We have just about a month and a half until hurricane season starts, and there is a new insurance company opening in Florida.
The state now has a dozen new companies that have entered the market since new legislative reforms were introduced.
State leaders insist it’s a sign the market is improving as more companies move prices down.
Carol McCarthy lives along a canal in North Fort Myers and knows nearly all of her neighbors. Many of them, she said, had extensive damage from the recent hurricanes.
She said rising insurance rates have forced many neighbors to move.
"Some of them just couldn't afford the insurance anymore and they've sold up and gone," McCarthy said.
David Nichols is CEO of Apex Star Reciprocal Exchange, based in New Port Richie. Apex Star Reciprocal Exchange is the 12th insurer to enter Florida since 2021, after lawmakers passed laws they said would lower prices.
Doug Nellans is a local Fort Myers agent with The Insurancenter. Nellans said another company moving in helps the state return to some normalcy when it comes to insurance costs.
The new companies have had no problems getting customers. They've cherry-picked policies from the state-run Citizens, the insurer of last resort.
In most cases, it means people who got picked up had to pay at least 20% more to insure their homes.
"It's very common to have new insurance companies first participate in the citizens depopulation program in order to develop a client base," Nellans said.
The state insists that new companies are a sign of market improvement.
"While the bleeding has essentially stopped, people are still waiting for that meaningful drop in prices that will offset the spikes that Floridians have endured over the last several years," Nellans said.
But homeowners argue that until they see their insurance rates drop, they're not seeing the improvement.
Nellans said the improvement appears to be slow but sure.
"We've got plenty of clients that are having a mild to moderate rate increase. A fair amount having a rate decrease, and plenty of others are flat," he said.
The average Florida homeowner pays about $4,700 a year for home insurance, above the national average. Others can be left paying much more.
"People with older homes that are located in coastal counties like Lee County are essentially getting a double whammy," Nellans said.
Studies say about 20% of Florida homeowners are uninsured, and many of them are Carol McCarthy's neighbors.
"They've decided for what it cost to have the insurance, they can maybe just refurnish their house after a hurricane for ten or more thousand dollars," McCarthy said.
Experts say the best advice to save is to be aware of discounts available to you and, most importantly, shop around for lower rates.