The Florida property insurance landscape is changing as six new companies join the market, offering homeowners more options for coverage.
As the new year begins, six respectable insurance firms have joined the Florida property insurance market, which is great news for Floridian homeowners. Mark Friedlander of the Insurance Information Institute claims this change would hopefully provide homeowners more options when comparing policies.
Six new players ready to write homeowners property insurance policies
The Florida insurance market is set for a transformation with the addition of six new companies: Orion 180 Select Insurance Company, Orion 180 Insurance Company, Tailrow Insurance Company, Orange Insurance Exchange, Mainsail Insurance Company, and Condo Owners Reciprocal Insurance. All these companies have undergone thorough vetting and received clearance from state regulators, ensuring their financial stability and reliability.
Friedlander emphasized that many of these companies strategically chose 2024 as the year to enter the market. This decision aligns with recent litigation reforms and the conclusion of the 2023 hurricane season, providing a favorable environment for their introduction.
While the start-up process is gradual for some, there is confirmation that Orange Insurance has hit the ground running. They are actively writing policies and appointing independent agents across the state. Though a specific timeline for the other companies remains uncertain, Friedlander assures homeowners that policy writing will commence in the first few months of the year. To stay updated, homeowners are encouraged to check with their insurance agents.
Orange Insurance writing policies and appointing agents
Of the six new entrants, Orange Insurance has taken the lead by officially opening for business and initiating policy writing. Independent agents are already being appointed across the state, marking a promising start for the company.
While the timeline for the remaining companies remains unspecified, homeowners can anticipate more options and competitive coverage offerings in the coming months. The gradual entry of these companies is expected to enhance the overall landscape of property insurance in Florida, fostering healthy competition.
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