WEST PALM BEACH, Fla. — The new year now means six new companies are ready to enter the state and start writing homeowners insurance policies, according to industry experts.
“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 companies 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, Friedlander said, have been vetted and cleared by state regulators.
The companies are financially sound, according to the rating agencies.
He also said many of the companies have been waiting until 2024 to enter the Florida market after litigation reforms were passed and the 2023 hurricane season ended.
The start up for some of the companies to begin writing policies is moving slowly.
“We do have confirmation from some agents that Orange Insurance has opened for business," Friedlander said. "They are writing policies and have started to appoint independent agents across the state.”
He added there is no specific timeline on when the other companies will start policy writing, but it will happen in the first months of this year and homeowners need to check with their insurance agents.
Have any questions or issues with homeowners insurance, email Matt Sczesny at matt.sczesny@wptv.com.