May 2023 / Navigating the Changing Landscape of Florida Home Insurance: Concerns and Developments

The Florida Home Insurance market has recently experienced a significant shift, with People's Trust Insurance Company ceasing to accept new business applications, and Monarch Insurance Company taking over some policies from Citizens. As a result, many are concerned we are still out of the danger zone yet.

I share these concerns and hope that People's Trust can soon update their rates to reflect the current reinsurance costs, allowing them to continue providing their invaluable services to their clients.

It is imperative to note that Florida has seen a fair share of insurance carrier failures in recent years, a trend we hope to avoid with People's Trust. With the market in such a volatile state, it is crucial that all companies, including People's Trust, do their best to stay in the business and continue serving their clients.

On a positive note, we have received word that Monarch Insurance Company has stepped in to assume some policies from Citizens as part of their depopulation efforts. This is certainly a welcome development as it means that our clients can continue to receive excellent insurance coverage without having to worry about any special assessment that Citizens Insurance company may have forced upon their policies. It is also important to mention that these policies will have similar or even identical pricing, providing a sense of stability and comfort to our clients.

In conclusion, it is imperative that all companies within the Florida Home Insurance market continue to do their best to navigate the current landscape and provide top-notch services to their clients. While we are concerned about the recent developments, we remain optimistic that People's Trust will soon return to accepting new business applications. We also appreciate Monarch's efforts to ensure that our clients are not left stranded and can continue to receive the insurance coverage they need and deserve.