Florida Gets 2 New Home Insurance Companies: What To Know

This year, two new real estate insurers have been approved in Florida, according to recent deposits, showing that the state is securely recovering from the crisis which has almost made the collapse of its private market.

Viceroy Preferred Insurance and Vision Insurance Exchange marked the 15th and 16th private insurers to enter the Florida real estate insurance market since state legislators introduced a delicate reform in 2022 and 2023, dealing with excessive disputes and generalized fraud.

What about the return of the Florida real estate insurance market?

A little over three years ago, the Florida real estate insurance sector was in the midst of a deep crisis caused by more frequent and more severe natural disasters, fraud and unnecessary disputes disusing carriers to operate in the state.

Between 2019 and 2022, several major insurers reduced state coverage or introduced significant rate increases to maintain the cost increase, leaving Florida owners with an increasingly limited number of coverage options.

Thousands of people who were unable to find an alternative on the private market were forced to count on the insurer supported by the state of Last Resort, Citizens, which increased in size to the point of stimulating the alarm among the legislators and the analysts. It was then that the state decided to act.

“The Florida real estate insurance market has stabilized due to a legislative reform that addressed the state risk crisis caused by the abuse of the legal system and fraud to fraud benefits,” said Mark Friedlander of Insurance Institute, or triple-i, said Nowsweek.

“The financing of third -party disputes, in particular, has been a major contributor to domestic insurance rates up from Florida,” said Natalie Todoroff, expert in banking insurance, in Natalie Todoroff Nowsweek. “The fees of a one-way lawyer have led to excessive disputes, forcing insurance companies to pay expensive legal bills, which in turn put on many bankrupt insurance companies,” she said.

Since state legislators adopted the Senate 2-A bill, which has eliminated one-way lawyer fees in late 2022, more insurance companies have entered the Florida market and are now starting to make a profit.

Citizens’ depopulation efforts also succeed, the insurer of the last appeal linking thousands of policies in the past year. In June, he had less than 800,000 policies – the lowest of all June since 2021.

“This aims to stimulate competition between private carriers, which can help reduce rates,” said Todoroff. “That said, Florida’s home insurance rates remain uncomfortably raised for many, especially the owners along the coast.”

Florida displayed the average variation in the lowest rate in the country between 2024 and 2025, at -10.3% “, while most neighboring states subject to hurricanes continue to undergo two -digit premium increases,” said Friedlander. But the average annual rate paid by state owners is still a milk $ 5,735, or around 7.82% of household revenues, according to Bankrate.

What do we know about the new insurers entering the Florida market?

According to the Department of Florida companies, Vicroy shares its board of directors at Monarch National Insurance Company. The two companies are managed by HP Managing Agency, which is part of the investment company based in Charlotte, Hale Partnership Capital Management.

In a declaration to Florida real estate agents, Kerrie A. Ruland, main vice-president of the HP management agency, said: “We are delighted that the office approved the privileged insurance company Vice-Royale to offer owners another option and additional capacity in Florida.

“The success of the recovery of monarch through a new leadership has paved the way for our new affiliated carrier – Viceroy, which will offer owners and fire products living designed to offer wide coverage while retaining competitive prices.”

The viceroy, according to Rulland, will not assume any citizens’ policy. Vision, on the other hand, said that it will assume the first of its citizens’ policies in November. Under Florida law, citizens’ police holders are forced to move to a private carrier if it offers them a policy that does not cost them more than 20% of what they paid for citizens.

Vision will offer coverage throughout Florida, with the exception of the county of Monroe. Vicroy said he will focus on the east coast of Florida.