Ten New Property Insurers Arrive in Florida

After the major storms of the last few years, many insurers abandoned Florida. The general consensus was that Florida was no longer a profitable place to conduct insurance business – as the prevalence of storm damage was simply too great. The government faced an uphill task of coaxing these insurers back to the Sunshine State – and at times it seemed impossible. However, recent changes may make it easier for people to obtain affordable, effective property insurance in Fort Lauderdale.

Florida Approves 10 New Property Insurance Companies

In January of 2025, numerous sources reported the arrival of 10 new property insurance companies in Florida. This was one of the first major signs that the property insurance market was returning to Florida, and that the fears of recent storms had somewhat subsided.

The government claims that this was made possible through recent reforms in the legislature. These changes have been controversial, as they heavily favored insurers at the expense of policyholders. It is not less easy to fight for your rights as a policyholder in Florida, and this has highlighted the need to work with experienced property insurance lawyers.

Regardless, these reforms seem to have succeeded in relieving pressure on the property insurance industry. 10 new insurers have been approved to operate in Florida, and they bring $300 million to inject into this beleaguered industry.

Insurance Commissioner Michael Yaworksy warned property owners to be patient, but he hinted that rates could come down as a result of this development:

“You need to wait… It’s great, it’s good news, be patient. Right now, the current companies are opening up and showing some slight rate decreases. There’s more options for you today than there were two years and three years ago.”

Florida representatives also highlight the manner in which they dealt with the most major storms of 2024. These storms did not destabilize the property insurance industry in the same way as they did in 2023 – and the government attributes this to “strengthening of the balance sheets.”

It may be up to 3 years before policyholders notice real changes in their insurance costs. However, this seems to be a step in the right direction. The only real caveat is that these developments may have come at a cost. Recent changes also make it harder to push back against denied claims – and future issues might require the assistance of an experienced property insurance lawyer in Fort Lauderdale.

 Contact Our Fort Lauderdale Property Insurance Lawyers Today

At Geyer Fuxa Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources: 

weartv.com/news/local/florida-approves-10-new-insurers-bringing-300m-surplus-to-stabilize-property-market

flsenate.gov/Session/Bill/2024/1611