Active Insurance Carriers
Some carriers may have limited policies in force, merged, or focused on specific regions/products (e.g., condos).
Market share reports (available on floir.com under Residential Market Share Reports) rank top carriers by policies but do not list every active one.
For verification of a specific carrier, shopping quotes, or the latest status (authorizations can change), use this OIR search tool directly or consult a licensed Florida insurance agent.
Why Florida Premiums Have Increased
We recognize the unique challenges associated with insuring properties in Florida. Premiums in the state have risen sharply due to a combination of factors, including but not limited too:
- Hurricane and Severe Weather Exposure
- Florida experiences more hurricane-related claims than almost any other state. Even properties located away from the immediate coastline can be impacted by wind, hail, flooding, and severe weather events. Carriers must price for the potential of large-scale catastrophic losses that can affect thousands of properties simultaneously.
- Rising Reinsurance Costs
- Insurance carriers purchase reinsurance to help protect themselves from catastrophic losses. Florida's concentration of weather-related risk has caused reinsurance costs to increase substantially over the past several years, and those costs are often passed through to policyholders.
- Litigation Trends and Assignment-of-Benefits Abuse
- Construction and Rebuilding Inflation
- The cost of construction materials, labor, roofing, and skilled contractors has risen significantly. Following major storm events, labor shortages and supply chain disruptions can further increase reconstruction expenses, requiring carriers to insure properties at higher replacement values.
- Carrier Withdrawals and Market Contraction
- Many national and regional insurance carriers have either restricted new business, reduced their exposure, or exited portions of the Florida market altogether. Less competition typically results in fewer available coverage options and increased pricing for property owners.
- Regulatory and Legislative Impacts
- Today's carriers are placing greater emphasis on factors such as:
- Roof age and condition
- Electrical systems
- Plumbing updates
- Wind mitigation features
- Prior claims history
- Property age and maintenance
- Even well-maintained rental properties can face higher premiums simply due to overall market conditions rather than any specific issue with the risk itself.
Statewide premiums have increased from approximately (on average) 90% over the past 6 years. While recent reforms have slowed the pace of increases, the underlying pressures remain significant.
To help provide clarity, we’ve included a link with more information about the current market and how it is affecting real estate investors.
