Two new property insurers, Incline National Insurance Company and Florida Insurance and Reinsurance Company, have been approved to enter Florida's homeowner market. This decision aims to alleviate challenges within the insurance sector shaped by recent legislative reforms aimed at tackling frivolous lawsuits. These reforms have led to a surge of new insurers, now totaling 14 since 2022, offering innovative solutions and relieving the burdens of legacy claims. Incline will provide various policy types, including homeowners multi-peril and auto coverage, marking a significant shift in Florida's insurance landscape.
Incline National Insurance and Florida Insurance and Reinsurance Company are approved to provide essential insurance solutions to address Florida's challenging homeowner market.
The introduction of new insurers is a result of recent legislative reforms aimed at decreasing frivolous litigation within Florida's insurance landscape.
With new companies commencing operations free from past claims, they can respond more effectively to Florida's homeowner insurance needs.
Insurance Commissioner Mike Yaworsky emphasized that more companies will come shortly, assisting in stabilizing the insurance market for Floridians.
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