As insurance costs rise, Florida homeowners are given a new option

Florida is reckoning with a severe homeowners insurance crisis. The recent surge in both the frequency and intensity of hurricanes that have battered the state has prompted numerous insurers and reinsurers to exit the market, leaving Florida homeowners grappling with skyrocketing premiums and limited coverage options.

According to the Insurance Information Institute, this exodus has resulted in Florida homeowners paying an average of nearly $4,000 a year in insurance, which is nearly three times the U.S. average. In some instances, homeowners have seen their insurance costs more than triple.

In this context, American Integrity Insurance, a Florida-based residential property insurance company, is offering basic protection to Floridians at a more affordable price point. On Wednesday, the company unveiled ValueGuard Property Insurance, a product that addresses the fundamental insurance needs of Florida residents by covering essential risks such as fires and windstorms. 

Homeowners can choose to customize their ValueGuard policies with add-ons to enhance coverage, such as an optional flood insurance endorsement. 

“We understand the importance of affordable insurance protection for Florida homeowners, especially in the face of common risks such as hurricanes and fire,” Bob Ritchie, CEO of American Integrity, said in a statement. “With ValueGuard Property Insurance, we provide essential coverage at a price that fits within our customers’ budgets, allowing them to safeguard their homes with confidence.”

Earlier this month, the Florida Senate passed three bills aimed at lowering homeowners insurance costs across the state.

House Bill 7073, sponsored by Sen. Blaise Ingoglia, reduces property insurance premiums by more than $500 million statewide by eliminating certain taxes and fees that homeowners pay on their policies.

Senate Bill 7028, introduced by Sen. Jim Boyd, allocates $200 million for improvement grants. These grants are designed to empower homeowners to reduce their premiums by reinforcing their homes. Priority is given to low-income families and seniors. 

House Bill 1029, sponsored by Sen. Nick DiCeglie, establishes a pilot program for condominium associations to apply for mitigation grants.