As new homeowners insurance companies come to Florida, Citizens banks on steep rate hike proposal
The latest is Trident Reciprocal Exchange, announced by
That addition follows eight new property insurers entering the
Meanwhile, the Board of Governors for
If the
In 2023, the average cost of home insurance with Citizens was
What does it mean for business?
Analysts are weighing in on what the additional insurers could mean for the state's property insurance landscape. More options and stronger competition should finally begin stabilizing the market and lowering prices.
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After some major players departed, the state recruited more insurers, giving consumers more choices. However, finding an insurer willing to back coastal communities in
But it never hurts to make a call, especially if your structure is well-built, has hurricane-tempered improvements, and upgraded amenities, such as electrical panels, water heaters, air-conditioning units and plumbing fixtures within ten years old.
Here are the newer property and casualty insurers and how you or your broker can reach them:
Ovation Home Insurance Exchange (888) 247-0482
Manatee Insurance Exchange (866) 651-4441
Condo Owners Reciprocal Exchange (CORE) (844) 713-5800
Orange Insurance Exchange (866) 303-8970
Tailrow Insurance Companies (
Sypher (888) 391-0264
Trident Reciprocal Exchange (PURE) (888) 813-7873
According to reports, the Citizens Depopulation Program has been going strong. So far this year, OIR has approved 13 companies to assume more than 354,000 policies from Citizens. In 2023, more than 275,000 policies were assumed.
OIR also approved the acquisition of Trusted Resource Underwriters Exchange, a
As a result, more than
"We look forward to continuing this work and promoting a competitive market for policyholders," Yaworsky said.
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