(The Center Square) – Florida has landed another homeowner’s insurance carrier, which the state’s insurance commissioner attributes to changes by the Legislature since 2022.
It’s the 15th new insurance company to enter the Florida market since the reforms were enacted, Insurance Commissioner Mike Yaworsky said in a statement Thursday.
“Competition in Florida’s property insurance market is booming, and I am thrilled to announce a new Florida-domiciled insurance company approved to write business in our state – Viceroy Preferred Insurance Company,” Yaworsky said.
Viceroy has been approved to issue homeowner’s policies in the state, the commissioner said.
“The company plans to offer products focused on high value homes with an initial geographic emphasis on the east coast of Florida,” the Insurance Commissioner’s office said in a news release.
The 2022 legislation sought to reduce frivolous lawsuits and fraud against insurance companies while also increasing protection for policy holders. A series of additional changes have been passed in 2023, 2024 and this year.
“Florida’s insurance market is experiencing growth and stability,” the insurance commissioner said in a news release.
Twenty-nine companies have filed for rate decreases since January 2024, the commissioner said. Fourty-four companies have kept rates the same.
“Florida had the lowest average homeowners rate increase in the nation in 2024, with an average statewide increase of only 1%,” the commissioner’s office said, citing industry publications.
As of May, the average homeowner’s policy in Florida including wind damage coverage was $3,815 per year, according to the state. For condominiums it was $1,815 annually.
Florida also has a nonprofit, state-created insurance company, Citizens, for property owners who can’t find insurance in the private market.
“Citizens is funded by policyholder premiums,” the company says on its website. “However, Florida law also requires that Citizens levy assessments on most Florida policyholders if it experiences a deficit in the wake of a particularly devastating storm or series of storms. “
It insures about 777,000 property owners, which is down 44.9% from the October 2023 peak of 1.41 million, the company said.
“Citizens’ exposure fell from $520.1 billion to $295.1 billion over the past year, a 43% reduction,” the company reported in late June.
