Florida property owners have reason to welcome additional competition in the insurance market. In June 2025, state regulators announced the approval of two additional insurers: Incline National Insurance Company and Florida Insurance and Reinsurance Company. Their entry offered an encouraging development for owners looking for more coverage options.
Texas-based Incline National received authorization to offer several insurance lines, including homeowners coverage. Florida Insurance and Reinsurance Company, also known as Florida Re, was expected to concentrate primarily on condominiums and condominium associations—a particularly important segment for owners of rental condos.
Why More Choices Matter
For landlords, insurance belongs in the same financial calculation as property taxes, maintenance, mortgage payments, and vacancies. An increase in any of these expenses can reduce the income a rental property produces.
Additional insurers can give property owners more opportunities to compare coverage and pricing. They may also bring different underwriting approaches, potentially expanding options for properties that do not fit another carrier's requirements.
However, regulatory approval does not mean every property will qualify, nor does it guarantee a lower premium. The practical benefit depends on which policies a company offers, where it writes coverage, and whether it accepts a particular building and its rental use.
A Development Worth Watching for Condo Owners
Florida Re's announced focus on condominium and association coverage deserves attention. Insurance Journal reported that this segment had experienced higher rates and reduced coverage following the 2021 Champlain Towers South collapse.
For a landlord who owns a condominium, association insurance expenses can affect the cost of holding the unit. More choices for an association could therefore matter to individual owners, even when they are not purchasing the association's policy themselves.
Compare the Protection, Too
The useful question is whether another insurer can provide suitable protection at a better overall value.
When requesting quotes, landlords should ask their agent to compare deductibles, coverage limits, exclusions, roof settlement terms, and protection for lost rental income. They should also confirm that the policy correctly reflects how the property is occupied and used.
A lower premium deserves careful consideration, but the amount an owner must pay after a loss matters just as much.
Paul's Take
More competition is welcome news for Florida landlords. We need a market where property owners have meaningful choices and can obtain dependable coverage at a manageable cost.
But the real measure of improvement is what happens when the renewal arrives. Do owners have more suitable options? Are the terms reasonable? Does the coverage protect the investment?
These approvals are an encouraging step. Landlords should use developments like this as a reason to review their options, while continuing to budget around actual quotes rather than hoped-for savings.
Based on Florida Trend's June 30, 2025 report and contemporaneous reporting from Insurance Journal.
