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The news keeps getting grimmer for Florida insurance customers: Displaced policyholders with open claims are having trouble getting new coverage; a financial stability ratings firm is asking for a special legislative session to tackle a looming funding crisis; and a leading insurer of homes worth $1 million or more is pulling out of the homeowner market, leaving wealthier homeowners with dwindling choices. ....
The news keeps getting grimmer for Florida insurance customers: Displaced policyholders with open claims are having trouble getting new coverage; a financial stability ratings firm is asking for a special legislative session to tackle a looming funding crisis; and a leading insurer of homes worth $1 million or more is pulling out of the homeowner market, leaving wealthier homeowners with dwindling choices. ....
Instead, he left the proposal up to leaders of the state Senate and House. So far, there’ s been no indication that Senate President Wilton Simpson and House Speaker Chris Sprowls plans to call a special session, said Sen. “The conditions of the property insurance marketplace in Florida are unsustainable,” the letter said,“ and without the necessary corrective action,. ....
Termination notices going out as hurricane season approaches State insurance regulators are allowing three companies to cancel or not renew thousands of policies, forcing those jilted customers to find new coverage weeks before hurricane season begins. SUN SENTINEL/TNS As another hurricane season bears down on the state, more than 50,000 Florida home insurance customers will soon receive notices that their policies have been canceled or wonât be renewed. State insurance regulators recently authorized âextraordinaryâ terminations of thousands of policies of Florida-based insurers Universal Insurance of North America, Gulfstream Property & Casualty, and Southern Fidelity. And the bloodletting will likely continue over the coming months with other insurers seeking to shed risky or unprofitable policies while refusing to insure older homes with roofs, electrical systems and plumbing that have not been upgraded ....