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%.
OIR’s plan to depopulate Citizens Property Insurance Corp, the state’s FAIR plan, has also progressed. The OIR has approved Southern Oak Insurance Company to assume 50,000 policies from Citizens, and American Integrity to assume 1,500 policies. American Integrity previously assumed 1,250 policies in May of this year. In March, three insurers assumed a total of 135,540 policies from Citizens.
As of June 13, 2025, Citizens has 820,822 policies in force, a drop from 936,182 at the end of 2024, and a huge decrease from the peak of 1.4 million policies in 2023. The OIR is working toward depopulating the plan further.
OIR is encouraging more companies to apply for authorization to sell insurance in Florida and aims to complete the review process within 60 days. More information can be found on OIR’s company admissions page.
The news release can be found here.