Florida’s property insurance market is adding two more carriers, with Stand Insurance Exchange of Tallahassee and Praxis Reciprocal Exchange of Tampa being approved to write homeowners and related policies, bringing the number of new entrants since the reforms to 17.
The two insurers plan to assume 25,000 Citizens Property Insurance Corporation policies each in December. Citizens, the state-backed insurer, has dropped below 780,000 policies in force, down from more than 1.4 million two years ago. Officials have pointed to depopulation of Citizens as an indicator of private market recovery.
Stand Insurance Exchange is authorized for lines including homeowners multi-peril, fire, allied, inland marine and liability. The company describes itself as mitigation-focused and technology-driven. Praxis Reciprocal Exchange, which has leadership with decades of experience in the Florida market, is approved for similar coverage, including boiler and machinery.
“Once again, I am thrilled to announce more new property and casualty insurers approved to do business in our state. We would not be where we are today if it was not for our historic legislative reforms. Our state’s insurance market is thriving—with 17 new companies since reforms and sustained rate requests from dozens of companies for rate decreases or 0% increases,” said Commissioner Mike Yaworsky.
Since January 2024, 30 homeowners insurers have filed for rate decreases, while 45 others have requested no change. Florida Peninsula Insurance Company, one of the state’s largest carriers, recently filed for its largest reduction, with an average statewide decrease of 8.4 percent for homeowners and 12 percent for condominium owners.
