HomeHome Insurance8 new property insurance companies coming to Florida to promote market stability

8 new property insurance companies coming to Florida to promote market stability

FLORIDA – The Florida Office of Insurance Regulation (OIR) announced that eight property and casualty insurers are coming to Florida following legislative reforms designed to promote market stability.

RELATED: Could the hyperactive hurricane season prediction impact Florida’s property insurance rates?

The price to insure a home in Florida remains the highest in the United States after insurance premiums rose 68% from May 2021 to May 2023.

“Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” Insurance Commissioner Michael Yaworsky. “OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.”

In 2023, the state market took a hit as Farmers Insurance announced it was ending several policies. That caused tens of thousands of customers to look for coverage elsewhere.

Companies like Orion180 Insurance Company, Manatee Insurance Exchange, and Ovation Home Insurance Exchange are starting to write home insurance policies for residents.

News4JAX Insiders gave their thoughts on how they think the new companies will impact their policies.

“I have to get new insurance with Farmers pulling out, I hope this will help stabilize and of course help lower rates across our state,” Harry Kaiserlin said.

Another Insider said they are skeptical about the impact of the companies.

“Hopefully they aren’t just popping in to profit off the higher rates and then running after the first storm,” Rex Fairholm said.

Another Insider said they don’t think much will change.

“Without the nationwide level groups like State Farm, Farmers, All State, Nationwide, Progressive, Geico, rates won’t change much,” Casie Disintoes said.

State regulators have also continued efforts to shrink Citizens Property Insurance, Florida’s property insurer of last resort, citing concerns about the financial risks of a major hurricane.

Copyright 2024 by WJXT News4JAX – All rights reserved.

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