Hurricane season is on the way and right now, some Florida homeowners are about to find out their property insurance is about to be canceled.
There are signs that Florida’s new property insurance laws have not calmed the troubled market.
New laws were passed in a special legislative session in Tallahassee, called specifically to deal with this crisis.
Now, three insurance companies are suspending or limiting new business in the state. What’s worse: one is also suspending renewals, putting policyholders in a tough spot.
At the special session in Tallahassee last week, lawmakers told us that it will take 18 to 24 months to see any impact.
On Thursday, Governor Ron DeSantis signed the reforms into law.
That very day, Southern Fidelity Insurance Company notified agents that they were “suspending new business and renewals”…until they can “assure complete reinsurance coverage.”
Starting tomorrow, ASI/Progressive is suspending new business in six central and south Florida counties.
People’s Trust Insurance Company is suspending new business across the state, according to a filing with the Florida Office of Insurance Regulation.
Citizens is the state-backed insurer of last resort. The company has been growing at a fast pace. If a major hurricane hits the state, industry analysts say we would all be on the hook.
In the meantime, there are immediate positive changes for homeowners as a result of the new laws.
For example, insurance companies can’t automatically deny coverage to homeowners with older roofs.
Thank you Gov Desantis
Universal is a bunch of lie’s going through renovation broken pipe flooded condo refuse to pay happened August 26 , 2021still not 1. Penny!!!!! Can’t live there they offer no alternatives an we are over insured paying since 2004 never had a claim!!! Very unhappy!