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Increasingly expensive claims and litigation drove multiple insurers from Florida, but property owners now have a few more options.
Eight property and casualty insurers received approval to enter the Florida market in April, the Florida Office of Insurance Regulation (OIR) shared in a news release.
The insurers are Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company, and Tailrow Insurance Companies.
“OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state,” Florida Insurance Commissioner Michael Yaworsky said in the release. “We look forward to continuing this work and promoting a competitive market for policyholders.”
Florida has the highest average home insurance rate in the country, at $10,996 per year for $300,000 in dwelling coverage, according to Insurify data. The next highest is $6,354 in Louisiana.
As private insurers pulled coverage or declared insolvency, many homeowners had no choice but to buy policies from Florida’s insurer of last resort, Citizens Property Insurance Corporation. Citizens’ rates are much higher: its average annual premium is $22,165 in 2024, according to Insurify data.
The OIR release didn’t address whether approving more insurers would eventually lower overall rates but noted that Citizens is improving its financial strength.
The state continues to reassign policies from Citizens to other authorized insurers to reduce Citizens’ risk exposure.
Florida’s insurance market was on the verge of failure in 2022, largely due to excessive litigation and insurance fraud, according to the Insurance Information Institute. Broad legal reforms passed last March aiming to decrease frivolous lawsuits and predatory attorney practices. The Florida OIR has credited those legislative reforms with promoting market stability.
Legislators are also working to reduce costs for homeowners. The Florida Senate passed legislation in March that reduces property insurance premiums by more than $500 million statewide by covering premium tax and fire marshall assessment. Home and condo owners undertaking storm fortification improvements in hurricane-prone Florida can also apply for grants and matching funds to cover the costs.
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15+ years in content creation
7+ years in business and financial services content
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Licensed property and casualty insurance agent
8+ years editing experience
NPN: 20461358
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