Magnetic exchange couplings can be tuned by coupling to periodic light, where the frequency and amplitude are typically varied: a process known as Floquet engineering. The polarization of the light is also important, and in this paper, we show how different polarizations, including several types of unpolarized light, can tune the exchange couplings in distinct ways. Using unpolarized light, for example, it is possible to tune the material without breaking either time-reversal or any lattice symmetries. To illustrate these effects generically, we consider single-band Hubbard models at half-filling on the honeycomb, square and triangular lattices. We derive the effective Heisenberg spin models to fourth order in perturbation theory for arbitrary fixed polarizations, and several types of unpolarized light that preserve time-reversal and lattice symmetries. Coupling these models to periodic light tunes first, second and third neighbor exchange couplings, as well as ring exchange terms on the square and triangular lattices. Circularly polarized light induces chiral fields for the honeycomb and triangular lattices, which favors non-coplanar magnetism and potential chiral spin liquids. We discuss how to maximize the enhancement of the couplings without inducing heating.