Skip to content
hollywoodstarshoney

hollywoodstarshoney

Long Life Business

Primary Menu
  • Business Management
  • Business Analysis
  • News Business
  • Investment
  • Insurance
  • Banking
  • About Us
    • Privacy Policy
    • Contact Us
    • Advertise Here
    • Sitemap
  • Home
  • Florida insurance companies leaving state, filing bankruptcy
  • Insurance

Florida insurance companies leaving state, filing bankruptcy

By Patricia A. Eldridge 1 year ago

When Mike McKee’s insurance company canceled his policy in 2021, he paid thousands of dollars to install a metal roof on his house near downtown.“One, it would last longer. Two, it’ll last longer. Three, it’ll last longer,” McKee said.However, he didn’t end up saving as much money as he first thought he would.“Insurance companies that I had were still going to charge three times as much as I had paid two years ago, so about $3,000 a month,” McKee said.He ended up securing coverage with Citizens, typically the last resort when homeowners can’t find insurance in the private marketplace.Not only are home insurance options limited or pricey because of fewer insurers are operating in Florida compared to even a few years ago — for a variety of reasons, like reinsurance or roof replacement costs — but all policyholders across the state are now bracing to pay more to cover insurers that were forced into liquidation.Related: Florida’s frustrating home insurance situation stands as barrier to buying for manyWESH 2 Investigates: Central Florida residents stunned by soaring home insurance premiumsThe Florida Insurance Guarantee Association is a nonprofit entity that handles payment for claims from liquidated or insolvent property insurance companies.The association has an assessment for other insurance companies operating in the state of Florida, which would then pass that cost on to their policyholders across the state.“Every single property owner in the state is going to pay for failed insurers with a special assessment that will be tacked on to their next home insurance renewal bill,” said Mark Friedlander a director with the Insurance Information Institute.State regulators just approved the most recent assessment in March.“I feel deeply for the people who lose the insurance, and I know there has to be a solution, but it seems like at every step, what’s happening is the individual homeowners are being punished for the ills of the insurance companies and lack of action from state legislature,” McKee said.Barry Grimm is a homeowner in Apopka who’s also frustrated about the added expense after going through previous premium rate hikes with his insurance company last year.”Of course, we don’t like to pay more money. I think it comes down to better management and control of the frivolous claims that are being made,” Grimm said.So far this year, Lighthouse Property Insurance Corporation, Avatar Property Insurance and St. John’s Insurance Company were ordered into liquidation, according to FIGA reports.The liquidation of these companies forced their policyholders to find new insurance coverage in Florida’s already complicated market.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 NYWestern General Insurance CompanyGulfstream Property and Casualty InsuranceAmerican Capital Assurance CorporationBedivere Insurance CompanyWindhaven National Insurance CompanyWindhaven Insurance CompanyFlorida Specialty Insurance CompanyCastle Point National Insurance CompanyOhio-based firm, Demotech, has been monitoring the financial health of insurance companies in Florida for decades. President Joe Petrelli told WESH 2 Investigates that it’s possible other companies could go into liquidation.“I think there is some concern if there’s not significant and meaningful legislative reform,” Petrelli said.State lawmakers will meet in Tallahassee on May 23 for a special session to tackle some of the issues plaguing Florida’s home insurance industry. Industry analysts had previously cited concerns like roof replacement schemes, attorney fees and reinsurance.Even when lawmakers work out a deal, industry analysts say it could be a while before Florida homeowners see relief.“It’s typically an 18 to 24-month cycle before we start to see significant impacts,” Friedlander said.Until then, you can check the financial stability of your insurance company by asking your agent, and also ask them to shop for the best coverage for your home.If you have a tip you’d like our investigative team to look into email [email protected]: Florida property insurance company goes under, leaving policy holders scramblingRelated: $600 million fund available to help Florida residents struggling to save their homes

ORLANDO, Fla. —

When Mike McKee’s insurance company canceled his policy in 2021, he paid thousands of dollars to install a metal roof on his house near downtown.

“One, it would last longer. Two, it’ll last longer. Three, it’ll last longer,” McKee said.

However, he didn’t end up saving as much money as he first thought he would.

“Insurance companies that I had were still going to charge three times as much as I had paid two years ago, so about $3,000 a month,” McKee said.

He ended up securing coverage with Citizens, typically the last resort when homeowners can’t find insurance in the private marketplace.

Not only are home insurance options limited or pricey because of fewer insurers are operating in Florida compared to even a few years ago — for a variety of reasons, like reinsurance or roof replacement costs — but all policyholders across the state are now bracing to pay more to cover insurers that were forced into liquidation.

Related: Florida’s frustrating home insurance situation stands as barrier to buying for many

WESH 2 Investigates: Central Florida residents stunned by soaring home insurance premiums

The Florida Insurance Guarantee Association is a nonprofit entity that handles payment for claims from liquidated or insolvent property insurance companies.

The association has an assessment for other insurance companies operating in the state of Florida, which would then pass that cost on to their policyholders across the state.

“Every single property owner in the state is going to pay for failed insurers with a special assessment that will be tacked on to their next home insurance renewal bill,” said Mark Friedlander a director with the Insurance Information Institute.

State regulators just approved the most recent assessment in March.

“I feel deeply for the people who lose the insurance, and I know there has to be a solution, but it seems like at every step, what’s happening is the individual homeowners are being punished for the ills of the insurance companies and lack of action from state legislature,” McKee said.

Barry Grimm is a homeowner in Apopka who’s also frustrated about the added expense after going through previous premium rate hikes with his insurance company last year.

“Of course, we don’t like to pay more money. I think it comes down to better management and control of the frivolous claims that are being made,” Grimm said.

So far this year, Lighthouse Property Insurance Corporation, Avatar Property Insurance and St. John’s Insurance Company were ordered into liquidation, according to FIGA reports.

The liquidation of these companies forced their policyholders to find new insurance coverage in Florida’s already complicated market.

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
  • Bedivere Insurance Company
  • Windhaven National Insurance Company
  • Windhaven Insurance Company
  • Florida Specialty Insurance Company
  • Castle Point National Insurance Company

Ohio-based firm, Demotech, has been monitoring the financial health of insurance companies in Florida for decades. President Joe Petrelli told WESH 2 Investigates that it’s possible other companies could go into liquidation.

“I think there is some concern if there’s not significant and meaningful legislative reform,” Petrelli said.

State lawmakers will meet in Tallahassee on May 23 for a special session to tackle some of the issues plaguing Florida’s home insurance industry. Industry analysts had previously cited concerns like roof replacement schemes, attorney fees and reinsurance.

Even when lawmakers work out a deal, industry analysts say it could be a while before Florida homeowners see relief.

“It’s typically an 18 to 24-month cycle before we start to see significant impacts,” Friedlander said.

Until then, you can check the financial stability of your insurance company by asking your agent, and also ask them to shop for the best coverage for your home.

If you have a tip you’d like our investigative team to look into email [email protected].

Related: Florida property insurance company goes under, leaving policy holders scrambling

Related: $600 million fund available to help Florida residents struggling to save their homes

Tags: American Express Business Cards, Att Business Customer Service, Att Business Internet, Att Business Login, Bad Business Codes, Bank Of America Small Business, Buffalo Business First, Business Administration Jobs, Business Administration Salary, Business Analyst Jobs, Business Card Dimensions, Business Casual Female, Business Casual For Women, Business Casual Women Outfits, Business Ideas 2021, Business Letter Example, Business License California, Business Name Search, Business Process Reengineering, Business Proposal Template, Buy A Business, Card For Business, Chase For Business, Chase Ink Business Card, Columbia Business School, Costco Business Center San Jose, Emirates Business Class, Facebook Business Account, Fictitious Business Name, Florida Business Entity Search, Ga Sos Business Search, Georgia Business Search, Google Business Email, Houston Business Journal, Illinois Business Search, Instagram Business Account, Is Lularoe Still In Business, London Business School, Master Of Business Administration, Men'S Business Casual, Pittsburgh Business Times, Qualified Business Income Deduction, Sacramento Business Journal, Secured Business Credit Card, Standard Business Card Size, T Mobile Business, Texas Business Search, Tië³´o The Business, Top Business Schools In Us, Types Of Business

Continue Reading

Previous You Can Get Travel Insurance Without Paying for It Out-Of-Pocket
Next Free Insurance Advertising Sites 2022 – Top 50 Insurance Advertisement Classifieds For Agents

Archives

  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • March 2020
  • November 2018
June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    

Recent Posts

  • Purchasing Investment Property – 10 Things to Consider Before Diving Into Real Estate Investment
  • How Can Trenchless Drilling Help You to Enhance Your Project Profitability?
  • Investment Casting Process Outlined
  • Five Rules on How to Write a Business Letter
  • Auto Insurance – Understanding the Different Types of Collision Insurance

BL

Tags

Amazon Business Credit Card American Airlines Business Class Att Business Login Austin Business Journal Best Bank For Small Business Best Business Bank Accounts Best Business Schools In Us Best Business To Start British Airways Business Class Business Business Attire Men Business Card Ideas Business Casual Shoes For Women Business Continuity Planning Business Entity Search Business Letter Template Business Management Degree Business Manager Facebook Business Plan Outline Business School Rankings Colorado Business Search Delaware Business Entity Search Drop Shipping Business Family Business Bet Fox Business Live Georgia Sos Business Search Google Business Account Harvest Small Business Finance How To Build Business Credit Is Saturday A Business Day Is Sears Still In Business Management Microsoft 365 Business My Business Google Name Generator Business None Of Your Business Ny Sos Business Search Open A Business Bank Account Pa Business Search Plus Size Business Casual Pnc Business Banking Sos Business Search Ca Sunbiz Business Search Taking Care Of Business The Business Of Being Born
hollywoodstarshoney.com | Magazine 7 by AF themes.

WhatsApp us