Two more new home insurers — one opened by Silicon Valley entrepreneurs and another founded by a Tampa-area philanthropist — have been approved to sell policies in Florida.

Stand Insurance Exchange, a California-based insurer, and Praxis Reciprocal Exchange, headquartered in Tampa, are the 16th and 17th new entities to enter Florida’s market since legislative reforms were enacted in 2022 and 2023, the state Office of Insurance Regulation announced in a news release on Thursday.

The 17 companies bring a combined $574 million in policyholder surplus to further shift coverage burdens away from state-owned Citizens Property Insurance Corp. and into the private sector.

Insurance lines that will be offered by the two new companies include fire, allied lines, homeowners multi-peril, inland mar

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