As hurricane season intensifies in Florida, two new insurance companies have entered the market, providing more options for homeowners. Incline National Insurance and Florida Insurance & Reinsurance (Florida RE) have joined the state’s insurance landscape, bringing the total number of active property insurers to 14.
The arrival of these new companies comes at a crucial time, as many homeowners were struggling to find insurance after several companies folded or dropped customers following Hurricane Ian. “There were a lot of folks who were struggling trying to find insurance,” said Kenny Brewer, a homeowner who experienced the challenges 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 is likely to ease pressure on the state’s troubled condo market. “That’s definitely going to help out with the condo safety association side,” Nellans said. “Hopefully, competition is going to drive the markets down. That’s what everybody wants—from the condo unit owner side, especially.”
Future Developments
The state has also announced that Patriot Select, the rebranded remnant of the defunct Anchor Insurance, is out of runoff and aiming to write up to 40,000 policies by the end of the year. Furthermore, the state is inviting more companies to consider doing business in Florida, potentially leading to additional growth in the insurance market.
These developments are expected to help reduce the number of policies held by Citizens Insurance, the state-run insurer of last resort, which currently has about 778,000 policies. The increased competition and options are seen as positive steps for Florida’s insurance market as it navigates the challenges of hurricane season.
