The Florida Office of Insurance Regulation published a news release announcing the approval of two new insurance companies to write residential policies. This comes following legislative reforms, which to date have led to 14 new insurers entering the Florida market.

Incline National Insurance Company has been approved to write insurance for allied lines, homeowners’ multi-peril, inland marine, workers’ compensation, and private passenger auto. Florida Insurance and Reinsurance Company plans to focus mainly on condominiums, condominium associations, and small multi-tenant office buildings.

Legislative reforms have been beneficial to Florida’s insurance market, as it has stabilized and shown signs of improvement. According to an S&P Global report, Florida had the lowest average homeowners' rate increase among all states, with a 1% increase. In the fourth quarter of 2024, homeowners insurance costs fell by 0.9%.