Finally some good property insurance news coming for Florida homeowners
“Five new insurers are coming to the Florida property insurance market,” said Mark Friedlander from the Insurance Information Institute.

Article Courtesy of WTSP Channel 10 Tampa Bay

By Miranda Parnell

Published November 12, 2023


TALLAHASSEE — Between some insurance companies leaving Florida, and others refusing to write new policies, insurance expert Mark Friedlander often describes the property insurance market as “volatile.”

“Complete turmoil,” Friedlander said. “We had a market that was on the verge of collapse…and in most cases, Florida consumers had virtually no choice of where to purchase their home insurance.”

But Friedlander says there are developments that could actually be good for consumers.

“Five new insurers are coming to the Florida property insurance market,” Friedlander said. “It’s a really good sign that better days are ahead…this isn’t the end, there will be more companies coming to Florida over the next several months.”

Friedlander says these companies are expected to start operating by first quarter of next year, and that some may start by the end of this year.


So…what does this mean for your options?

“More choice means better competition, more competitive pricing,” Friedlander said.

Friedlander says while there’s still a long road ahead, and Florida property owners are paying the highest premiums in the country, it looks like better days may lie ahead.

“We’re seeing some lights at the end of a very long, dark tunnel we’ve been facing for many years in Florida,” he said.

Friedlander says that it couldn’t hurt to reach out to your insurance agent to find out if they’ve heard anything about the other companies so that you can start shopping around for quotes when they are up and running in Florida.