Florida Insurance Market Update: Signs of Stability and New Opportunities for Homeowners
Good news for Florida homeowners and real estate investors: the state’s insurance market is showing promising signs of stabilization. As of this week, two more property insurers have been approved to operate in Florida, bringing the total number of new entrants since recent legislative reforms to 14.
The Florida Office of Insurance Regulation announced that Incline National Insurance Company and Florida Insurance and Reinsurance Company are the latest to join the market. Incline, a Texas-based company with over 75 years of experience, will offer a wide range of coverage across the state, including homeowners, inland marine, and private auto. Florida Insurance and Reinsurance, headquartered here in Florida, will primarily serve condominiums, condo associations, and smaller multi-tenant office buildings—welcome news for many of my clients in HOA communities and investment properties.
These additions are a direct result of reforms passed in 2022 and 2023 aimed at curbing frivolous lawsuits and reducing financial strain on insurers. The reforms have already led to a notable shift: many insurers that are now entering the Florida market are doing so with clean financial slates and no backlog of pre-reform claims.
Most encouraging is the financial turnaround. Florida-based insurance companies reported $944 million in net income in 2024, compared to a net loss of $741 million in 2022. Also, 27 companies filed for rate decreases, and Florida has posted the lowest average premium increase in the U.S. at just 1% this year, according to S&P Global.
As a local Realtor deeply invested in the Gulf Coast real estate market, I understand how crucial insurance accessibility and affordability are for both primary homeowners and investors. These changes signal real progress. With more insurers entering the market and greater rate stability, we’re seeing renewed confidence in Florida real estate—especially in our beachside and resort-style communities.
If you’ve been hesitant about entering the market due to past insurance challenges, now might be the perfect time to take another look. Have questions about how these changes may affect your buying or selling plans? I’d be happy to guide you.
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Shannyn Stevenson
Florida Gulf Coast Investment Real Estate Specialist