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Heritage Insurance company announces $14.2 million profit in 1st quarter

Company makes announcement this week
Florida homes
Posted at 6:47 PM, May 03, 2024

WEST PALM BEACH, Fla. — Another insurance company in Florida said this week that it is posting a profit.

This is a trend that WPTV started seeing a couple of months ago with insurance companies turning profits after seven years of losses.

Heritage Insurance, based in the Tampa area, announced a $14.2 million profit in the first quarter of this year.

The company cited a hike in rates but industry experts told NewsChannel 5 that they've also been shedding policies — something that other insurers are also doing in Florida.

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"Some companies are going through significant nonrenewals right now," Mark Friedlander with the Insurance Information Institute said. "Many customers still can't find private market coverage. They're landing with Citizens (Property Insurance Corporation), and we just saw a new report this week that shows Citizens' policy count is actually up — not down — despite the very successful depopulation."

Friedlander said in the last week Citizens Insurance has added 5,000 policies — a sign that many people are getting dropped by their companies.

Citizens is still trying to lower their policy count and exposure heading into hurricane season.