8 new home insurers ‘will have an effect’
West Palm Beach, Florida – A.S. Eight new insurance companies When entering Florida, the state's chief financial officer said the competition they would bring would “have an impact” on the market.
“It didn't happen overnight, but there are eight new companies coming to the state of Florida, more than any other state in the union,” Jimmy Petronis said Thursday. During WPTV's visit.
The companies, Ovation, Manatee, Condo Owners Reciprocal, Orange, Orion180 Select, Orion180, Mainsail and Tellero are currently involved in the take-out offer for citizen policies.
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“We make sure that they are vetted, that they are a legitimate leadership-established company to do that type of business in Florida,” Patronis said.
However, the companies are far from household names, as insurance agent Paula Blanda, known as Paula the Insurance Lady, explained.
“The trend we see with companies coming in is most of them are new and most of them are a little smaller,” Blanda said.
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She explains that the companies that come here are state regulated and come with an A rating. The agents will conduct their own investigation.
Petronis said the influx of companies is a result of improving litigation reforms and will eventually bring competition.
If you have a question or comment on homeowners insurance, email WPTV reporter Matt Szczesny matt.sczesny@wptv.com
