Insurance Regulation are the primary authorities responsible for market structure. But Congress has several meaningful levers:

What John Peters Will Fight For

The families of Apollo Beach, Riverview, Sun City Center, FishHawk, Brandon, and every other community in Florida’s 14th Congressional District deserve better. They deserve a representative who treats the homeowners insurance crisis as the genuine emergency it is. It is not a talking point to deploy at election time and ignore until the next campaign.

After nine terms — eighteen years in Washington — Kathy Castor has voted consistently with her caucus. But the federal levers that could stabilize Florida’s insurance market — catastrophe reinsurance legislation, NFIP long-term reauthorization, resilience investment — have not been delivered. The premiums in Hillsborough County keep climbing, and the federal response has not matched the scale of the problem.

John Peters will push for federal catastrophe reinsurance legislation that stabilizes the Florida market and reduces the premium volatility that is pricing families out of homeownership. He will work for long-term NFIP reauthorization that preserves flood coverage access for coastal FL-14 communities. He will support resilience investment that makes FL-14 homes more storm-resistant and better insurance risks. And he will make sure the Florida delegation is functioning as a unified advocate for these priorities.

This issue touches every Florida policyholder — from the hundreds of thousands still with Citizens to the millions in the returning private market. It demands a coordinated response.

The broader cost-of-living crisis in FL-14 is worsened significantly by insurance premiums that have doubled and tripled. The Tampa Bay communities of this district cannot sustain their character and their property values if homeownership becomes uninsurable at any reasonable cost. This is an issue John Peters will work on every day in Congress — not just when a camera is present.

Frequently Asked Questions

Why have Florida homeowners insurance premiums tripled?

Florida’s premium increases reflect multiple compounding factors. Catastrophic hurricane losses lead the list — Hurricane Ian alone drove $60+ billion in insured losses. Reinsurance costs rose sharply in global markets. Legacy claims from Florida’s pre-reform litigation environment added to losses. And major insurers exited the state. When private competitors leave, the remaining carriers face less competitive pressure to keep rates down.

Are Florida homeowners insurance rates going down in 2026?

Filed rates are flat to falling. As of May 2026, Florida’s OIR reported over 190 residential filings for decreases or zero increases. Citizens’ first decrease since 2015 takes effect July 1, 2026. And 20 new insurers have entered since the 2022–2023 reforms. But actual costs remain the nation’s highest — Insurify’s 2026 report puts Florida’s average annual premium at $8,292. Stabilization has not yet become affordability.

What is Citizens Property Insurance?

Citizens Property Insurance Corporation is a Florida state-chartered insurer of last resort. The Florida Legislature created it to provide coverage to homeowners who cannot obtain insurance in the private market. It swelled to about 1.4 million policies at the October 2023 peak of the crisis.

Depopulation to returning private insurers then brought it to an all-time low of 278,662 policies by June 2026. Regulators also approved its first rate decrease since 2015 (roughly 8.7% average for personal lines, effective July 1, 2026). If a catastrophic season depletes Citizens reserves, it has the authority to levy emergency assessments on all Florida insurance policyholders — not just Citizens customers.

Does standard homeowners insurance cover flooding in Florida?

No. Standard homeowners insurance does not cover flooding — the storm surge and water inundation that causes the majority of hurricane damage. Flood coverage requires a separate policy. It almost always comes through the National Flood Insurance Program (NFIP), reached via FEMA’s official FloodSmart flood insurance portal. Homeowners with federally backed mortgages in FEMA-designated Special Flood Hazard Areas are required by law to carry NFIP flood coverage.

What can Congress do about Florida’s insurance crisis?

Congress has four main levers. It can pass federal catastrophe reinsurance legislation to stabilize state insurance markets after major loss events. It can enact a long-term NFIP reauthorization to end the cycle of short-term extensions and put the flood program on a sustainable financial path. It can fund federal resilience investment through FEMA’s Hazard Mitigation Grant Program and BRIC. And it can tie stronger building code standards to federal disaster funding eligibility.

How does this crisis affect FL-14 specifically?

FL-14 covers Hillsborough County, including the Tampa Bay coastal communities of Apollo Beach and Ruskin and the Alafia River corridor through Riverview. Coastal and near-coastal homeowners face the highest premium pressure. Sun City Center retirees on fixed incomes face premium increases of $3,000–$5,000 per year that disrupt long-planned retirement budgets. Brandon and Riverview families are seeing the same pressure. Federal action that stabilizes Florida’s market would deliver immediate, measurable relief to FL-14.

Stand for affordable insurance in FL-14

Insurance reform is not optional. It is the cost-of-living issue most directly affecting middle-class FL-14 homeowners.

Donate to John Peters’ campaign or contact the campaign to get involved. See John’s full plan on insurance costs and the issues that matter most to FL-14. Related reading: Sun City Center: FL-14’s premier retirement community.

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