TALLAHASSEE, Fla. (WFLA) – Insurance Commissioner Mike Yaworski announced Thursday that two new real estate insurers are entering the Florida market.
Since the state’s historic legislative reforms, it is the 16th and 17th insurance company based on insurance exchanges and mutual exchanges of praxies.
Since the reforms, all new companies have brought over $574 million in policyholder surplus to support additional growth in the state’s real estate market.
“The Florida insurance market continues to be strengthened. As new companies enter the insurance market, it will help create more competition in the market for Florida homeowners’ businesses and thus lower premiums,” said Chief Financial Officer Blaze Ingoglier. “We are proud that our list of businesses doing business in Florida continues to grow.”
Tallahassee-based Stand Insurance Exchange is currently authorized to write insurance in Florida for fires, homeowners, multiperils, allied powers, inland marines and other liabilities. The company aims to help residents protect their homes while lowering their premiums in the process.
Tampa-based company Praxis Resischocal Exchange is currently also authorized to write state insurance for fires, alliance lines, homeowners multi-peril, inland oceans, boiler machinery and other liabilities.
Since January 2024, 30 homeowners have filed for a drop in rates, with 45 demanding a 0% increase, according to a release by the Florida Department of Insurance and Regulation (OIR).
