Major Player Enters Florida Insurance Market

Some companies many be pulling out of the tumultuous Florida insurance market, but one major real estate force, Coldwell Banker, is coming in.

The company’s officials said they would begin offering an assortment of personal lines of homeowners insurance, working through a partnership with NRT Insurance Agency. Coldwell Banker began offering the insurance coverage August 1.

“With the issues surrounding property insurance in the state, we really feel that strategically this service separates us from the competition,” said Budge Huskey, President and COO of Coldwell Banker Residential Real Estate.

NRT Insurance is licensed in all 50 states, and has been operating as an insurance carrier for five years. It provides insurance through a number of providers including Chubb, American Strategic Insurance, ASI-Lloyds of London, Fireman’s Fund, Liberty Mutual and others.

Initially, the company will offer residential property and homeowners insurance to Florida residents, who have been hit with rising premiums in the wake of record hurricanes in 2004 and 2005. The agency will take on the task of providing affordable policies to the state’s property owners, who are also grappling with rising Florida home loan rates, which have risen more than a percentage point in the past year before leveling off a bit in the past two weeks.

A major focus for Coldwell Banker will also be quality control.

“Our objective in launching the program in Florida is to provide a source of insurance to ensure our customers’ transactions are closed successfully. Buyers with pending transactions will be offered an opportunity for an insurance quote, and the process will be low-key and hassle-free over the telephone,” Huskey said.