Local News

Dwindling Insurance Options For Florida Homeowners

Rich Jones, News Director

@ March 9, 2010 6:33 AM Permalink | Comments (2)

(AP) Several more small startup property insurers in Florida are headed for insolvency, leaving tens of thousands of homeowners looking for a new company as hurricane
season approaches June 1.

Florida regulators are working quickly to mesh the troubled insurers with larger companies to soften the impact on home and business owners.

The Office of Insurance Regulation has been running audits in recent weeks on smaller insurers to be certain they could play claims if policyholders were hit with a destructive hurricane this summer.

The department's solvency expert says the days are over when a company can get into the insurance business in Florida with just $5 million in capital.

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What others are saying

Who are these insurance companies?
It would help to know who these insurers are.
By Jay @ 03/09/10 12:54:09 PMreport abuse
Homeowners Insurance
So why does the state let the big company's drop us. I was with Allstate for years and then notified me that they were not insuring mobile homes any longer, (maybe two claims in 10 years, since then I have been unable to get homeowners insurance. What am I supposed to do? I stand to lose everything if/when a hurrican hits.
By Pamela @ 03/09/10 08:21:36 AMreport abuse