Slide Insurance Acquires Renewal Rights for 86,000 Florida Homeowners

Slide Insurance Acquires Renewal Rights for 86,000 Florida Homeowners

Tampa-based insurance company, Slide Insurance, is set to provide a fresh start for tens of thousands of Florida homeowners as it acquires renewal rights for 86,000 homeowners’ insurance policies previously held by Farmers Insurance. This move marks a significant development in the ever-evolving landscape of Florida’s insurance market.

Farmers Insurance’s decision to exit the Florida market, announced in July, encompassed not only homeowners’ policies but also auto, renters, and umbrella policies. It was the latest in a series of exits by insurance companies from the state over the past year, reflecting the ongoing challenges in Florida’s property insurance sector.

This insurance market turmoil began in 2017, prompted by a series of devastating hurricanes. Florida’s residents have borne the brunt of these difficulties, facing the highest property insurance premiums in the nation. In response, Governor Ron DeSantis and state lawmakers introduced measures to support insurance companies and allocated $3 billion to help them weather the storm seasons. However, these actions have yet to translate into lower premiums for homeowners.

Slide Insurance, founded by insurance executive Bruce Lucas in 2021, is poised to make a difference in this complex insurance environment. The company is known for its innovative approach, harnessing cutting-edge technology, including artificial intelligence and data analytics, to simplify the insurance process. The acquisition of these policy rights is a testament to Slide’s confidence in the Florida insurance market’s potential for innovation.

Florida Chief Financial Officer Jimmy Patronis played a pivotal role in facilitating this transition. He noted that Slide’s move is excellent news for the policyholders who faced discontinuation by Farmers Insurance. The coverage provided by Slide is expected to ease the lives of policyholders, offering them a seamless transition to new insurance policies.

The policy renewals under Slide’s stewardship are scheduled to commence in February 2024. Slide’s commitment to the Florida market is further underscored by its previous acquisition of renewal rights for over 91,000 policies from UPC Insurance earlier this year.

As Florida grapples with the complexities of its insurance market, Slide Insurance’s entrance offers hope for homeowners seeking reliable coverage in an otherwise tumultuous landscape. With its forward-thinking approach and dedication to leveraging technology, Slide is poised to make a positive impact and potentially influence further innovations in the Florida insurance market.