TALLAHASSEE, Fla. — Florida insurance regulators continue to add more property insurers to the market following legislative reforms in recent years to stabilize the market.
Insurance Commissioner Mike Yaworsky announced Monday that Apex Star Reciprocal Exchange, based in New Port Richey, is now approved to provide fire, allied lines, homeowners multi-peril, commercial multi-peril, inland marine and other liability coverage in the state.
"The continued growth in Florida's insurance market is due in large part to the historic legislative reforms we have enacted," Yaworsky said in a statement. "We must continue on this path and not turn the clock backwards."
Officials said Apex Star joins 11 other property and casualty insurers entering the market since reforms.
Earlier this year, the state approved Mangrove Property Insurance to begin writing policies in Florida.
"The new companies have more than $418 million in policyholder surplus to support additional growth in the state's property market," according to the Florida Office of Insurance Regulation (OIR).
Yaworsky said homeowners insurance costs in Florida fell 0.7% in the fourth quarter of 2024, and OIR has received nearly 100 residential filing requests for rate decreases or 0% increases.
OIR said since January 2024, 19 companies have filed for a rate decrease, and 37 companies have requested no change or 0% increase.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
