Another home insurance company leaving Florida

[Demovictory9]

https://news.google.com/articles/CAIiEKyVF6YopKyAOKiBY_7usaAqGAgEKg8IACoHCAowvKn6ATDm2hYw7MWYBg

ST. PETERSBURG, Fla. —
Nearly two months into hurricane season and homeowners across the state are bracing to find out when their insurance company will stop insuring their homes.

Bankers Insurance Group is based out of St. Petersburg.


The company is pulling out of Florida's home insurance market because they say state lawmakers didn't do enough during the home insurance special session to combat fraud and litigation.

Policyholders will be notified of the cancellation within the state's required 4-month window.

The company released a statement saying:

"This decision was difficult, however, necessary to allow us to grow responsibly and maintain our long-term financial objectives."

[J_William_Ryan]

1. "...state lawmakers didn't do enough during the home insurance special session to combat

fraud and litigation.”

Translation:

State lawmakers didn't do enough to make it easy to screw-over policy holders and deny claims.

[jimfields33]

2. Exactly!

I understand that there were some unscrupulous roofers in Orlando. But as you can see, the insurance companies have the largest building in most cities along with banks. If they were really hurting, they’d be selling their assets. Homeowners will find better insurance companies like farmers and others.

[soryang]

3. presented with this situation earlier

I searched the county official court records to vet the limited number of available insurers to replace the earlier one when that insurer left Florida. What I found was hundreds of recorded lawsuits by dissatisfied claimants against various home insurers in just one county. Good luck with the new insurer if you can find one. In addition, rates increased astronomically for what is bad service.

[Baggies]

4. Not unusual

A friend of mine was the Regional President of a large insurance company. They pulled out right after the one year when 4 hurricanes came through because of costs. In order to obtain $60 million in reinsurance, they had to pay $61 million. Not a tough choice if that’s what you’re facing.

[Demsrule86]

5. I live in Ohio and choose an Ohio only company Erie as it is way cheaper than those that

are national and has better coverage. I feel for the Florida folks but I don't have a beach house and can't afford to subsidize such houses.

[Initech]

6. Stop voting for idiots!

[alphafemale]

7. Can't say I blame them.

No one should be forced to incur that much of a risk.

And any government insurance programs in extreme high coastal zones should be for relocation only. Eventually there may be barrier zones again.