Florida Home Insurance Carriers

New Entrants & Expanding Competition

Florida is gradually opening up. Since 2024, 17 new carriers have joined, including Tailrow, Mainsail, Orange Insurance Exchange, and Trident Reciprocal Exchange. That matters—more competition often equals better rates or service options.

What’s Driving the Florida Home Insurance Crisis?

Florida’s home insurance market isn’t unstable by accident. It’s the result of overlapping pressures that make the state one of the hardest places to insure a home. Here's what's behind the volatility:

• Hurricanes + Risk Modeling: The obvious factor is storms. But it’s not just the damage—they’ve made insurers rethink risk entirely. Many now use stricter underwriting or pull out of certain ZIP codes entirely, especially coastal ones.

• High Litigation Volume: For years, Florida accounted for the bulk of the nation’s home insurance lawsuits. That drove up legal costs and pushed some carriers into insolvency. Recent legal reforms have helped, but the effects aren’t immediate.

• Rising Reinsurance Costs: Every Florida carrier relies on reinsurance (basically, insurance for insurers). Those costs have soared due to global weather events and financial uncertainty. Higher reinsurance premiums mean higher rates for homeowners—or fewer companies willing to stay in the market.

• State Policy Shifts: The state is encouraging depopulation of Citizens (the public insurer) by offering incentives to private companies. It’s helping to reduce taxpayer risk, but it means more homeowners are being forced to choose unfamiliar or new carriers.

How to Use This Info

Here’s what matters when comparing carriers:

1. Coverage fit: Do you need windstorm, flood riders, or luxury-asset protection?

2. Local support: Needed after big storms? Choose a carrier with dedicated in-state teams, like Tower Hill or Florida Peninsula.

3. Stability: Look for A-rated carriers with solid reinsurance (Olympus for high-value homes).

4. Digital convenience: For hassle-free digital policies and claims tracking, Slide leads the way.

What Really Matters

Markets change fast in Florida. Rates rise, policies shift, and a new company can pop up overnight. That’s where Worth Insurance comes in—comparing these carriers, tracking legislative shifts, and finding coverage options the big guys overlook.

Want a deep dive into a specific carrier? Or curious how changes in your ZIP code affect your options? We can help. Get in touch with our team today for a personalized assessment.