The Florida Department of Financial Services has announced a campaign to promote storm preparedness and insurance readiness in anticipation of the 2025 hurricane season. This initiative was detailed in a recent press release from the agency.

In alignment with Hurricane Preparedness Week, the department emphasized the importance of disaster readiness among residents, particularly through an understanding of their insurance options, including reciprocal insurers. Reciprocal insurance exchanges, which are member-owned and not-for-profit, have gained traction in Florida’s volatile insurance market due to their risk-sharing structure. The department offers resources such as PrepareFL.com to guide residents in understanding different insurance models and preparing for hurricane season.

Florida’s property insurance market has experienced a significant influx of new carriers, including several reciprocal insurance exchanges. Since 2023, the Florida Office of Insurance Regulation has reported multiple new insurers entering the state, such as Trident Reciprocal Exchange, Condo Owners Reciprocal Exchange, and Mangrove Property Insurance Company. These additions aim to provide consumers with more choices and promote market stability.

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