What insurance companies are Cancelling in Florida?

Asked by: Graham Koss DVM  |  Last update: January 26, 2023
Score: 4.5/5 (31 votes)

Since 2017, WESH 2 Investigates found out that the following nine insurance companies were forced into liquidation or receivership in Florida:
  • Global Liberty Insurance Company of NY.
  • Western General Insurance Company.
  • Gulfstream Property and Casualty Insurance.
  • American Capital Assurance Corporation.

Which insurance companies are pulling out of Florida?

Southern Fidelity is just one of several property insurance companies ending business in Florida in the last six months. Avatar, St. Johns, and Lighthouse are all in liquidation. FedNat dropped 68,000 policies, nearly half their customers, and Lexington Insurance pulled out of the state.

What insurance companies are Cancelling policies in Florida?

Three Florida property insurers — Lighthouse Property Insurance Corp., Avatar Property & Casualty Insurance Co. and St. Johns Insurance Co. — have been declared insolvent and gone into receivership since February.

Is FedNat pulling out of Florida?

Once the 83,000 policies have been transferred, all FNIC's remaining Florida policies will be cancelled effective June 29th, 2022, with all unearned premiums to be remitted to policyholders. The company assured that FNIC currently has adequate assets on hand to refund all required unearned premiums.

Is universal insurance leaving Florida?

Universal Insurance Co.

UICNA's cancellation of 13,294 of its 57,000 Florida policies will occur as part of a financial restructuring plan that includes a merger with and into Universal North America Insurance Co., a Texas domestic company.

Florida insurers drop thousands of homeowner's policies

43 related questions found

Is State Farm pulling out of Florida?

State Farm Abandons Florida's Homeowners Market State Farm has notified officials in Florida that it plans to stop selling property insurance there. The move may leave 1.2 million State Farm customers in the hurricane-prone state looking for an insurance company.

Can an insurance company drop you Florida?

The short and simple answer to this question is 'no'. The state of Florida has strict rules that insurers must follow before they can cancel your coverage. A company may not cancel your policy simply because you filed a property damage claim.

Why are insurance companies Cancelling policies?

Why Do Companies Cancel Policies? In general, insurance companies can cancel your policy for any reason during the first 60 days the policy is active. However, they don't typically cancel policies for no reason. It's usually because the risk you present to the insurer has changed since you applied.

Why is Florida homeowners insurance going up?

Florida homeowners insurers are significantly raising their prices and denying renewal of policies. Causes of the rate hike include weather-related risk and increased claim frequency in the region. Saving opportunities, like wind mitigation discounts, can lower your home insurance costs.

Is Tower Hill insurance pulling out of Florida?

Personal lines insurance, such as homeowners insurance, were previously written under Tower Hill Prime, but it was recently announced that 50% of these policies will be non-renewed by 2022 as Tower Hill Prime prepares to leave the Florida market in 2023.

Is Gulf Stream insurance going out of business?

On July 28, 2021, Gulfstream Property and Casualty Insurance Company was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of Gulfstream.

Is Southern Fidelity going out of business?

Two weeks after it lost its financial stability rating, Southern Fidelity Insurance Co. has been ordered into receivership and is being liquidated, making it the fourth Florida property insurer this year to bite the dust.

Is Progressive Insurance pulling out of Florida?

Progressive Insurance has announced that it is dropping some 56,000 homeowners' insurance policies in Florida, in response to the surge in litigated claims and costs in the state. Specifically, the insurer is not renewing coverage for homes with roofs older than 15 years.

Did Allstate pull out Florida?

SAN FRANCISCO (MarketWatch) -- Allstate Corp., the largest property casualty insurer in Florida, announced a series of steps late Wednesday that will help the company pull back from the state's insurance market after an unprecedented hurricane season last year cost it more than $1 billion.

How can I lower my homeowners insurance in Florida?

12 Ways To Lower Your Home Insurance Premiums (in Florida)
  1. Know Your Property's Value.
  2. Reinforce Your Home.
  3. Get a Wind Mitigation Inspection.
  4. Ask for Available Discounts.
  5. Use Private Insurance.
  6. Maintain a Good Credit Score.
  7. Go Slow on the Small Claims.
  8. Increase Your Deductibles.

Is Gulfstream insurance leaving Florida?

On July 28, 2021, Gulfstream Property and Casualty Insurance Company (“Gulfstream”) was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of Gulfstream.

Who still insures homes in Florida?

7 Best Homeowners Insurance Providers in Florida
  • Allstate: Our Pick for Extended Coverage.
  • American Family: Our Pick for Helpful Online Resources.
  • Progressive: Our Pick for Bundling.
  • AAA: Our Pick for Club Members.
  • Chubb: Our Pick for High-Value Homes.
  • Security First.
  • Lighthouse Property Insurance.

Can a insurance company drop you?

Can car insurance companies drop you? Car insurance companies can cancel, or “drop” your coverage, although you will typically be given enough notice to obtain a new policy. Your car insurance company will likely send you a letter explaining why your coverage has been dropped.

Why has Florida car insurance gone up?

Auto insurance rates in Florida saw a 25% increase from 2015 to 2021. Several factors contribute to why car insurance in Florida is so expensive, including busy roadways, additional insurance requirements, high healthcare costs, rates of uninsured drivers and risk of severe weather.