This news may not mean much to anyone outside of the Free State of Florida, but to us, the phrase 'the more the merrier' really means something. Getting affordable homeowners insurance here is an Olympic sport at the very least. For some of us, it's either not available at all or it's grossly over-priced, so any time we see more choices coming in to the marketplace, it's gotta be good news.
Two new property insurers received approval to operate in Florida this year, according to recent filings, showing that the state is solidly recovering from the crisis that nearly caused its private market to collapse.
Viceroy Preferred Insurance and Vision Insurance Exchange (neither of which I've ever heard of) marked the 15th and 16th private insurers to enter the Florida property insurance market since state lawmakers introduced sweeping tort reform in 2022 and 2023, addressing excessive litigation and widespread fraud.
What Is Behind the Florida Property Insurance Market's Comeback? A little over three years ago, Florida's property insurance sector was in the midst of a deep crisis caused by more frequent and more severe natural disasters, fraud, and unnecessary litigation disincentivizing carriers from operating in the state.
Between 2019 and 2022, several major insurers cut coverage in the state or introduced significant rate hikes to keep up with rising costs, leaving Florida homeowners with an increasingly limited number of options for coverage.
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Government PROTECTIONISM on behalf of the insurance CARTEL is at the root of so many of out problems.
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