WEST PALM BEACH, Fla. — A new homeowners insurance company is coming to Florida.
Mangrove Property Insurance, a start-up based in Florida, has been cleared by the state's Office of Insurance Regulation.
WATCH BELOW: Mangrove Insurance CEO says they'll launch in a 'disciplined way'
CEO Stephen Weinstein told WPTV reporter Matt Sczesny that the new climate of litigation reform has made it better for them to start writing policies.
"We will manage our aggregates so that we are a meaningful source of capacity in southeast Florida, but we will also spread our capacity across the state in a disciplined way," Weinstein said.
The CEO said Mangrove is expected to start writing policies later this year through insurance agents in Florida.
"Smart legislative and regulatory reforms have stabilized Florida's marketplace, giving us confidence to enter the market with new capital and capacity to help homeowners meet their property insurance needs," Weinstein said in a statement released Monday. "Just as mangroves protect Florida's coastlines from erosion and storm surge, Mangrove Property Insurance Company is committed to being a permanent solution Floridians can turn to in protecting their property."
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.
Read WPTV's latest "Coverage Collapse" stories below:
-
Amazon and Walmart launching days-long sales: How to shop them
What started as a simple one-day summer sale at Amazon has morphed into a week of deals at major retailers. Here is what to look for to find the best savings.
Amazing fall travel deals you can snag right now
With Americans cutting back, and some foreign travelers avoiding the U.S. due to politics, this fall is bringing some of the lowest airfares in several years.
Costco begins offering early shopping hours for executive members
Costco’s executive members now have access to exclusive early shopping hours. Starting Monday, the wholesale retailer began opening at 9 a.m. for executive members.
How to avoid appliance tariffs, and save big money this summer
Tariffs in imported appliances kicked in on June 23. But there are still ways to avoid them, if you need a new refrigerator, washer, dryer, or dishwasher this year.
