Florida insurance regulators have approved two more companies to offer residential property policies, another step toward improving the state's insurance landscape, officials said.
Incline National Insurance Co. of Texas and Florida Insurance and Reinsurance Co. are the 13th and 14th firms to write coverage in the state since lawmakers passed reforms in 2022, according to the Florida Office of Insurance Regulation.
In recent years, some Florida homeowners saw their property insurance rates more than double following a series of hurricanes. The increases have become a major factor in the Sunshine State's housing affordability challenges.
Gov. Ron DeSantis advocated for the reforms that included making it illegal for contractors to file insurance claims on behalf of homeowners, also known as "assignment of benefits," and eliminating one-way attorney fees that forced insurance companies to cover the legal costs of the plaintiffs suing them.
With more companies entering Florida, it reduces the dependence on Citizens Property Insurance Corp., the state-run insurer of last resort, according to insurance Commissioner Mike Yaworsky. It lowers the likelihood of private carriers asking the state for permission to raise rates, he said.
"Our market is becoming more and more competitive, and we continue to see great progress in rate requests with over 120 residential filing requests for rate decreases or 0% increases so far this year," Yaworsky said in a statement.
Soon, regulators expect to approve even more insurance companies, he said.
At year-end 2024, Florida property insurance companies reported $944 million in net income, up from $292 million at year-end 2023. That reversed a 2022 net loss of $741 million.