ORLANDO, Fla. — The state of Florida has seen seven new companies enter the market when it comes to homeowners insurance this year.

The Insurance Information Institute says this comes at a time when the state average for homeowners insurance is $6,000, over three times the national average of $1,700.

In 2023, homeowners saw on average a 42% increase to their rate that came on top of an average rate increase of 33% in 2022. More competition in the market is what is now expecting to help slow those increases.

Seminole County resident Remi Colin is currently shopping for homeowners insurance. His home right now looks like a war zone. Everything he can do to strengthen his home, he’s doing. New details like installing a metal roof, hurricane windows, a hurricane grade garage door and adding a layer of stucco to the outside of his home.

All added upfront costs now, that he hopes to see pay off in the years moving forward when it comes to his homeowners insurance.

“We are putting a package together,” Remy Colin says as contractors work on his home. “For me to get the wind mitigation credits, I’m doing what they asked.”

Colin saw a 100% increase in his rate from his first year of owning his home to the next. The following year, it doubled again. He was expecting another significant increase until he started making improvements to his home.

“Enough is enough,” Colin states. “At some point, someone in charge should be doing something about it.”

The Insurance Information Institute reports there’s now seven new companies selling in the state of Florida.

• Tailrow Insurance Companies

• Mainsail Insurance Company

• Orion 180

• Orion 180 Select

• Orange Insurance Exchange

• Condo Owners Reciprocal Exchange

• Manatee Insurance Exchange

Expectations are this will help start to stabilize the market.

“The trends have been for lower average rate increases for most Florida residential insurers over the past six months,” Mark Friedlander with the Insurance Information Institute said. “It is trending in the right direction, because we are starting to see some stability in the market.”

Colin hopes so, because he’s now shopping around.

“If I were to stick with the guys that have been insuring me in the past, they are almost $6,000,” he said. “Went from 2,000 to 6,000, it’s an enormous increase.”

There is skepticism from local agents. Steve Gensolin with Little Star Insurance Agency says before getting excited about new companies in the state, do your homework.

“Number one, they are new,” Gensolin points out. “They are unproven, and when I say that, you don’t know how good a company is until they have been through a storm or have been exposed to claims in a significant manner.”

Gensolin also says when it comes to considering these new companies, check out their Google reviews from customers in other states so you can get a good feel of how they do treat their customers.