The Florida Office of Insurance Regulation has announced that Viceroy Insurance is the latest company approved to provide homeowners coverage in the state. This marks the 15th such approval since legislative reforms were introduced. The announcement was made on X.
According to Florida Politics, these insurance reforms were enacted in response to a volatile homeowners market affected by insurer insolvencies, high litigation costs, and reduced capacity. The reforms aim to curb attorney fee abuses, adjust assignment-of-benefits rules, and streamline regulatory requirements to restore market stability. The approval of Viceroy Insurance as the 15th new entrant indicates that these measures are encouraging new firms to participate.
The Florida Office of Insurance Regulation reported that since the reforms began, regulators have approved a total of 15 insurers—including Viceroy Insurance—to write homeowners coverage. Commissioner Mike Yaworsky emphasized that this influx of new market entrants is contributing to greater consumer choice and distributing risk across more carriers. This growing roster of authorized insurers helps rebuild capacity lost during earlier market contractions.
According to the OIR’s June 27, 2025 announcement, 27 companies filed for homeowners insurance rate decreases and 41 requested no change or a 0% increase since January 2024. This signals downward or stabilized rate trends. The press release also cites data from S&P Global, the Insurance Information Institute, and LendingTree showing that Florida experienced the lowest average homeowners rate increase nationwide in 2024, at only 1%. These indicators suggest that increased competition—bolstered by new entrants like Viceroy—is having a tangible effect on pricing and affordability.
The Florida Office of Insurance Regulation is responsible for licensing insurers, overseeing financial solvency, and enforcing compliance with insurance laws to protect policyholders. It evaluates all aspects of new company applications—including financial strength, reinsurance plans, and catastrophe readiness—and aims for prompt processing of well-prepared submissions. The OIR’s mission is to foster a market that is both competitive and stable while ensuring regulator oversight.