Why are homeowners insurance being Cancelled in Florida?
Why are homeowners insurance being Cancelled in Florida?
The reason? “To reduce our overall exposure level related to catastrophic loss.” Tens of thousands of Florida homeowners have been left scrambling after their insurance companies dropped their coverage — and it’s all taking place during hurricane season. Jul 20, 2021
Is it hard to get homeowners insurance after being dropped?
Chances are your search could be difficult because of the same reasons you were dropped. However, going without coverage is inadvisable for many reasons, not least that gaps in your coverage will negatively affect your rates or ability to find affordable coverage. 3 days ago
Why is it hard to get home insurance in Florida?
Why Florida Homeowners Insurance Costs So Much Because Florida sits between the Atlantic Ocean and the Gulf of Mexico, it has catastrophe exposure on both its east and west coasts (most states don’t even have both an east and west coast!), from two different water bodies that have different weather patterns. Mar 16, 2020
Why are insurance companies leaving Florida?
Homeowner’s insurance companies are raising rates, dropping clients, or moving out of Florida. Now, lawmakers are considering a plan to get the rates under control. Fraud and frivolous lawsuits are forcing insurance companies from servicing Florida homeowners, and that is according to the insurance companies. Feb 17, 2022
Why did State Farm leave Florida?
The company cited its “substantially weakened financial position,” which it tied to its inability to obtain regulatory approval of property insurance rate increases. Jan 27, 2009
