STUART, Fla — A possible sign of recovery for the state’s beleaguered insurance industry, as more private companies are offering to take over policies from Citizens— the state’s insurer of last resort.
Nine companies were approved by the Office of Insurance Regulation last week to add more than 400,000 customers to their rolls.
Below are the insurance companies:
- Manatee Insurance Exchange
- Slide
- American Integrity
- Southern Oak
- Orion180 Select
- Florida Peninsula
- Monarch National
- Homeowners Choice
- TypTap
Those take out offers though are not slated to start until the end of October.
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WPTV spoke with Stuart insurance agent Steve Butcher who said older homes are a tougher market right now, and the key is that these new companies have staying power.
"We have to get the ball rolling. It’s then what’s going to happen in the overall market. it’s not the overall market. It’s the reinsurance market that can cause major headaches for these companies," said Butcher.
The CEO of Citizens went before the Office of Insurance Regulation last week asking for a 14% rate hike on its policy holders in an effort to move citizens closer to being non-competitive with the private market.
Citizens is still the largest policy holder in the state despite its designation as the “insurer of last resort."
A decision on the rate hike request should come later this month.