{"id":58129,"date":"2023-06-15T13:58:11","date_gmt":"2023-06-15T17:58:11","guid":{"rendered":"https:\/\/thelehighacresgazette.com\/news\/?p=58129"},"modified":"2023-06-15T13:58:16","modified_gmt":"2023-06-15T17:58:16","slug":"two-more-property-insurance-companies-scaling-back-coverage-in-florida","status":"publish","type":"post","link":"https:\/\/thelehighacresgazette.com\/news\/2023\/06\/two-more-property-insurance-companies-scaling-back-coverage-in-florida\/","title":{"rendered":"Two more property insurance companies scaling back coverage in Florida"},"content":{"rendered":"\n<p>Florida homeowners have fewer options for property insurance. Just two weeks into hurricane season, The Farmers Group and AIG say they\u2019re scaling back policy coverage.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-1024x576.jpg\" alt=\"\" class=\"wp-image-58130\" srcset=\"https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-1024x576.jpg 1024w, https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-300x169.jpg 300w, https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-768x432.jpg 768w, https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-1536x864.jpg 1536w, https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Both companies point to their vulnerability to natural disasters like hurricanes and flood.<\/p>\n\n\n\n<p>Over the past 18 months in Florida, 16 property insurance companies have decided to stop writing new business to new homeowners in one form or the other.<\/p>\n\n\n\n<p>WOKV Consumer Warrior Clark Howard says insurers are pulling out of Florida and California because the risks have become incalculable.<\/p>\n\n\n\n<p>&nbsp;\u201cFlorida and California will need to offer state-backed reinsurance so that insurers can issue actuarially sound policies.\u201d, Clark said.<\/p>\n\n\n\n<p>Clark suggests shopping for insurance through an independent agent and then get quotes for a high deductible, the highest your mortgage company will allow you take.<\/p>\n\n\n\n<p>\u201cYou\u2019re eliminating for the insurer what they refer to as nuisance claims. So you become a less risky, less costly person for them to insure.\u201d, Clark said.<\/p>\n\n\n\n<p>Clark says the Florida Legislature is going to need to step in and address&nbsp;<a href=\"https:\/\/www.citizensfla.com\/financials\" target=\"_blank\" rel=\"noreferrer noopener\">Citizens Insurance, the insurer of last resort<\/a>. He says the state will have to take over the role of reinsurance, eliminate Citizens, which could allow regular insurers to come back.<\/p>\n\n\n\n<p>\u201cThat insurers would be liable for losses up to a ceiling, whatever that is. And then after that the Florida reinsurance would cover it.\u201d, said Clark.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida homeowners have fewer options for property insurance. Just two weeks into hurricane season, The Farmers Group and AIG say they\u2019re scaling back policy coverage. Both companies point to their&hellip; <\/p>\n","protected":false},"author":8,"featured_media":58130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128],"tags":[2381],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/58129"}],"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=58129"}],"version-history":[{"count":1,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/58129\/revisions"}],"predecessor-version":[{"id":58131,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/58129\/revisions\/58131"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media\/58130"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=58129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=58129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=58129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}