Florida's property insurance market continues its expansion with the approval of Apex Star Reciprocal Exchange, marking the 12th property and casualty insurer to enter the state since the implementation of significant legislative reforms. Based in New Port Richey, Apex Star is set to offer a range of coverages, including fire, allied lines, homeowners multi-peril, commercial multi-peril, inland marine, and other liability insurance.
Insurance Commissioner Mike Yaworsky announced the addition, stating, "The continued growth in Florida’s insurance market is due in large part to the historic legislative reforms we have enacted. We must continue on this path and not turn the clock backwards. I am pleased to approve Apex Star Reciprocal Exchange as our latest property insurer to provide coverage in our great state."
Since the reforms, the influx of new insurers has brought over $418 million in policyholder surplus, bolstering the state's property insurance sector. This growth is reflected in the market's performance, with homeowners insurance costs decreasing by 0.7% in the fourth quarter of 2024. Additionally, the Office of Insurance Regulation has received nearly 100 residential filing requests for rate decreases or no increases, with 19 companies filing for rate reductions and 37 requesting no change since January 2024. A recent S&P Global report highlighted Florida's position as having the lowest average homeowners rate increase in the nation for 2024, at just 1%.
The entry of Apex Star Reciprocal Exchange signifies ongoing confidence in Florida's reformed insurance landscape, aiming to provide residents with more options and competitive rates in the property insurance market.