PALM BEACH COUNTY, Fla. — The news of a ninth new insurance company to Florida is just what state leaders have been hoping to see— a sign of better days ahead from high premiums and swelling Citizens numbers.
Trident Reciprocal Exchange is the newest insurer to join the following list of insurers:
- Trident
- Ovation
- Manatee
- Orange
- Condo Owners Reciprocal
- Orion 180 Select
- Orion 180
- Mainsail
- Tailrow
WATCH HERE: 9 companies approved to take out offers to Citizens policy holders
I wanted to know what impact these companies are having, as so many homeowners keep looking for relief.
"There are several new companies out there keep popping up. Again, we have not heard many are writing in the open market yet," said Robert Norberg of Arden Insurance in Lantana.
He told me these companies for the most part, are involved in the take out offers for Citizens polices and are waiting for he current hurricane season to end.
"A lot of them form now and start their marketing and get their certificate of authority later in the year," Norberg said.
State leaders enacted reforms over a year and a half ago in the hopes of creating a more friendly climate for insurance companies to come in and offer competitive rates to homeowners.
However, the effect of the nine new companies may be minimal in South Florida, where property values are high and there's a higher risk of storms.
"What we've seen is most of the ease into the marketplace north of Palm Beach County, there's definitely not a huge interest in Palm Beach County," Norberg said.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
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