New property insurers lead to lower rates

Jul 15, 2008

Firms picking up business shed by larger competitors.

by Chuck Wanager Staff Writer
Orlando Business Journal--Friday, July 11, 2008

At least 14 new Florida-based property insurers doing business in metro Orlando are offering something rare in today’s economy: lower prices.

That’s good news, considering several large national insurers dropped thousands of policies in the state while others exited Florida completely after multiple hurricanes hit in 2004 and 2005.

That left many businesses and homeowners unable to find or afford property insurance. But now, other insurers have picked up the slack.

Since 2006, the state has approved two dozen new firms to write property insurance policies in Florida, mostly for homeowners, and some for mobile homes and commercial lines.