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Florida Homeowner’s Insurance Update
By Alison Markham, Broker-Associate, GRI, Realtor® | March 21, 2008
In another major setback for Florida’s troubled property insurance market, State Farm Florida announced it would stop writing new policies effective March 1. State Farm is the largest private property insurer in Florida, covering more than a million properties. The move impacts residential, rental and commercial policies. The announcement follows a decision last summer not to renew some 50,000 policies for coastal properties in order to minimize the company’s hurricane risk.
Meanwhile, there are some new insurers on the scene. They’re smaller than State Farm but they’re writing new policies, lowering rates and giving homeowners an alternative to the state-run Citizens Property Insurance Corp. Among the newcomers:
- American Integrity Insurance (1-888-359-5515) has absorbed thousands of Citizens policies. The company says it will start selling coverage in the “traditional voluntary market†in April.
- Edison Insurance Group (1-800-657-6618) hopes to add 8,000 policies on all home types within 1,500 feet of tidal water in 2008.
- Privilege Underwriters Reciprocal Exchange (PURE) (1-888-813-7873) specializes in insuring large homes worth at least $1 million that meet current building codes.Â
More resources on the Web:
- Compare rates for a typical Florida home in all 67 counties http://www.shopandcomparerates.com, http://www.floir.com/CompanySearch/index.asp
- Companies/entities writing policies in Florida
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