Insurance Rates

Discover how insurance rates are calculated and what external forces impact your premiums, as well as what proactive steps you can take to reduce your premium in Florida’s volatile market.
Florida Peninsula - Insurance Rates

Why insurance premiums continue to rise?

Like many Florida residents, we have watched homeowner’s premiums escalate in recent years. As a homeowners insurance carrier, we are often seen as the reason for such increases. The reality is the cost of purchasing reinsurance to cover claims in our State has almost doubled, and in some instances tripled, in recent years. Additionally, another factor heavily impacting insurance premiums is the cost to defend frivolous lawsuits brought on by public adjusters, fraudsters, and attorneys seeking to inflate settlements and fees.  Such scenarios serve to exacerbate the cost of business, which is ultimately passed on to all Florida residents by homeowner’s carriers throughout our State.

The majority of carriers who have not fled the State or become insolvent in 2022 and continue offering homeowners coverage in Florida have sought rate increases from 12% to 32% in recent years. As a general rule, policyholders will continue to see rates increase on all policies across the board, regardless of prior claims history. Until Florida’s homeowners insurance market stabilizes, or legislation is introduced to curb attorney fees and lawsuits, we can expect increases each year and tighter underwriting requirements when insuring homes. This makes it very difficult for your agent to place coverage for your home, as many carriers may not be offering coverage in your area.
Florida Peninsula - Free Roof Repair

The “Free roofs, kitchens, and upgrades” are paid by you.

Door to door solicitations for free inspections result in new roofs for those in your community. But you and your family are paying for them.

What are we doing to keep premiums from escalating further?

To keep costs from skyrocketing even further, Edison Insurance Company has streamlined many of our day-to-day business practices. We work with outside vendors to inspect homes via drones and satellite mapping. We introduced a new agent quoting system, Duck Creek, in 2020 which allows our company the ability to pull property information instantly from state and county sources before binding a new policy.  We have also, taken a proactive approach to spreading our risks in a manner which allows our company to capture the best reinsurance rates available.

How can you lower your premium?

There are a few areas you, and your family can take control to lower your premium.


Increasing your deductible can certainly reduce your premium. To make deductible changes you will need to contact your local agent directly for assistance.

Mitigate and Update

Equipping your home with hurricane resistance doors, and openings (including your garage, front door, and skylights) can reduce premiums, as the State allows carriers to pass along mitigation discounts to policyholders.  Additionally, updating your roof when signs of wear and tear start to appear, will place you in favorable position, and will make your home more attractive to homeowner’s carriers.

Get Political

As a carrier there is only so much, we can do to affect change.  We require the support of agents and policyholders, such as yourselves to make your voices heard and demand change.  We have made it easy to contact state legislators to voice your concerns on insurance reform by clicking the link below:

Get coverage from a company fighting alongside you.

Get your custom quote today and enjoy all the options Edison Insurance has to offer.
Florida Peninsula - Get a Quote