MIAMI–(BUSINESS WIRE)–HoneyQuote, an online marketplace transforming the way homeowners shop for insurance, has expanded its service to condominium owners across the state — a move that comes as Florida contends with a historic insurance crisis that has left residents with higher premiums and fewer options.
HoneyQuote is a free platform that allows users to easily compare quotes from top-rated regional and national insurance providers writing policies in Florida. Coverage can be shopped, selected, and purchased in minutes. Customers simply enter their address, and HoneyQuote’s proprietary technology will generate multiple quotes from different insurance providers.
“Already available to single family homeowners, HoneyQuote is now partnering with the largest regional insurance carriers to grant condo owners the same seamless online experience,” said Freddy Seikaly, HoneyQuote CEO. “The new service comes as it’s becoming difficult for Florida condo owners to secure adequate and affordable coverage.”
With premiums estimated at a record-setting $4,200 per home in 2022, Florida is now the costliest property insurance market in the U.S., averaging three-times the national average. As rate hikes continue to impact condo owners and their associations, insurers are reluctant to issue policies for aging properties. This is leading to stricter underwriting requirements, a shrinking availability of insurance options, along with higher premiums and deductibles for condo owners.
“Florida condo residents are experiencing sticker shock when it comes to purchasing insurance, and the market has become even more challenging going into the 2023 Hurricane Season,” said Justin Zemaitis, Chief Insurance Officer at HoneyQuote.“HoneyQuote simplifies the purchasing process and ensures residents have access to a full range of options and price points prior to making a decision.”
Since its launch HoneyQuote has partnered with 30 of the top insurance carriers in Florida. Following a successful round of venture financing in 2023, HoneyQuote will continue to expand its product offerings to include difficult-to-place risks across coastal U.S. markets.
HoneyQuote is a digital insurance agency powered by a proprietary search engine allowing clients to compare and purchase insurance coverage in an online marketplace. HoneyQuote’s products include homeowners, condo, and flood insurance across 30 of the top insurance carriers. For more information, visit honeyquote.com.
Aaron Gordon (305-962-3292)
Ivanna Agudo (305-450-1445)
Jamie Honowitz (561-329-4663)