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Florida Insurance Crisis in the News
The Florida Homeowners Insurance Crisis Is Alive and Well.
State Farm Florida Insurance Company is planning on staying in the state but is still moving ahead with 125,000 policy cancellations.
Nationwide Insurance Company of Florida is moving ahead with dropping an additional 60,000 Florida home insurance policies.
Even regional and Florida based home insurance companies that we thought were our future are selectively cancelling policies in higher risk zip codes.
Two Years of Florida Emergency Insurance Legislation has not solved the problem:
- The number of our subscribers who report that their Florida home insurance is too expensive is growing daily as the finanical crisis continues into the Obama Administration.
- Newly formed Florida home insurance companies in the past three years are not capable at this time of absorbing the thousands of policies being cancelled by State Farm Florida.
- Many new companies start out as Florida Takeout Companies - removing policies from Citizens Insurance Florida. That's good public policy but many of these companies take years to start writing new business.
- It is now harder than ever for Florida homeowners to find private insurance coverage. Consumer choice continues to decline.
- Both Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund have voiced concerns about having the cash that would be needed to pay for a major Florida hurricane - cash that would have to be borrowed in a very hostile bond market.
- The My Safe Florida Home program produced more inspecting than home hardening - 63% of new subscribers to The Home Insurance Buyers Guide report not having hurricane shutters on their home.
Florida homeowners insurance is still out of control. As a taxpayer and voter you can make a difference by staying involved and informed. Keep the pressure on your Florida legislative representative to make something meaningful happen to bring more companies into the market and to keep Florida homeowner insurance rates!
Please take the time to stay informed and let your legislators know how you feel.
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