Florida Multifamily Insurance Costs Decline by 6.2% in 2025
In 2025, Florida multifamily property insurance costs experienced a median decline of 6.2%, marking the first negative reading in Trepp's six-year data series. This follows years of significant increases that peaked at 42.1% in 2023—well above the national average of 16%. While offering some relief, this drop does not reverse the overall cost base inflated by previous surges. The decline contrasts sharply with a 3.4% increase seen across the rest of the U.S., highlighting Florida's unique trajectory in insurance costs over recent years. The state had consistently outpaced national trends from 2020 to 2023, creating an expense gap that remains significant despite this year’s drop. Trepp notes that while a negative median is encouraging for property owners and lenders, it does not negate the long-term financial impact of earlier increases. The report emphasizes the need for continued underwriting at the asset level due to variability in insurance outcomes based on factors like location, building type, and claims history.
Topics: cost decline Florida multifamily insurance Trepp data