WEST PALM BEACH, Fla. — We're tackling the changing landscape for Florida insurance and digging deeper into two new providers gaining approval in our state.
WATCH BELOW: What homeowners need to know about Florida's new insurance providers
Two more companies jumping in with state approval can certainly be viewed as more good news for the state and homeowners. However, it’s unsure as to when Incline National and Florida Insurance and Reinsurnace will be available.
“Typically, they won’t start writing probably during the hurricane season most of these guys when they come out, they get their certificate if authority and they have a plan to start fourth quarter,” agent Robert Norberg said.
I tried to reach them by email. However, Norberg said new insurers like to wait out the current hurricane season to build policies and South Florida is not typically a favorite place to start.
“Most of them will not jump into the South Florida marketplace heavily right away,” Martin Weiss said. “As we’ve seen with the 8 or 9 that came in last year only a few have opened up voluntarily for all agents.”
Weiss runs a banking and insurance rating firm in Palm Beach Gardens.
He tells me the influx of new insurers into Florida is something to watch carefully.
“I think this has been their pattern all along in better times and for the last couple decades to try and patch up the problem to bring in companies” Weiss said. “They don’t have to have much capital, they don’t have to have any experience.”
Both companies though in the filings indicate they are ready and many hope they bring more competition.
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.
