Two more property insurers have been approved to operate in Florida, bringing the total to 14 since recent reforms. Officials say the market is stabilizing.
One of the new companies, Florida Insurance and Reinsurance Company will primarily offer coverage for condominiums and condo associations.
The two new carriers are the 13th and 14th to enter Florida’s market since lawmakers enacted reforms in 2022 and 2023 that have decreased financial incentives for policyholders, repair contractors, roofing companies and plaintiffs’ attorneys to file what insurers contend are frivolous lawsuits.
New companies start out with clean slates, unburdened by claims and lawsuits that predate the reforms. Many of the new companies build their initial books of business by participating in depopulation of state-owned Citizens Property Insurance Corp. because there are no initial acquisition costs.
