JACKSONVILLE, Fla. – A new insurance company is joining the Florida market just months before the start of hurricane season, marking the 12th company to enter the insurance landscape since lawmakers passed legislation aimed at reforming the industry.

RELATED: Should AI be allowed to deny your insurance claim? Fleming Island senator says no

Patriot Select Property and Casualty Insurance is the newest company approved to provide home insurance in Florida after the Florida Office of Insurance Regulation officially granted it the necessary approval to operate in the state.

Mark Friedlander, the Florida spokesman for the Insurance Information Institute, emphasized that the arrival of another home insurance company is a positive sign for Florida’s insurance market, noting that this expansion could lead to better rates for consumers.

“We’re hearing from insurance agents that because of the improved market and the new opportunities that are being presented, they are able to requote customers at much lower rates than what they had previously,” Friedlander said. “We’re talking about perhaps up to 50% less than what they were paying for their premium bill last year.”

Friedlander highlighted that Patriot Select was founded by individuals with extensive knowledge of the insurance industry, and having nearly $30 million in capital puts the company in a strong financial position to begin operations.

This development comes after years of instability in the Florida insurance market, which had previously led to many customers being dropped by their insurers.

In a recent report, a Florida resident shared their experience with the non-renewal process. “After raising my rates dramatically last year, they have now dropped me. I’ve been moved to a new company, but I have not yet received my new quote,” the resident wrote.

However, Friedlander noted that since lawmakers implemented reforms, the situation has improved. He advises consumers to contact their insurance representatives and conduct an insurance checkup once a year to ensure they have the best coverage that fits their needs.