Mangrove Property Insurance has been approved to provide homeowners insurance in Florida, aiming to strengthen the state's market amid numerous insurer exits. The startup, based in St. Petersburg, will operate through independent agents across all counties in Florida. CEO Stephen Weinstein emphasizes hurricane risk management and financial resilience, likening their protective role to that of mangroves for the state's coastlines. With Florida homeowners facing high premiums, the company seeks to provide affordable coverage options and stabilize the insurance landscape.
Weinstein explained the origin of his company's name: "Just as mangroves protect Florida's coasts, together we can make Florida more physically and financially resilient."
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