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
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
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 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.