“What They’re Doing Is Just Rotten”—The Current Florida Insurance Market

A news story caught my attention because I keep reading quotes by politicians that the Florida insurance market has turned around. Maybe Florida’s politicians are afraid of what may happen in the November elections. The story by Jeff Deal of Action 9 News, ‘What They’re Doing is Just Rotten’: Homeowners Claim Surprise Insurance Cost Them Thousands, stated in part:

Ewing’s insurance company, Farmers Insurance even pulled out of Florida and another insurance company called Slide took over 86,000 Farmers policies and tens of thousands more policies from other companies.

Ewing said, ‘The rate that they wanted was astronomical.’

Slide sent him a notice letting him know his renewal would be around $3400 which is nearly four times the amount of his old Farmers policy. Mike Ewing declined the offer and in July even received a notice of cancellation from Slide. But a month after cancelling, his records show Slide Insurance still went to his mortgage company with a new policy and requested the money from his escrow account and his mortgage company sent it.

‘Everybody in Florida, I think at this point, is struggling with insurance and for a company to swoop in like this and do what they’re doing is just rotten,’ said Ewing.

What do our elected representatives and insurance regulators think of that?

Thought For The Day

You don’t need a weatherman to know which way the wind blows.
—Bob Dylan