Why Now Is the Best Time to Shop Your Homeowners Insurance in Florida (2026 Update)

If you’ve been putting off reviewing your homeowners insurance, now may be one of the best opportunities in years to shop your rate and potentially save money—especially for homeowners in Cape Coral, Fort Myers, and throughout Southwest Florida.

After years of skyrocketing premiums and limited options, the Florida insurance market is finally showing real signs of improvement.

The Florida Insurance Market Is Turning a Corner

For nearly a decade, Florida homeowners faced:

Double-digit rate increases
Companies leaving the state
Fewer options and stricter underwriting

But in 2026, we are seeing a major shift.

Many insurance companies are now filing for rate decreases or flat renewals
Premiums are leveling off and even dropping in some cases
The state-backed insurer, Citizens, is reducing rates for the first time since 2015

Even more importantly, real rate reductions are already happening on both new policies and renewals, with some homeowners seeing meaningful savings.

👉 Translation:
This is no longer just talk—there are real opportunities to lower your premium right now.

New Insurance Companies = More Competition (Better Prices)

One of the biggest reasons to shop your policy right now is increased competition.

Florida has seen 17+ new insurance companies enter the market following recent reforms
More carriers = more underwriting options
More options = more aggressive pricing to win your business

For years, many homeowners were stuck with:

Citizens Insurance
A small handful of expensive carriers

Now, private companies are expanding again, which gives independent agents more options to shop your policy and find better deals.

Rates Are Finally Going Down (Yes, Really)

After years of 20–30% annual increases, we’re finally seeing relief:

Statewide average decreases around 8–9% in some cases
Some areas seeing double-digit reductions (10%–14%)
Multiple carriers proposing rate cuts or no increases for 2026

This doesn’t mean insurance is “cheap” again—but it does mean:

👉 You may be overpaying if you haven’t shopped recently

Why You Should Re-Shop Your Home Insurance Right Now

1. Your Current Policy May Be Outdated

Many homeowners locked into policies during the peak of the market (2021–2024). Those rates were based on:

Limited competition
High reinsurance costs
Carrier instability

👉 Today’s market is different.

2. New Discounts May Be Available

You may qualify for discounts you’re not currently receiving, such as:

Wind mitigation credits
New roof credits (especially post-Ian homes in SWFL)
Opening protection (impact windows/shutters)
Updated construction features

3. Carriers Are Competing for Business Again

Insurance companies are now:

Actively writing new policies
Offering better pricing to grow market share
Trying to pull policies out of Citizens

👉 That creates opportunity for YOU as a homeowner.

4. Independent Agents Have the Advantage

This is where working with an independent insurance agency (like Wilcox Family Insurance) becomes critical.

Unlike captive agents (State Farm, Allstate, etc.), independent agents:

Shop multiple carriers at once
Compare pricing and coverage side-by-side
Know which companies are competitive right now in Cape Coral & Fort Myers

👉 In a changing market, having access to multiple options is everything.

Southwest Florida Homeowners: This Matters Even More for You

If you live in:

Cape Coral
Fort Myers
North Fort Myers
Punta Gorda
Lehigh Acres

You were hit hardest by:

Hurricane Ian
Rate spikes
Tight underwriting

Now you are also among the areas most likely to benefit from new competition and updated pricing.

👉 Especially if:

You replaced your roof after Ian
You haven’t done a wind mitigation recently
You’ve been with the same carrier 2+ years

Important Reality Check

While things are improving:

Florida is still one of the most expensive states for homeowners insurance
Not every homeowner will see a decrease immediately
Some policies will still increase depending on risk

But overall…

👉 The trend has shifted in your favor for the first time in years

Bottom Line: Don’t Auto-Renew Without Checking

If your renewal is coming up, this is NOT the year to just accept it.

Even a:

5%–10% reduction
can mean hundreds or even thousands of dollars saved annually.

Final Takeaway

✔ Rates are stabilizing and starting to drop
✔ New insurance companies are entering Florida
✔ Competition is increasing
✔ Discounts and eligibility are improving

👉 Which means:

Now is one of the best times in years to shop your homeowners insurance.

Need Help Comparing Rates?

At Wilcox Family Insurance, we specialize in helping homeowners in:

Cape Coral
Fort Myers
All of Southwest Florida

find the best coverage at the most competitive price.

📞 Call us today or request a quote online—
and let us shop the market for you.

Frequently Asked Questions About Shopping Homeowners Insurance in Florida

How often should I shop my homeowners insurance in Florida?

You should shop your homeowners insurance at least once per year, ideally 30–60 days before your renewal. In Florida’s changing market—especially in Cape Coral and Fort Myers—rates, underwriting guidelines, and available companies can change quickly. Shopping annually ensures you’re not overpaying.

Is homeowners insurance going down in Florida in 2026?

Yes, in many cases homeowners insurance rates are stabilizing and even decreasing in 2026. New companies entering the Florida market and recent legislative reforms have increased competition, which is helping drive better pricing for homeowners.

Why are new insurance companies coming into Florida now?

New insurance companies are entering Florida due to:

Legal reforms that reduced excessive litigation
Improved market stability
Opportunities to gain market share

This increased competition is one of the biggest reasons why now is a great time to shop your homeowners insurance.

Can switching insurance companies really save me money?

Yes—many homeowners save hundreds to thousands of dollars per year by switching insurance companies. Different carriers rate homes differently, so one company may offer significantly lower premiums for the same home and coverage.

Should I use an independent insurance agent to shop my policy?

Yes, working with an independent insurance agent gives you access to multiple insurance companies at once. This allows you to compare coverage and pricing side-by-side, which is especially valuable in Florida where rates vary widely between carriers.

What is the best way to get the cheapest homeowners insurance in Cape Coral or Fort Myers?

The best way to get the lowest rate is to:

Work with an independent agent
Update your wind mitigation report
Ensure your roof age and features are accurate
Compare multiple carriers

Homeowners in Cape Coral and Fort Myers often see the biggest savings by shopping multiple companies instead of staying with the same insurer.

Does getting a new roof lower my homeowners insurance in Florida?

Yes, a new roof can help lower your insurance premium, but it’s more about eligibility and credits than massive discounts. However, if you replaced your roof after Hurricane Ian and haven’t updated your policy, you could be missing out on important savings.

What discounts can lower my homeowners insurance in Florida?

Common discounts include:

Wind mitigation credits
Hurricane impact windows or shutters
Roof-to-wall attachments (clips/single wraps)
Secondary water resistance (SWR)
Newer construction (2002+ homes)

These discounts can significantly reduce your premium—especially in Southwest Florida.

Is it bad to switch homeowners insurance companies?

No, switching insurance companies is very common and safe—as long as:

There is no lapse in coverage
The new policy provides equal or better protection

An independent agent can help ensure a smooth transition.

What if my current insurance renewal is increasing?

If your premium is increasing, you should absolutely shop your policy. Even in a stabilizing market, some companies are still raising rates. Comparing options can often uncover better pricing with similar or improved coverage.

Can I switch out of Citizens Insurance?

Yes, many homeowners can now switch out of Citizens due to new private companies entering the market. In many cases, private insurers are offering competitive or even lower rates with better coverage options.

How long does it take to get homeowners insurance quotes?

Most homeowners insurance quotes can be completed within 15–30 minutes when working with an experienced independent agent. Having details like your roof age, home features, and prior insurance helps speed up the process.