Florida welcomes 11 new home insurance companies after Hurricane Ian exodus

The Florida insurance market is undergoing a transformation.

Since May 2024, more than 30 home insurance companies have exited the state, leaving many homeowners seeking new options.

Hurricane Ian marked a significant turning point, prompting companies to leave the market. However, there is now a shift in the tide.

Florida Insurance Commissioner Michael Yaworsky recently approved 11 new insurance companies to enter the state.

“So the marketplace on the property side is larger than ever. We have over 7.85 million policyholder policies in Florida. It’s one of the largest markets in the country. Even during the past seven years, we’ve never seen data where it’s shrunk, so it continues to grow,” said Yaworsky.

“The mass, vast majority of it is held in the private marketplace and citizens, has gone from about 1.3 million policies a year and a half ago to 932,000, so we’ve changed about 400,000 policies off and transferred them to the private markets,” Yaworsky said.

In addition to the new companies, Yaworsky said 60% of the 10 largest carriers already in Florida are also expanding their services.

Here is the list of companies to come to Florida:

• Mangrove Property Insurance Company
• ASI Select Insurance Corp.
• Trident Reciprocal Exchange
• Ovation Home Insurance Exchange
• Manatee Insurance Exchange
• Condo Owners Reciprocal Exchange
• Orange Insurance Exchange
• Orion180 Select Insurance Company
• Orion180 Insurance Company
• Mainsail Insurance Company
• Tailrow Insurance Exchange