Some Good News in Florida’s P&C Industry

In Florida, the idea of Property and Casualty Insurance has been quite terrifying for the past few years for both the insurers and the insured. Hurricanes and other natural disasters have caused insureds to file huge claims that have sent some carriers running and put others completely out of business. In 2022 alone, Florida topped all 50 states in disaster damages, totaling $116 billion.

Fortunately, things are starting to look better. The Florida Office of Insurance Regulation (OIR) has approved eight more property and casualty insurers. With these new insurers along with an approved acquisition of another company, more than $1.25 billion of capital is reportedly being invested into the market. Carriers currently operating in Florida have also seen more stable financial reporting over the last year.

All of the above indicate good things for the insurer as well. Rates should become more competitive and it should be easier and quicker to secure coverage. That being said, this will still be a major cost and potential headache for business owners, just not quite the nightmare of the past few years. But is there a way for business owners to save more money? Yes.

Firstly, the location is very important. If you haven’t selected one, you’ll want to stay away from flood zones or any locations where hurricanes could have a significant impact. Next, making sure safety features such as a fire sprinkler system and security/burglar alarm are installed. Understanding the policies, and selecting the right policy, and comparing different providers can lead to huge savings. There are deductible options, exclusions, and coverage limits that can be adjusted. These all affect the rates as well as discounts offered but might not be plainly advertised. This is where we come in.

Having a licensed agent, independent of the carriers, gives you someone in your corner to help with all of this.