{"id":53478,"date":"2022-06-01T13:42:16","date_gmt":"2022-06-01T17:42:16","guid":{"rendered":"https:\/\/thelehighacresgazette.com\/news\/?p=53478"},"modified":"2022-06-01T13:42:19","modified_gmt":"2022-06-01T17:42:19","slug":"3-more-insurance-companies-have-stopped-or-will-limit-writing-new-business-in-florida","status":"publish","type":"post","link":"https:\/\/thelehighacresgazette.com\/news\/2022\/06\/3-more-insurance-companies-have-stopped-or-will-limit-writing-new-business-in-florida\/","title":{"rendered":"3 more insurance companies have stopped or will limit writing new business in Florida"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"850\" height=\"560\" src=\"https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2022\/06\/street-850x560-1.jpg\" alt=\"\" class=\"wp-image-53479\" srcset=\"https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2022\/06\/street-850x560-1.jpg 850w, https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2022\/06\/street-850x560-1-300x198.jpg 300w, https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2022\/06\/street-850x560-1-768x506.jpg 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><\/figure>\n\n\n\n<p>There are signs that Florida\u2019s new property insurance laws have not calmed the troubled market.<\/p>\n\n\n\n<p>New laws were passed in a special legislative session in Tallahassee, called specifically to deal with this crisis.<\/p>\n\n\n\n<p>Now, three insurance companies are suspending or limiting new business in the state.&nbsp; What\u2019s worse: one is also suspending renewals, putting policyholders in a tough spot.<\/p>\n\n\n\n<p>At the special session in Tallahassee last week, lawmakers told us that it will take 18 to 24 months to see any impact.<\/p>\n\n\n\n<p>On Thursday, Governor Ron DeSantis signed the reforms into law.<\/p>\n\n\n\n<p>That very day, Southern Fidelity Insurance Company notified agents that they were \u201csuspending new business and renewals\u201d\u2026until they can \u201cassure complete reinsurance coverage.\u201d<\/p>\n\n\n\n<p>Starting tomorrow, ASI\/Progressive is suspending new business in six central and south Florida counties.<\/p>\n\n\n\n<p>People\u2019s Trust Insurance Company is suspending new business across the state, according to a filing with the Florida Office of Insurance Regulation.<\/p>\n\n\n\n<p>Citizens is the state-backed insurer of last resort.&nbsp;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.<\/p>\n\n\n\n<p>In the meantime, there are immediate positive changes for homeowners as a result of the new laws.<\/p>\n\n\n\n<p>For example, insurance companies can\u2019t automatically deny coverage to homeowners with older roofs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s&hellip; <\/p>\n","protected":false},"author":8,"featured_media":53479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,32],"tags":[1327],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/53478"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=53478"}],"version-history":[{"count":1,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/53478\/revisions"}],"predecessor-version":[{"id":53480,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/53478\/revisions\/53480"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media\/53479"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=53478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=53478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=53478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}