Florida Homeowners Insurance Crisis Is Alive and Well
State Farm Florida Insurance Company has announced that it is exiting the homeowners insurance market in Florida for good.
Florida's private insurance market will have to absorb over 700,000 Florida home insurance policy cancellations by State Farm Florida.
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.
Recent News
Read About Us in the News
5/27/09 - Miami Herald - On the Way: Higher Florida Insurance Bills
5/15/09 - Miami Herald - Florida Insurance Market Faces Upheavals
2/21/09 - Polk County Ledger - Local Residents Irked About State Farm's Pullout From Florida
2/07/09 - Gainesville Sun - State Farm Homeowners Facing a Brave New World
1/29/09 - Tampa Tribune - State Farm's Exit Likely to Benefit Smaller Insurers
1/29/09 - Miami Herald - Florida homeowners hunt for insurance after State Farm bombshell
1/29/09 - Palm Beach Post - State Farm Customers Scramble for New Insurers
1/29/09 - 1/29/09 - St. Petersburg Times - Can other carries cover the loss of State Farm?
6/20/08 - Sun Sentinel - Are you still struggling to pay for insurance?
3/31/08 - St. Petersburg Times - Florida House bill would use Citizens' fund for insurer loans
12/6/07 - Florida Today - Website Tackles Home Insurance