Yet another property insurance company is entering the Florida market in the wake of industry reforms implemented in the state a few years ago.
Viceroy Preferred Insurance Co. announced this week that it will be providing coverage for Florida homeowners. The Florida-based carrier has been approved to write insurance for residential multiperil and dwelling fire coverage.
“Florida’s insurance market continues to strengthen and improve because of the legislative reforms we have put in place,” said Chief Financial Officer Blaise Ingoglia in a news release.
“Floridians now have more choices for their insurance carriers. More options allow competition in the marketplace and help to drive costs down. As your Chief Financial Officer, I will continue to work to bring even more insurance companies to Florida while holding them accountable to the policyholders they serve.”
Indeed, the state was given high marks this year by insurance and global credit analysts for the turnaround in the insurance market.
Global credit agency AM Best in May said legislative changes in 2022 helped revitalize the residential property insurance market in the Sunshine State. A report in Insurance Journal detailed how the changes played “a critical role” in ending seven rough financial years for that industry. Much of that action focused on making it harder to successfully sue insurers in Florida.
Viceroy is the 15th new insurance carrier that has started serving homeowners in the state since the legislative revisions. Viceroy will be targeting coverage for high-value homes and will initially focus on Florida’s east coast.
“Competition in Florida’s property insurance market is booming, and I am thrilled to announce a new Florida-domiciled insurance company approved to write business in our state — Viceroy Preferred Insurance Co.,” said Mike Yaworsky, Florida Insurance Commissioner. “We have now approved 15 companies to enter the market since our historic legislative reforms and I do not see any signs of competition slowing down.”
That competition is apparently working for consumers. Yaworsky’s news release said 29 homeowners insurance companies have requested rate decreases since January 2024 and another 44 companies have sought no insurance premium increases.
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