8 New Insurance Companies in Florida

These 8 new insurance companies in Florida are good news for the Treasure Coast. Since 2019, insurance rates across the nation have climbed. In Florida, state officials and the Florida Office of Insurance Regulation (OIR) have taken action and this article aims to introduce new insurance companies in Florida.

The state also aims to stabilize the insurance market with new legislative reforms. Officials hope that the new insurance companies can bring competition in the market and relief to residents in search of more affordable policies.

What Happened to Citizens Property Insurance?

Many new companies entering the Florida market will take policies from Citizens Property Insurance. Millions of Florida residents had policies with Citizens Property Insurance, but the company over-insured customers and began dropping policies. Citizens Property pushed customers to private companies like Slide Insurance and Florida Peninsula.

The state’s insurer of last resort, Citizens Property Insurance, is now showing some financial improvements. Local officials were concerned that Citizens Property Insurance would not have enough money to cover claims if a hurricane struck when the company posted a loss of $2.2 billion in 2022. The insurance company’s financial situation is improving, and the company posted a gain of $746 million in 2023. Although the OIC has seen improvements, they are still waiting for new insurance companies in Florida to help bring prices down.

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Who are the New Insurance Companies in Florida?

The eight new insurance companies entering the Florida market include Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Mainsail Insurance Company, and Tailrow Insurance Companies. Orion180 Insurance Company and its partner company, Orion180 Select Insurance Company, will also start operating in Florida. These eight companies are expected to bring more competition to the market so that policyholders have more options.

Mainsail Insurance Company is a Texas-based company and was the second new company welcomed to Florida. It will offer residents seventeen types of insurance, including auto and property coverage.

Orion180 Select Insurance Company is a highly rated insurance company that will offer a standard home insurance policy. Orion180 Insurance Company also has policies that cover temporary living arrangements if a home sustains damage and is uninhabitable.

Ovation Home Insurance Exchange gives residents another option and currently has more than 2,000 agents throughout the state, which means that policyholders receive fast customer service. Ninety percent of Ovation’s calls are answered within a minute, and the average claim closes in 30 days. Ovation also has flood insurance policies, which is especially vital for Florida homeowners. Ovation is a start-up company under Winward Risk Management, which has been writing insurance for many years in Florida.

Manatee Insurance Exchange offers policies for homeowners and condo unit owners. Their homeowner’s insurance policy covers damage to the home and personal property and also provides liability coverage. The condo insurance policy covers water damage from leaks, fire, hurricanes, and theft. The policy also includes coverage for additional living expenses if the policyholder can’t live in their place due to damage. Manatee does not provide flood insurance, but policies are customizable.

Condo Owners Reciprocal Exchange was launched by the HCI Group. The insurance company offers property insurance for master condo associations.  Insurance companies like Condo Owners Reciprocal Exchange could help reduce Florida HOA fees, as the current lack of competition makes it more expensive for associations to purchase insurance.

Tailrow Insurance Companies is also a subsidiary of the HCI Group. Tailrow was the first company approved by Florida and started writing policies in the first quarter of 2024.

Orange Insurance Exchange was formed in the summer of 2023 and is a brand-new insurance company that partners with Cabrillo Coastal General Agency and Harbor Claims to offer residential property insurance. Orange is a reciprocal insurer, which means that policyholders are members of the insurance company and agree to insure each other, similar to a mutual insurance company. Orange is actively writing new policies for Florida residents.

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How to Shop for the Best Home Insurance

Shopping the market for a good policy can help homeowners save hundreds or thousands of dollars. There are several things consumers should consider when shopping for a new insurance policy. First, determine how much coverage you need.

Your coverage should cover the replacement cost of your home or the amount it will cost to rebuild after a disaster. Online estimation tools can help you calculate the coverage you need, but a professional appraiser can give the most accurate assessment. You’ll also need to calculate the total value of your personal belongings.

Comparing quotes is the next step. You can get quotes online, through the insurer’s website, or by calling a local policy agent. Comparing quotes from multiple companies will help you find the most affordable policy. When choosing a policy, you should consider three coverage levels.

Actual cash value coverage is usually the most affordable option and reimburses you for the value of your property but not the cost of depreciation. Replacement cost value provides extra coverage by reimbursing for the value of your property at current market rate prices. Extended replacement cost value is top-tier coverage, allowing you to rebuild your home even if the cost exceeds your policy limit. Once you’ve chosen a policy, you can change insurance companies at any point during the policy period.

How to Get a Claim Processed Faster

Claims require documentation. The more documentation you have, the faster and easier the claims process will be. Take pictures of your possessions, valuables, and the state of your home. Physical documentation with precise dates can make filing a claim later much easier. For extremely valuable or sentimental items, have a record of the manufacturer, model name or number, and the date you purchased the item.

If your home endures damage, try to protect your property from further damage. Temporary repairs may be necessary to prevent more damage to the property. If you make any repairs, keep the receipts. If something, such as a plumbing line, washing machine hose, electrical item, or other item, causes loss or damage, save the item or part that caused the damage so that the adjuster can inspect it.

Don’t make permanent repairs until an adjuster has inspected the property damage. A permanent repair before an inspection could interfere with the claims process. If a theft occurs, file a police report. Report everything that was stolen. Notifying the police will make it easier to process the claim later.

The same is true for lost credit cards, which should be reported to the credit card company immediately. If property damage forces you to leave the home and seek alternative housing, keep receipts for temporary lodging and other expenses incurred while away.

Will Home Insurance Rates Drop in Florida?

With new insurance companies in Florida, there is a positive sign for the local insurance market because they will provide new choices for residents and lower insurance premiums. The state’s decision to introduce these new insurance companies is especially vital before the Florida 2024 hurricane season.

State officials have passed reforms to lower insurance costs and are beginning to see some of the positive impacts. Other states, like Louisiana, are instituting the same reforms as Florida to reduce costs for their residents. Local and state officials will likely continue to take steps to bring insurance rates down and increase affordability for residents of the Sunshine State.

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