Lee Wiglesworth, President of Wiglesworth-Rindom Insurance Agency, said that Florida's property insurance market is showing signs of recovery based on his agency's April 2025 data. This statement was made on LinkedIn.
"Florida's Property Insurance Market is Recovering," said Wiglesworth, according to LinkedIn. "521 property renewal offers across 21 different company partners. 8 of our carrier partners averaged no increase or a DECREASE in premium. It's clear the market appears to be stabilizing."
According to Insurance Journal, Florida's property insurance market has been bolstered by the entry of reciprocal insurance exchanges, such as Apex Star Reciprocal Exchange, which became the 12th new insurer approved since the state's 2023 legislative reforms. These reforms aimed to reduce excessive litigation and attract new insurers to the market. The addition of Apex Star signifies continued growth and diversification within Florida's insurance landscape.
As reported by Insurance Business, the Florida Office of Insurance Regulation (OIR) has approved several reciprocal insurance exchanges, including Ovation Home Insurance Exchange and Condo Owners Reciprocal Exchange, to operate in the state. These entities function similarly to mutual insurers, where policyholders share in the profits and losses, promoting a more community-focused approach to insurance. Their entry is part of a broader strategy to stabilize the market by increasing competition and consumer choice.
According to FLOIR (Florida Office of Insurance Regulation), as of Q1 2024, Florida's property insurance market had approximately 7.43 million residential policies in force, with 83% written by admitted property insurers. The OIR reported a decrease in reinsurance costs by an average of 1.7% from 2023, indicating improved financial stability among insurers. Additionally, there has been increased participation in the Citizens Property Insurance Corporation's Depopulation Program, further reducing the state's risk exposure.
Wiglesworth is also the Founder and President of Florida Insurance Pro, an independent agency serving clients across the state with a focus on personalized service and tailored coverage solutions. With nearly two decades of industry experience, he emphasizes education, integrity, and long-term relationships in his approach to insurance. His insights into market trends and carrier performance provide valuable context as Florida’s insurance landscape evolves.