New Florida Home Insurance Company Enters Market
Florida residents shopping for home insurance now have more choices thanks to the arrival of Patriot Select, a new insurance company based in Sarasota. The company is set to take over more than 30,000 policies from state-run Citizens Insurance.
Insurance industry experts say Patriot Select offers benefits that many other companies don’t, including a $500 flat hurricane deductible. This means that for any damage exceeding $500, the company will cover the costs. “To have a company come out to offer a very reasonable $500 flat hurricane deductible is tremendously beneficial,” said Doug Nellans with The Insurancenter.
Linda Quimby, a Fort Myers resident shopping for home insurance, expressed interest in Patriot Select if their rates are competitive. “Well, rates have been going up, but now we have more options,” Quimby said. A 2% deductible, common in the industry, can amount to several thousand dollars, which can be challenging for homeowners to afford, especially in the event of significant loss.
However, Patriot Select does not cover damage to pool cages, porches, or carports. Additionally, the company does not offer insurance for manufactured homeowners. Mark Friedlander with the Insurance Information Institute noted that it remains a challenging market for manufactured homes in Florida due to high risk.
As the insurance landscape in Florida continues to evolve, homeowners are advised to compare coverage options carefully. With Patriot Select entering the market, consumers now have more choices than in previous years.
