BREAKING: Florida’s property insurance market just received a significant boost with the approval of two new insurers, Viceroy Preferred Insurance and Vision Insurance Exchange. This development signals a major turnaround for homeowners in a state that faced a near-collapse of its private insurance sector just three years ago.
New filings confirm that Viceroy and Vision mark the 15th and 16th private insurers to enter Florida since lawmakers enacted crucial tort reforms in 2022 and 2023. These reforms aimed to combat rampant litigation and fraud that previously plagued the system, driving many insurers away and leaving homeowners in crisis.
The property insurance sector’s recovery is vital right now as Florida grapples with the aftermath of devastating natural disasters. Just last month, homes in Manasota Key were severely damaged by Hurricane Milton, underscoring the urgent need for reliable coverage options.
Thousands of Floridians had no choice but to rely on the state-backed insurer, Citizens, which ballooned in size and alarmed lawmakers. “Florida’s property insurance market has stabilized due to legislative reform that addressed the state’s man-made risk crisis caused by legal system abuse and assignment of benefits claim fraud,” said Mark Friedlander from the Insurance Information Institute.
Experts like Natalie Todoroff from Bankrate emphasize that the elimination of one-way attorney fees under Senate Bill 2-A has also contributed to the market’s resurgence, allowing more insurers to enter and start turning profits. Currently, Citizens has reduced its policy count to under 800,000, the lowest for June since 2021, indicating a successful depopulation effort.
Despite these improvements, Florida’s average annual home insurance rate remains a staggering $5,735, representing about 7.82% of household income. This rate is the lowest average change in the nation at -10.3% for the 2024-2025 period, while neighboring states continue to face double-digit increases.
What do we know about the new insurers? Viceroy shares its board with Monarch National Insurance Company, both managed by HP Managing Agency. In a statement, senior vice president Kerrie A. Ruland expressed enthusiasm for Viceroy’s entry, emphasizing the importance of providing homeowners with additional options and capacity.
Vision Insurance Exchange plans to start assuming policies from Citizens in November. Under Florida law, Citizens policyholders must switch to a private carrier if the new policy costs no more than 20% of what they paid to Citizens.
The Florida property insurance landscape is changing rapidly, and homeowners are finally seeing a glimmer of hope. As Viceroy focuses on the east coast and Vision extends coverage across the state (excluding Monroe County), residents can expect more competitive pricing and improved service options.
Stay tuned for more updates as Florida continues its recovery journey in the property insurance market. This development not only impacts homeowners but also reflects a broader trend toward stabilization in one of the nation’s most disaster-prone regions. Share this news to keep others informed!
