{"id":43786,"date":"2024-04-04T20:31:32","date_gmt":"2024-04-05T00:31:32","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=43786"},"modified":"2024-04-04T20:31:40","modified_gmt":"2024-04-05T00:31:40","slug":"8-new-home-insurers-can-enter-the-florida-market","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2024\/04\/04\/8-new-home-insurers-can-enter-the-florida-market\/","title":{"rendered":"8 new home insurers can enter the Florida market"},"content":{"rendered":"\n

After a year that saw several insurers leave or pull back in Florida, the Florida Office of Insurance Regulation (OIR) announced Wednesday that eight new insurers have been approved to enter the state\u2019s market and start writing home insurance policies.<\/p>\n\n\n

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The eight new companies include Ovation Home Insurance Exchange, Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company and Tailrow Insurance Companies.<\/p>\n\n\n\n

Many Floridians have seen insurance premiums skyrocket as a stream of insurers exits the state\u2019s market. The hikes are primarily driven by factors including extreme weather events and excessive litigation.<\/p>\n\n\n\n

During the 2022 and 2023 legislative sessions, Florida lawmakers passed several reforms designed to limit lawsuits and stabilize the market.<\/p>\n\n\n\n

Regulators have also continued efforts to shrink Citizens Property Insurance Corp., the state\u2019s property insurer of last resort, as the federal government investigates the company\u2019s solvency amid concerns about \u201cpossible future requests for a federal bailout.\u201d<\/p>\n\n\n\n

According to the OIR, Citizens \u201cis showing improvement in their financial strength over the previous years.\u201d The company\u2019s surplus increased by about 17.5% from previous years with a net income in 2023 of $746 million compared to a loss of $2.2 billion in 2022.<\/p>\n\n\n\n

\u201cFlorida\u2019s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,\u201d Florida Insurance Commissioner Michael Yaworsky said in a statement. \u201cOIR remains steadfast in our efforts to stabilize Florida\u2019s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

After a year that saw several insurers leave or pull back in Florida, the Florida Office of Insurance Regulation (OIR) announced Wednesday that eight new insurers have been approved to… <\/p>\n","protected":false},"author":2,"featured_media":43787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[14],"tags":[8050],"class_list":["post-43786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-new-home-insurers-can-enter-the-florida-market"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/43786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=43786"}],"version-history":[{"count":0,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/43786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/43787"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=43786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=43786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=43786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}