Florida Property Insurance Update

Property insurance
Florida homeowners are slowly receiving some more options for property insurance.

Florida homeowners in need of a glimmer of hope can finally breathe a sigh of relief. The state recently approved eight new property insurers to enter the market, marking a significant shift in the previously turbulent landscape. This influx of new companies is a direct result of legislative reforms implemented in 2022, which aimed to bring stability to the ever-increasing costs and dwindling options for property insurance.

For years, Florida homeowners have grappled with skyrocketing insurance rates and a shrinking pool of insurers willing to take on the risk. This situation stemmed from a confluence of factors, including frequent hurricanes and rising litigation costs. The 2022 reforms aimed to address these issues by tackling frivolous lawsuits and providing more flexibility for insurers in setting rates.

What this means for property insurance and you

The arrival of eight new property insurers signifies a potential turning point for Florida’s homeowners. With more companies in the mix, competition for property insurance is expected to rise, leading to potentially lower premiums and a wider range of coverage options. This doesn’t necessarily mean immediate relief, but it’s a positive step towards a more balanced market.

According to the Florida Office of Insurance Regulation, the eight new insurers following legislation reforms are:

  • Manatee Insurance Exchange
  • Condo Owners Reciprocal Exchange
  • Orange Insurance Exchange
  • Orion 180 Select Insurance Company
  • Orion 180 Insurance Company
  • Mainsail Insurance Company
  • Tailrow Insurance Companies
  • Ovation Home Insurance Exchange

Summary

While the addition of new insurers is positive news for Florida property insurance, it’s crucial for homeowners to remain proactive. Don’t automatically renew your current policy – take advantage of the increased competition by shopping around and comparing rates and coverage details. Utilize independent insurance agents to navigate the expanded market and find the policy that best suits your needs and budget.

Are you looking to buy or sell a property in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download the free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.