Florida Insurance Market Gains Two New Companies, Offering Homeowners More Choice

TALLAHASSEE, Fla. — Florida’s turbulent property insurance market, battered in recent years by rising premiums and shrinking availability, is seeing two more insurers enter the fray. State regulators this week approved Viceroy Preferred Insurance and Vision Insurance Exchange, the 15th and 16th new carriers to launch in Florida since 2022.

The approvals mark a promising shift for homeowners who have faced soaring costs and limited options. Regulators say the influx of insurers could inject much-needed competition, potentially easing rate pressures and broadening coverage choices.

“Each new company adds resiliency to the market,” a spokesperson for the Florida Office of Insurance Regulation said. “It gives policyholders more pathways to find affordable coverage after years of difficulty.”

Florida’s insurance sector has endured years of turmoil, from hurricane devastation to litigation and fraud that drove several carriers into insolvency or out of the state. Those exits forced thousands of homeowners into Citizens Property Insurance Corporation, the state-run insurer of last resort.

But recent legislative reforms, paired with relatively mild storm seasons, have helped stabilize conditions. Industry analysts suggest the surge of new entrants is a sign of cautious optimism that Florida’s market may finally be on firmer ground.

Even so, hurdles remain. Florida still has some of the highest premiums in the nation, and experts caution that one major storm could quickly test the durability of these new insurers.

For now, though, the arrival of Viceroy Preferred and Vision Insurance Exchange offers a rare bright spot—giving Florida homeowners reason to hope competition may finally begin working in their favor.