{"id":279169,"date":"2026-05-21T06:51:19","date_gmt":"2026-05-21T06:51:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/279169\/"},"modified":"2026-05-21T06:51:19","modified_gmt":"2026-05-21T06:51:19","slug":"florida-says-more-property-insurers-are-entering-market-pointing-to-signs-of-rebound","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/279169\/","title":{"rendered":"Florida says more property insurers are entering market, pointing to signs of rebound"},"content":{"rendered":"

TALLAHASSEE, Fla. (CBS12) \u2014 Florida regulators say three more property and casualty insurers have been approved to enter the state\u2019s insurance market<\/a>, a sector that has battered homeowners with high premiums, limited options and years of instability.<\/p>\n

Insurance Commissioner Mike Yaworsky announced Wednesday that Builder Reciprocal Insurance Exchange<\/a>, Frontline Insurance Reciprocal Exchange<\/a>, and Wingsail Insurance Company are entering Florida\u2019s market, bringing the number of new insurers to 20 since state lawmakers passed insurance reforms.<\/p>\n

The Florida Office of Insurance Regulation<\/a> said the new companies are part of more than $850 million in new capital that has entered the state\u2019s property insurance market since the reforms. Regulators also said they are seeing more competition for condominium association wind-only policies in coastal urban areas, including Palm Beach, Broward, and Miami-Dade counties.<\/p>\n

For homeowners, the announcement could mean more options in a market where many Floridians have struggled to find affordable coverage. But it does not necessarily mean immediate relief on premiums.<\/p>\n

Florida\u2019s property insurance market has been under pressure from hurricane risk, rising construction costs, reinsurance costs, and litigation. As private carriers failed, pulled back or stopped writing some policies, many homeowners turned to Citizens Property Insurance Corp., the state-backed insurer of last resort. CBS12 has previously reported on Florida homeowners facing steep insurance costs and pressure on the state\u2019s insurance market.<\/p>\n

State officials say the market is showing signs of improvement. According to OIR, Florida domestic property companies reported an 83% pooled combined ratio at the end of 2025, down from 94% at the end of 2024, 99% at the end of 2023 and above 100% in the three years before that. A combined ratio below 100% generally indicates insurers are collecting more in premiums than they are paying out in claims and expenses.<\/p>\n

Related: Gov. DeSantis announces insurance rate cuts, cites savings for Florida homeowners, drivers<\/a><\/p>\n

\u201cFlorida is becoming more and more of an attractive place to deploy capital,\u201d Yaworsky said. \u201cThe competition is thriving, and the Office of Insurance Regulation encourages consumers to shop around and look into each of these new companies.\u201d<\/p>\n

Chief Financial Officer Blaise Ingoglia credited the state\u2019s tort reforms, saying competition is the \u201cbest way\u201d for Floridians to access better coverage at better prices.<\/p>\n

Three new companies to offer policies<\/p>\n

Builder Reciprocal Insurance Exchange is based in Texas and has been approved to write homeowners’ multi-peril insurance in Florida, with a focus on new or newer home communities. OIR said the company will bring more than $100 million in capital to the state.<\/p>\n

Frontline Insurance Reciprocal Exchange is based in Lake Mary and has been approved to write several lines of insurance in Florida, including homeowners’ multi-peril coverage. Regulators said the reciprocal will provide coverage in all 67 Florida counties.<\/p>\n

Wingsail Insurance Company, domiciled in Arizona, is expanding into Florida for homeowners multi-peril insurance. OIR said the company is owned by Spinnaker Insurance Company and has a leadership team with decades of insurance experience.<\/p>\n

The announcement also highlights changes in the condominium insurance market. OIR said the number of condo association writers for wind-only policies has grown from one to five in Broward, Miami-Dade and Palm Beach counties since the reforms.<\/p>\n

See also: ‘Chocolate cake recipe’ used to disguise DOJ files, former federal prosecutor charged<\/a><\/p>\n

OIR also pointed to rate filing data as evidence of stabilization. The office said it has received more than 190 residential filing requests for rate decreases or 0% increases since the reforms. The 30-day average request for homeowners\u2019 rates is now -1.2%, compared with -0.3% a year ago.<\/p>\n

Still, property insurance remains a major financial strain for Florida homeowners. The latest announcement is aimed at showing momentum in the opposite direction: more private companies entering the state, more capital in the market and more potential competition for policyholders.<\/p>\n

Regulators are encouraging homeowners to shop around and compare options as new carriers enter the market. For consumers, the key question is whether added competition will translate into lower bills or simply more availability after years of volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"TALLAHASSEE, Fla. (CBS12) \u2014 Florida regulators say three more property and casualty insurers have been approved to enter…\n","protected":false},"author":2,"featured_media":279170,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[28,30,29],"class_list":["post-279169","post","type-post","status-publish","format-standard","has-post-thumbnail","category-florida","tag-florida","tag-florida-headlines","tag-florida-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/279169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=279169"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/279169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/279170"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=279169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=279169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=279169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}