St. Petersburg-based homeowners insurance firm enters market

The Florida Office of Insurance Regulation has approved a new St. Petersburg based firm to enter the market. 

Patriot Select Property and Casualty Insurance will offer the standard homeowners insurance policy, which offers coverage for home and belongings, according to a statement. 

The establishment of the firm comes as the OIR is seeking to stabilize the insurance market, with the state-run Citizens Property Insurance Corp. becoming burdened with an excessive amount of policies, officials say.