Florida’s Edison Files for 9.8% Average Residential Rate Drop

Boca Raton-based Edison Insurance Co., now with more than 145,000 policies in force, has joined the list of Florida property insurers filing for rate decreases this year, three years after state lawmakers approved significant disincentives for claims litigation.

Edison recently made a use-and-file request for an average decrease of 9.8%. The Florida Office of Insurance Regulation has yet to approve the filing, but it went into effect for renewals starting July 15, the company said in a statement.

“These rate decreases reflect positive changes in Florida’s insurance marketplace and the continued benefits of legislative reforms,” Edison CEO Paul Adkins said in a news release.

He noted that homeowners’ and condo owners’ premiums will vary depending on property location, roof age, claims history and other factors.

The decrease makes Edison the latest of several carriers to file for rate decreases in the last two years, following the 2022 legislative reforms that revamped Florida statutes that had expanded attorney fees and assignments-of-benefit agreements over the years. Policyholders statewide had seen major premium spikes in the years before the 2022 statutory changes.

Since the reforms, OIR has received more than 190 filings for residential rate decreases or 0% increases, the office said.

As of July this year, the 30-day average for rate filings was a 6.9% decrease, OIR information shows. Since July 2025, the office has approved a weighted average decrease of 1.5% for HO, mobile home, farm owners, dwelling fire, allied lines and earthquake policies, and excluding the state-back Citizens Property Insurance Corp., OIR data show.

OIR data for the first quarter of this year show that Edison held 125,000 homeowner policies and 23,400 condominium unit owner policies in Florida, for a total of 148,000 policies in force. Edison said the current total is more than 145,000 policies.

That compares to about 102,700 policies the company held in early 2023, OIR data show.

Edison is owned by Florida Peninsula Holdings. Its sister company, Florida Peninsula Insurance, held some 197,000 policies in the first quarter this year, including HO, condo unit, dwelling fire and tenant policies.