How much in total savings are Florida drivers expected to see from the auto insurance rate reductions?

According to the article, the combined rate reductions from State Farm and Progressive, the state's largest auto insurer, amount to a total of $2 billion in savings for Florida policyholders.

What is the current status of Citizens Property Insurance Corp., Florida's insurer of last resort?

As of October 2025, Citizens Property Insurance Corp. has seen a significant reduction in its policy count, dropping from a peak of 1.4 million policies in September 2023 to just 569,495 policies as of October 24th, 2025.

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Florida Drivers Pocket $1 Billion in Auto Insurance Savings

Q: What changes in Florida's tort laws have contributed to the auto insurance rate reductions?

The changes in Florida's tort laws passed in December 2022 have reduced the number of lawsuits policyholders have filed over claims disputes, thus lowering litigation expenses for insurers like State Farm.

31 Oct

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Summary

State Farm, Florida's 3rd largest insurer, cuts rates by 10%
Follows $1 billion rebate from Progressive, state's largest insurer
Savings attributed to 2022 tort law changes reducing litigation

Florida Drivers Pocket $1 Billion in Auto Insurance Savings

As of November 1st, 2025, Florida drivers are set to benefit from significant auto insurance savings. State Farm, the state's third-largest auto insurer, has announced an average 10% reduction in rates for its policyholders. This reduction, combined with previous cuts, amounts to a total of $1 billion in savings for State Farm customers.

The rate drop is partly attributed to 2022 state tort law changes that have reduced litigation against insurers. This follows a similar $1 billion rebate announced by Progressive, the state's largest auto insurer, which was highlighted by Governor Ron DeSantis a week earlier.

While State Farm's reductions are not the result of state insurance regulators ensuring that auto insurers' profits do not exceed statutory limits, the company's officials stated that the changes in tort laws have reduced the number of lawsuits policyholders have filed over claims disputes, thus lowering litigation expenses. State Farm hopes to build on this momentum and continue working towards further improvements in the marketplace on behalf of all its Florida customers.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.