Florida Homeowners Insurance March 2023 Update

Last two weeks were not any better than the previous months. While the new legislation is settling, the damage prior to the legislation is still hurting the few remaining insurance carriers.

🟡 VYRD Insurance Limiting new policies to a few zip codes. Total value of the accepted policies are decreased too.

🟡 kin. Insurance Kin has secured re-insurance renewal for June 2023. Great Job.

🟡 LIberty Mutual Due to market and regulatory conditions in Florida, Liberty Mutual is implementing a temporary pause on all new HO3 policies.

🟡 Capacity Insurance In coordination with the Florida Office of Insurance Regulation, Capacity Insurance Company has agreed to be placed under Administrative Supervision. As part of this arrangement, Capacity has agreed to divest all business no later than May 31, 2023

🟡 Frontline Insurance Just closet many zip codes.

🟡 Velocity Risk Velocity Risk is pulling out of Florida for their admitted product. Non-renewals will begin on March 14th, 2023 for policies with an effective date of July 17th, 2023. Florida continues to be a challenging market for insurers and reinsurers. While we anticipated the legislative measures taken last year to slowly make a positive impact, Florida continues to lead the country in fraud and litigation brought against the property insurance market.

🟡 Heritage E&S closing tri-county effective 3/10

Hopefully we will see better days.