In a positive development for the Florida insurance market and homeowners, six new companies are set to enter the state, poised to initiate the writing of homeowners insurance policies as the new year unfolds, as noted by industry experts.
Mark Friedlander, representing the Insurance Information Institute, expressed enthusiasm about this expansion, highlighting the benefit to consumers by providing them with increased choices for coverage. The newly introduced companies, namely Tailrow Insurance Company, Mainsail Insurance Company, Orion 180 Insurance Company, Orion 180 Select Insurance Company, Orange Insurance Exchange, and Condo Owners Reciprocal Insurance, have all undergone thorough vetting and received approval from state regulators.
Friedlander assured that these companies have demonstrated financial stability, receiving favorable assessments from rating agencies. Notably, several of these entities strategically timed their entry into the Florida market, choosing to debut in 2024 following the implementation of litigation reforms and the conclusion of the 2023 hurricane season.
While the rollout of policies for some companies is progressing at a measured pace, Friedlander confirmed the commencement of operations for Orange Insurance. He stated, “We do have confirmation from some agents that Orange Insurance has opened for business. They are writing policies and have started to appoint independent agents across the state.”
Regarding the remaining companies, Friedlander indicated that while there is no specific timeline for policy initiation, it is expected to occur within the first few months of the year. Homeowners are advised to consult with their insurance agents for updated information on the commencement of policy writing by these companies.
