Florida Approves More Property Insurers
Florida Approves More Property Insurers, Boosting Homeowner Choice
Florida homeowners have gained new insurance options this summer. The state has approved two more property insurers—bringing the total to 14 since recent reforms—as part of a broader effort to stabilize the market.
🔍 What’s Driving Increased Choice?
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Legal Reforms (2022–2023): Laws limited assignment of benefits and one-way attorney fees. These moves made Florida more attractive for insurers.
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New Entries:
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Incline National Insurance (Texas-based), covering homeowner and inland-marine policies statewide.
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Florida Insurance and Reinsurance Co., focused on condos and HOA coverage.
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Market Recovery: Citizens Property Insurance has reduced exposure by ceding over 90,000 policies in Tampa Bay. The private sector is stepping in.
What This Means for Homeowners
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More Competition: Homeowners now have more choices and fewer restrictions tied to Citizens coverage.
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Potential Savings: Some private insurers offer rates similar or lower than Citizens—up to 20% cheaper.
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Stabilizing Premiums: The market is seeing rate freezes or modest decreases, shrinking climbing costs.
⚠️ Still a Challenging Market
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High Premiums Remain: The average Florida homeowner pays more than $3,000 annually—up 34% since late 2022.
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Gaps Remain: Despite more insurers, some regions still face withdrawals from others, leading to limited options. Citizens remains critical .
✅ Smart Moves for Homeowners
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Shop Around: Compare new insurers like Incline and Florida Re for better coverage or rates.
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Review Renewal Options: New competition means Citizens can’t renew your policy automatically if private options are <20% more.
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Ask an Expert: Work with experienced agents who monitor rate filings and available carriers.
What This Means for Real Estate
Insurance costs and availability impact affordability, mortgage approvals, and resale value. More choices empower buyers and sellers—especially in previously hard-hit areas like Tampa Bay and South Florida.
Ready to Buy or Sell?
Let me guide you through the insurance landscape—and your next real estate move.
Contact Laura Graves for expert advice on property and coverage in today’s Florida market.
📞 Call/Text: (786) 457-8001
📧 Email: [email protected]
