Beginning December 15th, 6 new home insurance companies have been approved to offer additional policies in Florida. This is good news considering several insurers pulled out of the state earlier this year. The companies now expanding coverage in the Sunshine State include:
- Edison Insurance
- TypTap Insurance
- Florida Peninsula
- SafePoint Insurance
- Slide Insurance
- American Traditions
On July 10th of this year, we posted an article about the recent Legislative changes that took place to help make Florida more attractive to home insurance companies interested in providing competitive offerings here. Due to the new laws passed in December of last year, we are now finally seeing some traction with companies showing more interest in covering Florida homeowners. And more providers means more competition (and more options for you).
To date, government-run Citizens Insurance, considered the "Florida home insurance provider of last resort," insures nearly 1.5 million policies and its record-breaking growth has attracted recent legal inquiries into its ability to pay claims. Citizens was never meant to be the state's largest insurer, but it quickly became so when other companies started fleeing the state due to high-risk storms and overwhelming claims.
Wren insurance is approved to write policies through all of these Florida providers, as well as those listed on our website here so if you are thinking about shopping out your policy prior to renewal, give us a call. We'll take a look at your newly-expanded options and help you make the best decision for your household moving into the new year.
Sarah Staehli is a Personal Lines Account Manager at Wren Insurance.