As new property insurance companies move back into the Florida market, homeowners are shopping for new policies. Almost a dozen new insurers have started selling policies in Florida, with Trident Reciprocal Exchange, being the latest after it was announced by Florida Office of Insurance Regulation (OIR) Commissioner Michael Yaworsky.

It should be noted that many of the insurers coming to Florida are smaller, regional insurance companies, major national insurers are still avoiding the Florida market.

As new insurance options enter the market, Citizens Property, the states insurer of last resort and currently the largest property insurer in the state are hoping to shed some of its policyholders and move them to private insurance companies.

In order to encourage policyholders to move, Citizens is looking to up the cost of its policies by asking the Board of Governors to approved a steep 14% statewide average increase in 2025 for all Personal Lines policies, including homeowners, condominium unit owners, dwellings, renters and mobile homes.

If approved, it would raise rates on a standard homeowners policy by an average of 13.5%. Condo owners would see an average 14.2% increase, these increases would take affect for renewals after Jan. 1, 2025.

According to PolicyGenius data, the average cost of a Citizens policy in 2023 was $5,979 per year for a policy with $300,000 in dwelling coverage. Compared to the national average of $1,754, Florida residents are paying over 3 times the national average for coverage.

Insurance industry experts and analysts are debating how the new insurers will impact the homeowners insurance market in the state, hoping that new options will help stabilize the insurance market in Florida and lead to lower prices.

"Florida's insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on the property insurance market," Yaworsky said in a recent press release.

Here is a listing of the new insurers to enter the Florida market if you are currently shopping for a new policy:

  • Ovation Home Insurance Exchange (888) 247-0482
  • Manatee Insurance Exchange (866) 651-4441
  • Condo Owners Reciprocal Exchange (CORE) (844) 713-5800
  • Orange Insurance Exchange (866) 303-8970
  • Orion180 Select Insurance Company (866) 590-3550
  • Orion180 Insurance Company (321) 213-6222
  • Mainsail Insurance Solutions (813) 855-9990
  • Tailrow Insurance Companies (HCI Group) (888) 210-5235
  • Sypher (888) 391-0264
  • Trident Reciprocal Exchange (PURE) (888) 813-7873

According to internal data, Citizens has had some success moving policyholders to new insurers. The OIR has approved 13 companies to assume more than 354,000 policies from Citizens and in 2023, more than 275,000 policies were moved to new insurers.