Florida-based property insurer American Integrity Insurance Company has launched a new product called Integrity Select that will look to capitalise on opportunities in the challenged Florida market.
The product is designed to provide new property insurance options in capacity-constrained areas in the state.
Bob Ritchie, President and CEO of American Integrity, acknowledged that “it may not seem like the best time to introduce a new product,” but said the company was committed to innovation and finding new solutions to customer needs.
“Our market has been described as being on ‘life support’ and consumers are considered ‘lucky’ to find coverage,” Ritchie said.
But the CEO also noted that American Integrity itself was founded shortly after the unprecedented 2004-2005 hurricane season, a time when many national carriers decided to leave the Florida marketplace.
“We’re proud to offer this new product to Florida insurance consumers who are having a hard time finding insurance for their homes,” added Brent Radeloff, American Integrity Senior Vice President of Product, Pricing and Underwriting.
Integrity Select aims address availability and capacity issues caused by a shrinking marketplace, influenced by financial instability of Florida insurance companies due to litigation abuse.
“Designed for owner-occupied homes, Integrity Select allows us to insure more customers because it offers coverage for older roofs on a depreciated basis,” Radeloff explained. “It offers robust protection and includes Ordinance or Law, Special Personal Property and Home Computer Coverage, among other important coverages. Our agents can begin selling this product as of Jan. 21, 2022.”
