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FLORIDA - With hurricane season fast approaching, Florida’s home insurance market is getting a boost as a new provider enters the scene.
Patriot Select Property and Casualty Insurance has been granted approval to operate in the state, making it the 12th company to join Florida’s insurance market since lawmakers introduced reforms to stabilize the struggling industry.
The Florida Office of Insurance Regulation recently authorized Patriot Select to offer homeowner policies across the state.
Backed by nearly $30 million in startup capital, the company is considered financially strong, according to insurance experts.
Mark Friedlander, spokesperson for the Insurance Information Institute, said the arrival of Patriot Select is a positive development for Florida’s insurance landscape.
He noted that the addition of new companies is beginning to drive competition, potentially leading to lower rates for consumers.
“Agents are telling us they can now offer quotes that are significantly more affordable, sometimes as much as 50% less than what homeowners were paying just a year ago,” Friedlander said.
Patriot Select is led by industry veterans, which Friedlander says provides an added layer of confidence in the company’s long-term viability.
In recent years, Florida’s property insurance market faced turmoil, with many homeowners dropped from coverage or forced into more expensive policies.
One resident recently shared that their insurer raised their rates last year before ultimately canceling their policy.
Friedlander advises Florida homeowners to review their policies annually to ensure they have the best possible coverage.
With Patriot Select now in the mix, consumers may find more favorable options just in time for storm season.