{"id":2940,"date":"2023-09-27T15:05:36","date_gmt":"2023-09-27T15:05:36","guid":{"rendered":"https:\/\/www.gethomeinsurancequotes.com\/blog\/?p=2940"},"modified":"2023-09-28T14:11:47","modified_gmt":"2023-09-28T14:11:47","slug":"5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/","title":{"rendered":"5 New Homeowners Insurance Companies Step into the Florida Insurance Market"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"670\" src=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/5-new-florida-insurance-companies.jpg\" alt=\"\" class=\"wp-image-2941\" srcset=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/5-new-florida-insurance-companies.jpg 1000w, https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/5-new-florida-insurance-companies-600x402.jpg 600w, https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/5-new-florida-insurance-companies-768x515.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p>Florida\u2019s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida\u2019s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon.<\/p>\n\n\n\n<p>The five companies in the mix include Slide Insurance Company, Safepoint Insurance Co., Southern Oak Insurance Co., Florida Peninsula Co. and Monarch National Insurance Company.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>5 New Companies In Florida<\/strong><\/td><td><strong>Demotech Rating<\/strong><\/td><\/tr><tr><td>Slide Insurance Company<\/td><td>A Exceptional FSR<\/td><\/tr><tr><td>Safepoint Insurance Co.<\/td><td>A Exceptional FSR<\/td><\/tr><tr><td>Southern Oak Insurance Co.<\/td><td>A Exceptional FSR<\/td><\/tr><tr><td>Florida Peninsula Co.<\/td><td>A Exceptional FSR<\/td><\/tr><tr><td>Monarch National Insurance Company<\/td><td>A Exceptional FSR<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>New choices will be a welcome change in the Florida insurance market as damage claims, start rolling in from Hurricane Idalia.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The storm didn&#8217;t have a direct impact on Tampa Bay. But we still saw homes are flood damaged. So, if you have one inch of water, that could equate to $25,000 of damage, two inches could equate to $50,000,&#8221; said Mark Friedlander, the Florida spokesperson for the Insurance Information Institute in a recent Fox News article. Friedlander estimated Idalia losses are estimated between $2 billion and $5 billion.<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;When we see significant hurricane damage in Florida, it typically is a trigger for changes in the global reinsurance market. Reinsurance is basically insurance for property insurers,&#8221; said Friedlander in the Fox News article. &#8220;This year, Florida property insurers saw average increases for reinsurance, 40 to 70 percent above what they were last year.&#8221;<\/p>\n<\/blockquote>\n\n\n\n<p>The increased reinsurance cost may end up getting passed on to homeowners via higher premiums. Despite the new insurers coming to market, the Florida property insurance is still volatile and in flux.<\/p>\n\n\n\n<p>Florida\u2019s insurance Commissioner, Michael Yaworsky, of the Florida Office of Insurance Regulation (<a href=\"https:\/\/www.floir.com\" target=\"_blank\" rel=\"noreferrer noopener\">FOIR<\/a>) commented on legislative passed last year in the Fox News article. &#8220;Some changes that have taken place will take time to be felt and there\u2019s a lot of reasons for that.&#8221;&nbsp;<\/p>\n\n\n\n<p>One new development is that the FOIR has approved five new insurance companies to move into the Florida insurance market. They will be taking 202,000 policies from Citizens Property to help ease the pressure on the insurer of last resort.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We\u2019re seeing positive reactions and feelings to where rates are, where the environment is becoming more favorable not only to insurance companies that are here but growth,&#8221; said Yaworsky in the Fox News article. This means homeowners may have more insurance choices next year and in the future.&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;More choice means better news for consumers, perhaps even better pricing,&#8221; said Friedlander in the Fox News article.<\/p>\n<\/blockquote>\n\n\n\n<p>With more home insurance carrier options, we can help you shop and save more money on your homeowners insurance premiums. Let us help you shop and decrease your annual home insurance cost today! Call us now at 1-888-685-4704 or request quotes online, <a href=\"https:\/\/www.gethomeinsurancequotes.com\/florida\/homeowners-insurance-quotes.php\" target=\"_blank\" rel=\"noreferrer noopener\">visit our Florida Home insurance Quotes page. <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida\u2019s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida\u2019s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,3],"tags":[66,227,39,542,156,1081,65],"class_list":["post-2940","post","type-post","status-publish","format-standard","hentry","category-florida","category-news","tag-coverage","tag-florida","tag-florida-home-insurance","tag-home-protection","tag-insurance","tag-new-companies","tag-rates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 New Homeowners Insurance Companies Step into the Florida Insurance Market - Homeowners Insurance Blog<\/title>\n<meta name=\"description\" content=\"Florida\u2019s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 New Homeowners Insurance Companies Step into the Florida Insurance Market - Homeowners Insurance Blog\" \/>\n<meta property=\"og:description\" content=\"Florida\u2019s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Homeowners Insurance Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-27T15:05:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-28T14:11:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/5-new-florida-insurance-companies.jpg\" \/>\n<meta name=\"author\" content=\"Mark Vallet\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark Vallet\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/\"},\"author\":{\"name\":\"Mark Vallet\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#\/schema\/person\/518325eb863e9298eb42f364afec45e8\"},\"headline\":\"5 New Homeowners Insurance Companies Step into the Florida Insurance Market\",\"datePublished\":\"2023-09-27T15:05:36+00:00\",\"dateModified\":\"2023-09-28T14:11:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/\"},\"wordCount\":499,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/wp-content\/uploads\/2023\/09\/5-new-florida-insurance-companies.jpg\",\"keywords\":[\"coverage\",\"florida\",\"florida home insurance\",\"home protection\",\"insurance\",\"new companies\",\"rates\"],\"articleSection\":[\"Florida\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/\",\"url\":\"https:\/\/www.gethomeinsurancequotes.com\/blog\/5-new-homeowners-insurance-companies-step-into-the-florida-insurance-market\/\",\"name\":\"5 New Homeowners Insurance Companies Step into the Florida Insurance Market - 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