FLORIDA, Fla. – It’s being called great news for Florida homeowners!
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Another insurance company has decided to enter Florida’s property insurance market, a move expected to boost competition and offer more options for Floridians.
Industry analysts are weighing in on what this could mean for the state’s property insurance landscape.
In a recent statement from the Florida Office of Insurance Regulation, Commissioner Michael Yaworsky emphasized the continued strengthening of Florida’s property insurance market.
The commissioner referenced the addition of Trident Reciprocal Exchange, a new property insurer set to begin offering coverage to Florida homeowners following the state’s landmark reforms in 2023.
Industry experts are optimistic about this development, especially as it follows the landfall of Hurricane Debby. Mark Friedlander, a spokesperson for the Insurance Information Institute, highlighted the positive impact this could have on consumers.
“When major national insurers like State Farm and Progressive recommit to Florida, it signals a much more stable market environment, giving consumers more choices and reflecting the significant improvements since recent legislative actions,” said Friedlander.
Friedlander also noted that 12 companies have filed for rate decreases this year, while 24 have filed for no change in premiums. These trends could soon affect property insurance policy premiums for homeowners across the state.
The state’s response to Hurricane Debby has been better than expected, with the Big Bend area facing substantial damage, though not enough to disrupt the market’s positive trends.
Most claims have been related to auto damage rather than homes, and much of the damage resulted from flooding—a risk typically covered by the National Flood Insurance Program or private flood insurers, rather than property insurers.
Current estimates project the financial impact of Hurricane Debby to be between $1 billion and $2 billion, lower than the $3 billion loss from Hurricane Idalia last year.
“It’s not a major loss event for the insurance industry,” Friedlander said. “And certainly, everyone hopes this will be the last of the hurricane activity for 2024.”
The Florida Office of Insurance Regulation also reported growing participation and interest in the Citizens Depopulation program. The state-backed insurance company has approved other companies⬤