With hurricane season pressing down on Florida, yet more state residents are suddenly finding themselves without home insurance.
One of Florida’s largest home insurers is exiting the market, leaving thousands of homeowners scrambling to find new coverage as options continue to dwindle in the Sunshine State.
United Property & Casualty Insurance Company, based in St. Petersburg, announced Thursday that it filed a plan of withdrawal in Florida and also plans to exit three other states.
It comes right in the middle of hurricane season and amid an exodus of companies from the market.
Dr. Allen Lavina and his wife purchased a home in Sunrise back in 2019. The first-time homeowners were able to secure insurance and made their mortgage payments on time. But, recently, the couple was given a notice from their insurance company: “we’re reducing exposure in the area.”\
Homeowners said the state needs to do more.
“If they try to put some patches or Band-Aids on it, we still have an existential dilemma,” Quinones said. “Like, how are we going to live in Florida?”
Homeowner Neal Bloom also expressed disappointment in the government’s response.
“I’m very disappointed the Florida government refuses to acknowledge or do anything for relief,” Bloom said. “I’ve sent emails to my congressman but none of their replies was what I wanted to hear. We have a small mortgage on our home, very high credit scores, pay our bills on time. So I think it’s unfair that people in our situation are penalized because others decided to file fraudulent claims for new roofs from prior hurricanes, which was the excuse I’m getting as to why we were dropped just like that.”
These people might consider that hurricanes are the primary causative factor in the insurance dilemma, and not the roof repairs done after the hurricanes.
I know about 8 families personally who’ve moved to Florida in the last few years.
I get it. Sunshine and warmth in the winter.
But state and local governments seem unable or unwilling to stop rampant construction in large swaths of the state that should be development-free zones.
Guess the insurance companies are going to make those decisions for them.