Florida Insurance Market Improvement: New Company Patriot Select Enters

Florida's Insurance Crisis Easing

• 📈 State leaders indicate that Florida is emerging from a nearly decade-long insurance crisis.
• 💡 This improvement is evidenced by the stabilization of rates and an increase in new insurance companies entering the market.

New Entrant: Patriot Select

• 🎯 Patriot Select Property and Casualty Insurance is the newest company approved to write policies in Florida, based in St. Pete.
• 🏢 The company operates with a small staff and aims to inform Florida agents about their readiness to write policies.
• 🗣️ CEO John Rollins cites legislative reforms, stabilization of the reinsurance market, and Florida's growing homeowners insurance market as reasons for investing now.

Challenges for Policyholders

• ⚠️ Homeowners like Ira Cadston have experienced frustration, including being dropped by existing insurers like Progressive.
• ❓ Shopping for new policies has been difficult due to a lack of information on new companies regarding customer satisfaction and claims paid.

Market Reforms and Competition

• 📜 The entry of Patriot Select and 12 other new companies since 2022 follows major insurance reforms rolled out in December 2022.
• 🤝 Industry leaders believe these reforms are increasing competition and potentially driving down rates.
• 💻 More information on these companies is available on abcactionnews.com.