Heritage Insurance Holdings Inc. has launched an insurance program for commercial residential properties in Florida, the Clearwater, Florida-based insurer said Monday.
The new line will be written by Heritage subsidiary Heritage Property & Casualty Insurance Co., the company said in a statement.
The insurance program for commercial residential properties will offer commercial products such as coverage for condominium associations, homeowner associations, continuing care retirement communities and apartment complexes, Heritage said in the statement.
“We are excited about the commercial residential line of business,” Bruce Lucas, chairman and CEO of Heritage, said in the statement. “We believe there is an excellent opportunity to grow this business, and it will diversify our robust suite of product offerings.”
“In talking with our agent partners, we found there is a very limited market for these properties,” Randy Jones, commercial president of Heritage, said in the statement. “Because of their size and overall complexity, many of these properties may not qualify under the typical eligibility guidelines established by other companies. We heard their concerns and responded enthusiastically to help fill a void in this market segment.”