A Chat with Mr. Insurance

Grant Blackwell Gives Us the Scoop

Photography courtesy of Coastal Insurance

Grant Blackwell was a commercial insurance agent in Jackson, Mississippi, specializing in high-risk commercial property insurance such as rural manufacturing plants and lumber mills, when he visited friends on the Northwest Florida Gulf Coast in 1999 and, like many, basically never left. “We went home after a wonderful weekend, and on Monday, I asked my wife to do the laundry and ‘get packed’ while I went to work because ‘We are moving to Destin,’ I said,” he laughs. “It took a couple of months, but in November 1999, we rented a winter condo at Pelican Beach Resort, and I set out to start an insurance agency in Destin. In November 2000, I opened the doors to Coastal Insurance with no employees, only a folding table in a little office suite in Crystal Beach.”

Fast-forward to today, Coastal Insurance has just moved into its fantastic new headquarters in Grand Boulevard Town Center in Miramar Beach. “We have been very fortunate,” says Blackwell, who is still the company’s president. “We have about twenty talented insurance professionals working for us. We started out specializing in providing insurance for coastal homes and condos and continue that commitment today. We are an independent insurance agency representing dozens of insurance companies and proudly insure close to ten thousand properties along the Emerald Coast and other areas like Naples, Miami, and the Florida Keys. We are in the top five homeowner’s insurance agencies in Florida and likely number one in providing new homeowner policies for million-dollar-plus homes. I am very proud of my team.”

As major shifts are causing unrest among homeowners and the real estate community, VIE sat down with Blackwell, dubbed “Mr. Insurance,” to discuss the current Florida insurance crisis.

VIE: What exactly is the Florida property insurance crisis?

GB: I hate all the COVID-era terms, such as social distancing, mask up, isolate, and, perhaps most of all, supply chain. However, we have a significant insurance supply shortage in Florida, unrelated to the pandemic. Florida had ten million homes and gained another 1.6 million in 2021. Since 2018, a perfect financial storm has formed that has broken the Florida insurance supply, causing skyrocketing premiums and policy cancellations.

VIE: Does the current Florida insurance crisis threaten our beach-centric, luxury lifestyle along Scenic Highway 30-A and the surrounding communities?

Grant Blackwell: We are “30-A Strong.” There is nothing that is going to destroy our 30-A lifestyle. We will continue to take on all opponents, go toe to toe, and watch them retreat in defeat. We might lose a battle here and there, but we will never lose the war. Scenic 30-A and the Emerald Coast are special; we will not be defeated.

VIE: There haven’t been any hurricanes in a while—what is the problem?

GB: About forty or so Florida-based, relatively small insurance companies have controlled some 75 percent of the homeowner’s insurance market and probably 90 percent of all new homes built in the past five years. From 2007 to 2017, these companies earned hundreds of millions of dollars in hurricane-free earnings. However, in 2017 and again in 2018, major hurricanes hit Florida, resulting in over $100 billion in damages. Most Florida domiciled companies are small by industry standards and have not recovered from the storms. Making things worse, these companies have continued to lose billions more due to a perfect financial storm of legislative failures and judicial decisions, making profitability nearly impossible.

VIE: So, why exactly are premiums skyrocketing and people having their insurance canceled?

GB: These small Florida insurance companies are struggling to remain solvent. Just this past year or two, about a dozen of these Florida domiciled insurance companies have gone under, and more are to come. These insurance companies are reducing their exposures and increasing premiums. They are raising rates from an average of well over 50 percent to an insane level of over 400 percent. They are canceling homes that they deem to be at higher-than-average risk. Several hundred thousand homes have been canceled this year.

VIE: We hear you are doing some special things to help area realtors, buyers, and homeowners. Can you tell us about that?

GB: We are trying hard! I have been in the insurance business for over thirty years and have a degree with majors in real estate and insurance, so I have learned a few things over the years. Coastal Insurance saw this mess coming two years ago. Over 90 percent of Florida insurance companies are not writing new business and are canceling thousands of policies. The only real solution is to secure more insurance companies and bring them to Florida. Last September, I partnered with Acentria and Foundation Risk Partners; together, we are now in the top twenty agencies in America.

We have successfully brought several new insurance companies and brokerages to Florida to help our clients and our real estate market. Today, Coastal Insurance has more options and the best premiums on the Emerald Coast. We can also insure older and higher-risk homes that are targets of insurance company cancellations.

We are the number one high-value agency in Florida for a reason—our commitment to excellence every day.

Building new insurance sources is essential, and we also work on that daily.

VIE: It sounds like you work all the time—what do you do to enjoy the 30-A lifestyle you’re keen to protect?

GB: I love everything about this place. I still get butterflies knowing that I live here. I collect a few old cars and love cruising “the A” early on weekend mornings. We lived in Grayton Beach for eighteen years but recently moved to the bay, where I have a boat in my backyard. It’s a gorgeous boat—I have never been on it, but it is awesome. As soon as I fix this crazy insurance market, I will use that darn boat! I love golf and am trying to play more. I am also crazy about architecture and design and have some ventures in the works to exercise those passions.

VIE: Any closing thoughts or other information you’d like to share with our readers?

GB: Yes, we sell insurance—but at this point in my career, I recognize that helping people get what they want and need is the secret to success. We really can make a difference, and I invite realtors and the public to let us help them. Jessica Millsaps is my sales manager and can be reached daily at (850) 231-0042. I am also doing a few realtor education seminars and community town hall meetings, and Jessica is happy to arrange those for folks as well. She can also be reached by email at jmillsaps@coastalcoverage.com.

Thanks for having me!

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Agent Grant Blackwell and his team can help local realtors learn more about how these changes will affect closings along the Emerald Coast and how they can stay ahead of the curve and keep their clients informed to ensure smooth transactions. Visit CoastalCoverage.com to learn more or request a quote.