As hurricane season heats up, Florida homeowners are reassessing their property insurance options just as renewal notices begin to arrive. Two new insurance companies, Incline National Insurance and Florida Insurance & Reinsurance (Florida RE), have entered the Florida market, bringing the total number of active property insurers in the state to 14.
The new entrants come as many homeowners are still reeling from the aftermath of Hurricane Ian, when several insurers either folded or dropped customers. “There were a lot of folks who were struggling trying to find insurance,” said Kenny Brewer, a homeowner who experienced this firsthand.
New Insurance Options
Incline National Insurance, based in Austin, Texas, will offer both home and auto policies in Florida. Florida RE, backed by a global financial powerhouse in London, is expected to focus on insuring condominiums, particularly in areas still recovering from the 2021 Champlain Towers South collapse in Surfside.
“Hopefully, they’re insurance companies that are able to come through and give homeowners something else to think about,” Brewer said. “Competition can only help.”
Mark Nellans of The Insurancenter in Fort Myers noted that Florida RE’s presence is likely to ease pressure on Florida’s troubled condo market. “That’s definitely going to help out with the condo safety association side,” Nellans explained. “Hopefully, competition is going to drive the markets down. That’s what everybody wants—from the condo unit owner side, especially.”
Expanding Insurance Capacity
The state has also announced that Patriot Select—the rebranded remnant of the defunct Anchor Insurance—is out of runoff and aims to write up to 40,000 policies by year’s end. Furthermore, the state has invited additional insurance companies to consider operating in Florida, potentially bringing even more options to the market.
These developments are expected to help reduce the burden on Citizens Insurance, the state-run insurer of last resort, which currently holds about 778,000 policies. As the hurricane season progresses, the increased competition and capacity in the insurance market could provide much-needed relief to Florida homeowners and condominium owners alike.
