12 May Is Your Insurance Company Packing Up and Heading Out of Town?
When it comes to auto insurance, Florida policies are similar to those you would find in any other state. You have options in terms of how much of a deductible you want on your policy and how much coverage you want for things like bodily injury, personal injury, uninsured motorist and collision.
But, when it comes to homeowner’s insurance, Florida is in a league of its own.
Where you live will make a difference in terms of what you will pay for insurance, whether we are talking about auto insurance or homeowner’s insurance. For example, car insurance in Boynton Beach might cost more than car insurance in Lake Worth, Florida. It depends on a variety of factors.
When it comes to homeowner’s insurance, however, where you live in Florida is an even bigger factor. Especially now!
As the South Florida Sun Sentinel reported, three insurers are cancelling thousands of Florida customers. The move will affect more than 50,000 homeowners.
Who Is Being Impacted?
There is nothing official yet, but if what has happened in the past is anything to go by, the policies being cancelled, or at least a good proportion of them, will probably be right here in South Florida.
As Ron Hurtibise writes in the Sentinel, “The consent orders by the state Office of Insurance Regulation authorizing the early cancellations did not specify locations of affected policyholders, and officials of the companies did not respond to requests for information. But if recent history is any guide, affected consumers are likely disproportionately located in Broward, Miami-Dade and Palm Beach counties, as well as in the Orlando metro area.”
All three of the insurance companies are based in Florida. They are:
- Gulfstream Property & Casualty
- Southern Fidelity.
- Universal Insurance of North America
“Homeowners who get a notice of cancellation or nonrenewal should move quickly to secure coverage with another company, the Office of Insurance Regulation says on its website,” the Sentinel reports. “Terms of the consent orders require the companies to work with affected customers and their insurance agents to help them find new carriers.”
If you are among those whose policies are being cancelled, you will receive written notification in the mail. If you need help navigating the transition to a new carrier, please feel free to contact us here at B & B Home and Auto Insurance in Lantana.