New Florida Homeowners Insurance Legislation & The Companies Offering Relief To Weary Homeowners in 2023

Navigating Florida's New Insurance Landscape & The New Florida Homeowners Insurance Companies Offering Relief To Weary Homeowners. 

As a Florida homeowner, you're probably aware that finding the right insurance coverage at the right price can be a daunting task. With the state's weather, which includes hurricanes, hail, and tornadoes, it's crucial to stay informed about the latest developments in the insurance industry. After all, changes in legislation impacts your coverage options and premiums. In this article, RIG Roofing explores Florida’s evolving insurance market, the emergence of new homeowners insurance companies in Florida, and the legislative changes affecting insurance offerings.

The Ever Changing Florida Insurance Industry

Our insurance market has seen significant changes in recent years, including the emergence of new homeowners insurance companies in Florida. These new players bring both opportunities and challenges for homeowners seeking coverage.

Notable Newcomers To The Homeowners Insurance Market In Florida

Let's take a closer look at some of the newest, noteworthy homeowners insurance companies in Florida:

Kin Insurance:

Kin Insurance is a tech-focused insurance provider that aims to simplify the homeowners' insurance experience. They offer customizable policies and utilize data analytics to assess risks accurately, potentially leading to competitive premiums.

Hippo Insurance:

Hippo Insurance emphasizes modernizing homeowners' insurance by integrating smart home technology into their coverage. They offer additional protection for home automation systems and energy-efficient upgrades, appealing to environmentally conscious homeowners.

Orion 180 Insurance Company:

Orion 180 Insurance Company is dedicated to community resilience. They actively support initiatives that encourage homeowners to fortify their properties, offering incentives and guidance for hurricane-resistant home improvements. This proactive approach not only ensures safer homes but also potentially results in lower insurance premiums for policyholders.

Mainsail Insurance Company:

What sets Mainsail Insurance Company apart is their commitment to adapting and innovating. They continuously explore new ways to enhance their coverage options and service offerings. Homeowners can expect policies tailored to their needs, with a focus on risk mitigation and comprehensive protection.

Tailrow Insurance Company:

Tailrow Insurance Company is dedicated to ensuring that homeowners have a steadfast partner to protect their home. They offer comprehensive policies that address the specific risks faced by Florida residents. By taking time to understand each homeowner's individual needs and circumstances, Tailrow Insurance crafts insurance solutions that align those needs. This personalized approach ensures that homeowners get the coverage they need without paying for unnecessary extras.

SageSure Insurance:

SageSure Insurance is a managing general underwriter (MGU) that partners with local insurance agents to offer specialized policies for high-risk areas like Florida. Their innovative approach allows them to provide coverage options even in regions where traditional insurers may be reluctant.

2023 Legislative Changes Affecting Florida Homeowners

In addition to new homeowners insurance companies in Florida, it's essential to be informed about the legislative changes that impact your homeowners' insurance:

Assignment of Benefits (AOB) Reform:

AOB abuse has been a major concern in Florida's insurance market. Legislative reforms aim to curb these abuses by placing firm regulations on AOB agreements. The good news, this potentially leads to more stable insurance premiums for homeowners.

Senate Bill 7052

SB 7052 Passed by the Florida Senate in 2023, the bill makes changes to the Florida Building Code that affect the roofing industry in the following ways:

1. Allows roofing contractors to repair or replace up to 25% of a roof without having to bring the entire roof up to current code requirements. This is a major change from the previous code, which required the entire roof to be brought up to code.

2. Requires condominium and cooperative association buildings to have milestone inspections of their structural integrity every 10 years. These inspections can identify potential roofing problems early on, which can help to prevent costly repairs or replacements down the road.

3. Makes roof repairs and replacements more affordable for homeowners.

4. Improves safety of condominium and cooperative association buildings by requiring milestone roofing inspections for structural integrity every 10 years. This helps identify potential roofing problems before costly repairs or replacements are needed.

Overall, the changes to the Florida Building Code that were made by SB 7052 are likely to impact the roofing industry positively. The bill makes it easier and more affordable for homeowners to repair or replace their roofs, and it also helps to ensure that condominium and cooperative association buildings have their roofs inspected regularly.

House Bill 799

HB 799 Passed in 2023, the bill makes changes to the Florida Building Code that affect the roofing industry in the following ways