The state is reporting that five new companies will begin writing policies in Florida. For months we have seen an exodus of insurers, and perhaps it is a positive sign that some are now entering our market.
Clearwater's Modern USA Insurance Company will begin writing coverage in October for homes that have average values of $210,000.
Olympus Insurance Company out of Orlando will begin offering coverage sometime around October 2007.
American Keystone Insurance Company of Ponte Verda Beach will offer policies on homes valued from $250,000 to $3,000,000.
Plantation's Privilege Underwriters Reciprocal Exchange, Inc. will handle homes valued at more than $1,000,000.
The last company, Homeowners Choice Property & Casualty Insurance Company will take over 10,000 policies now serviced by Citizens (the state run company). Near the end of this year they will accept new customers and hope to sell up to 25,000 new policies on homes valued between $150,000 and $750,000.
A sixth company, Sawgrass Mutual Insurance Company out of Hollywood, Florida has also applied to be able to sell homeowner policies in the state.
These additional companies will at least offer us more options. It is unclear whether in the end they will offer us cheaper prices. Time will tell. But the fact that companies are coming to Florida is a positive sign. Now we just have to hope we have a calm hurricane season so that they are not driven back out of the state.
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida