Florida Apartment Building Insurance in 2026: The Market Turn, the Named-Storm Math, and the Security Checklist in FS 768.0706
By Ricardo Alonso, Founder, Atesa Risk Advisors · August 13, 2026
Key Takeaways
- Florida property-catastrophe reinsurance fell an average of 22.8% at the June 2026 renewal — the cost that drives your building premium is finally moving down, and owners who re-shop capture it first. [3]
- The liability side did not soften with it. Negligent-security claims — lawsuits over crimes committed on your property — remain the loss driver Florida apartment underwriters price hardest.
- Florida Statute 768.0706 gives multifamily owners (5+ units) a presumption against negligent-security liability if the property substantially implements a specific list of security measures: cameras, lighting levels, deadbolts, window locks, pool-gate locks, peepholes, plus a CPTED assessment every 3 years and employee training. [1]
- Its companion, FS 768.0701, requires juries to apportion fault to the criminal who actually committed the act — a 2023 change that reshaped these cases. [2]
- A named-storm deductible is a percentage of your insured value, not a dollar figure: 5% on a $12 million garden complex is $600,000 out of pocket before the policy pays.
- NFIP flood policies cap at $500,000 per building for commercial risks — on a multi-building community that cap applies per building, and it is rarely enough. [4]
Florida apartment insurance splits into two different markets in 2026: a property market that is finally getting cheaper, and a liability market that is not. Reinsurance — the coverage your carrier buys, which sets the floor under your building rate — fell 22.8% on average at the June renewal. [3] Liability pricing still runs on crime scores and negligent-security verdicts. The owners doing best right now re-shop the property program aggressively and work the statutory security checklist that moves their liability risk — both are in this guide.
The property market turned. Your renewal won't say so on its own.
Two facts about the 2026 market. First: Gallagher Re reported average risk-adjusted rate decreases of 22.8% across its Florida portfolio at the June 1 reinsurance renewal, with softening consistent from the top of reinsurance towers to the bottom — abundant capacity, record reinsurer capital, and the 2022–2023 legal reforms doing what they were designed to do. [3] Second: none of that reaches your premium automatically. Carriers file rate changes on their own schedules, for their own territories, and a renewal offer that is merely flat can still be 15% above what the same building quotes in the open market.
I've re-marketed enough habitational accounts this summer to say it plainly: the spread between an incumbent renewal and the best competing quote is the widest it has been in years. If your apartment schedule renews between now and year-end, market it. All of it.
The named-storm deductible is a number you should know to the dollar
Every Florida commercial property policy carries a separate deductible for named storms, and it is a percentage of insured values, not a fixed dollar amount. The math is short and worth doing before hurricane season, not after:
| Total insured value | Named-storm deductible | You pay first |
|---|---|---|
| $6,000,000 | 3% | $180,000 |
| $12,000,000 | 5% | $600,000 |
| $25,000,000 | 5% | $1,250,000 |
Three things to check on your own policy. Whether the percentage applies per building or per occurrence — on a 14-building garden community, per-building application multiplies the retention. Whether a deductible buy-back policy (a separate policy that reimburses part of that retention) is worth the premium this year — with the market softening, buy-back pricing improved too. And whether your ordinance and law coverage — the part that pays the cost of bringing a damaged 1980s building up to current code — is sized to real reconstruction, because code upgrades are where older multifamily rebuilds blow past their limits.
Liability is the harder half now
Ask any Florida habitational underwriter what they price first on an apartment account and the answer is the same: crime exposure. A negligent-security claim — a lawsuit alleging that inadequate lighting, broken gates, or absent cameras contributed to a crime on your property — carries verdict potential that dwarfs a fire loss. For years these claims were priced into Florida apartment liability rates as a cost of doing business here.
The legislature rewrote the terrain in 2023. FS 768.0701 now requires the jury in a negligent-security case to consider the fault of all persons who contributed to the injury — including the criminal who committed the act. [2] Before that change, the property owner could be left holding nearly the whole judgment; now fault is apportioned.
The checklist that earns you a legal presumption — and better answers on every application
The bigger lever is FS 768.0706. For multifamily residential property — defined as apartments, townhouses, or condominiums with at least five dwelling units on a parcel — it creates a presumption against liability for criminal acts by third parties, if the property has substantially implemented this list: [1]
| # | Required measure |
|---|---|
| 1 | Security cameras at points of entry and exit, with footage retrievable for at least 30 days |
| 2 | Parking-lot lighting averaging 1.8 foot-candles (measured at 18 inches above the surface), dusk to dawn |
| 3 | Dusk-to-dawn lighting in walkways, laundry rooms, common areas, and porches |
| 4 | A deadbolt of at least 1 inch on every unit door |
| 5 | Locking devices on every window and exterior sliding door |
| 6 | Locked gates with key or fob access at pool fence areas |
| 7 | A peephole or door viewer on unit doors without windows |
Two ongoing requirements ride along: a crime prevention through environmental design (CPTED) assessment no more than three years old, performed by a law enforcement agency or a practitioner designated by the Florida Crime Prevention Training Institute, and employee security training — in place since January 1, 2025, with new hires trained within 60 days. [1]
A presumption is not immunity, and I am not telling you it is. A plaintiff can still argue the measures weren't substantially implemented, and a jury can still find fault. But the practical effect runs through your insurance file either way: this is the same list a liability underwriter walks on every habitational application. A property that can document all seven measures, a current CPTED assessment, and a training log presents as a different risk — in court and in the submission. The CPTED assessment is the item most owners are missing. Local law enforcement agencies perform them, often at low or no cost. Book it.
Flood: the $500,000 problem
NFIP coverage for commercial buildings caps at $500,000 per building, with another $500,000 for contents. [4] On a garden community, that cap applies building by building — and $500,000 does not rebuild much of a three-story walk-up. If any structure sits in a Special Flood Hazard Area (and lenders will tell you exactly which ones do), the working structure is an NFIP layer plus excess flood above it, or a single private flood policy that covers the schedule properly. Storm surge and rising water are excluded from your property policy entirely; this is a separate decision, made deliberately.
What the market asks of you
The submission wins or loses the pricing. Five-year currently-valued loss runs, roof ages and permits by building, the security documentation above, wind-mitigation inspections for every building, and a capital-improvements summary. I can't tell you whether this softening holds through 2027 — nobody selling certainty about hurricane markets is being straight with you. I can tell you that a complete submission in a soft market is when the leverage is all yours.
Your renewal timeline
| Step | When | What to do |
|---|---|---|
| 1. Order loss runs | 120 days out | Request 5-year currently-valued loss runs from every current carrier. |
| 2. Fix the documentation | 100 days out | Roof permits, wind-mit inspections per building, security-measure inventory against the 768.0706 list. |
| 3. Book the CPTED assessment | 100 days out | Law enforcement or an FCPTI-designated practitioner; assessments must be under 3 years old. |
| 4. Market the account | 75 days out | One broker, whole market, one submission — including Citizens as the benchmark of last resort. |
| 5. Run the deductible math | With quotes in hand | Named-storm percentage × TIV, per building vs per occurrence, buy-back pricing, ordinance & law limits. |
| 6. Decide flood deliberately | Before binding | NFIP-plus-excess vs private flood on every SFHA building. |
FAQ for Florida apartment owners
Is Florida apartment insurance getting cheaper in 2026? The property side, yes — reinsurance fell 22.8% at the June renewal and carriers are competing for habitational schedules again. The liability side has not softened comparably. Owners capture the property savings by re-marketing, not by auto-renewing. [3]
What is FS 768.0706 in plain terms? A 2023 Florida law giving apartment and other multifamily owners (5+ units) a presumption against liability for crimes committed on the property by third parties — if the property substantially implements a specific security checklist: cameras, lighting standards, deadbolts, window locks, pool-gate locks, peepholes, a CPTED assessment every 3 years, and employee training. [1]
Does meeting the 768.0706 checklist lower my insurance premium? It is not an automatic credit, but it answers the exact questions liability underwriters ask on habitational applications, and documented security measures materially improve how the risk is priced. It also strengthens your legal position if a claim happens — the same work pays twice.
What is a CPTED assessment and who does it? Crime Prevention Through Environmental Design — a site review of lighting, sightlines, access control, and landscaping. Under 768.0706 it must be performed by a law enforcement agency or a practitioner designated by the Florida Crime Prevention Training Institute, and be no more than 3 years old. [1]
How does a named-storm deductible work on an apartment complex? It is a percentage of your total insured value, applied before the policy pays anything on a named-storm loss. Five percent on a $12 million schedule is $600,000. Check whether it applies per building or per occurrence, and price a deductible buy-back if the retention is more than the property could absorb.
Does my property policy cover flooding? No. Rising water and storm surge require separate flood coverage. NFIP commercial policies cap at $500,000 per building, so multifamily schedules typically need excess flood or a private policy above that. [4]
Do condos and townhome communities count as multifamily under 768.0706? Yes — the statute defines multifamily residential property as apartments, townhouses, or condominiums with at least five dwelling units on a parcel. Associations and their boards should be working the same checklist. [1]
Related Reading
- Jacksonville Apartment Building Insurance in 2026 — the Duval County deep dive: building vintages, wind bands, and the JSO CPTED assessment
- Lessor's Risk Insurance for Florida Strip Malls and Plazas — the commercial-landlord companion to this guide
- Florida Commercial Property Insurance and Hurricane Coverage — deductibles, wind, and valuation in depth
- The Jacksonville Commercial Non-Renewal Playbook — what to do when the carrier walks
- Jacksonville Commercial Property Insurance: The Duval County Guide — local market specifics
How Atesa Risk Advisors Can Help
Multifamily placement is submission work. We build the file the way underwriters want it — loss runs, roof and wind-mit documentation by building, the 768.0706 security inventory, the CPTED paperwork — and take it to the whole habitational market at once, admitted and surplus lines, with Citizens as the benchmark rather than the default. In a market this soft, the difference between an average submission and a complete one is measured in five figures a year on a mid-size schedule.
Own or manage apartments in Florida? Get your free quote and consultation at atesariskadvisors.com/get-quote or call (904) 900-5063.
Sources
[1] Florida Statute 768.0706 — Multifamily residential property safety and security; presumption against liability (Online Sunshine) [2] Florida Statute 768.0701 — Liability for negligent security (Online Sunshine) [3] Reinsurance News — Reinsurance pricing down 22.8% across Gallagher Re's portfolio at June Florida renewal (July 2026) [4] FEMA — Flood Insurance (NFIP coverage limits)
Ricardo Alonso is the Founder of Atesa Risk Advisors, a Florida independent insurance agency based in Jacksonville. Licensed 2-20 General Lines Agent and 2-15 Health & Life Agent, with a Master of Liberal Arts in Finance from Harvard University. His construction-industry background informs how he places habitational and commercial property schedules across Florida.
Educational disclaimer: This article is general educational information about insurance and is not insurance advice, legal advice, a quote, or an offer of coverage. Statutes, rates, and requirements change and vary by property; confirm current requirements with primary sources, a licensed agent, and qualified counsel before relying on them. Coverage is subject to the terms of your policy. For a personalized review, contact Atesa Risk Advisors, an independent, RamseyTrusted brokerage licensed in Florida (2-20 General Lines).