According to industry analysts, the new year has brought six new organizations eager to join the state and begin writing homeowners insurance policies.
“Very positive for the Florida insurance marketplace and consumers, because it will give homeowners a choice now on shopping for coverage,” Mark Friedlander, of the Insurance Information Institute, said.
The six new businesses are Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange, and Condo Owners Reciprocal Insurance.
All of them, according to Friedlander, have been reviewed and approved by state regulators.
The rating firms say the corporations are financially sound.
He also stated that many of the corporations had waited until 2024 to enter the Florida market after litigation changes were implemented and the 2023 hurricane season finished.
Some companies are slowly beginning to write policies.
“We do have confirmation from some agents that Orange Insurance has opened for business,” Friedlander told reporters. “They are writing policies and have started to appoint independent agents across the state.”
He stated there is no exact schedule on when the other firms will start policy writing, but it will happen in the first months of this year and homeowners need to check with their insurance agents.