Florida Welcomes New Home Insurer Patriot Select Amid Market Reforms

Florida's home insurance market is seeing renewed competition with the entry of Patriot Select Property and Casualty Insurance, the 12th insurer to join following recent legislative reforms aimed at stabilizing the market.

The Florida Office of Insurance Regulation has approved Patriot Select to offer homeowner policies statewide, backed by nearly $30 million in startup capital, indicating strong financial footing. Industry experts highlight that increased competition is leading to more affordable homeowner insurance quotes, with reductions up to 50% compared to last year.

The new company is led by experienced industry professionals, enhancing confidence in its sustainability. This development comes after recent challenges in Florida's property insurance sector, where many homeowners faced policy cancellations or rate hikes. Experts recommend policyholders regularly review their coverage to capitalize on new market options ahead of hurricane season.