Fresh competition in Florida’s property insurance market brings optimism for lower rates, stronger coverage, and more stability for Miami homeowners and businesses
Miami homeowners have been battling rising insurance premiums and dwindling coverage options for years. But new developments could bring some relief. The Florida Office of Insurance Regulation (OIR) has approved Stand Insurance Exchange and Praxis Reciprocal Exchange to write property insurance across the state. This marks an important step toward improving competition, reducing reliance on the state-backed Citizens Property Insurance Corp., and giving South Florida families and businesses more options for protection.
A new era for Florida homeowners
Both Stand and Praxis will offer essential coverages such as fire, homeowners multiperil, inland marine, and liability policies. Praxis will also provide boiler and machinery insurance, extending much-needed protection for commercial property owners.
Perhaps the most significant move is their plan to absorb 25,000 policies from Citizens. Once burdened with more than 1.4 million policies in 2023, Citizens has already reduced that number to under 780,000. By transferring policies to private insurers, Florida aims to ease the strain on its insurer of last resort while providing homeowners with greater choices.
Florida’s Insurance Commissioner, Mike Yaworsky, pointed out that legislative reforms are paying off, bringing in 17 new companies since those changes were enacted. Even better, some insurers are beginning to request rate decreases, something Florida homeowners haven’t seen in years.
Why this matters for greater Miami
For residents of Miami’s diverse neighborhoods—from Little Havana to Kendall—this news carries real weight. High property insurance costs have forced many families and small businesses to make tough financial decisions, often paying more for coverage that provides less.
Stand Insurance Exchange describes itself as a technology-driven company committed to helping homeowners better manage risk, while Praxis brings over 75 years of property insurance expertise in Florida. With this combination of innovation and experience, the OIR is optimistic that the companies will help stabilize one of the most volatile insurance markets in the nation.
The impact goes beyond property coverage. State officials also note that reforms are beginning to influence auto insurance rates, with top carriers requesting an average decrease of 6.5%. For Miami residents, that means the potential for real financial relief in multiple areas of their lives.
Miami’s resilience has always been rooted in community and adaptation—and the arrival of new insurers reflects that spirit. The approvals of Stand and Praxis represent more than regulatory milestones; they offer renewed hope for families and businesses striving for stability in uncertain times.
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