Over 50,000 Central Florida Homeowners Insurance Policies To Be Terminated By Insurance Carriers
Changes to property insurance in Florida are making this a stressful time for homeowners. Many Florida homeowners are losing coverage or being terminated by their current carrier as a result. Kirby Soar Insurance, your independent insurance office in Central Florida, explores these changes, and what they might mean for you. If needed, we can be of assistance in finding a new homeowner policy that fits your needs and budget.
Law SB 76 Alters Previous Property Insurance Regulations in Florida.
On June 11, Florida Governor Ron DeSantis signed SB 76 into law. This piece of legislation is meant to crack down on contractors who pressure homeowners to file insurance claims for unnecessary repairs. In turn, the costs are passed on to insurance carriers. Roof damage is the most common type of claim targeted by SB 76. The law places new caps on what insurers will pay on a roof damage claim. It also makes it tougher to take an insurance company to court over these matters.
What Does This Mean For Florida Homeowner Policyholders?
Patricia Born, an instructor at Florida State’s College of Business, told WUSF Radio, “What homeowners should see is potentially an increasing number of homeowners insurance companies in Florida or options for being able to shop around a little bit more for coverage.” However, in the wake of the new legislation, the number of insurers providing property coverage is going down—not up.
Thousands of Florida Homeowners Are Being Terminated By Their Property Insurance Carriers.
The Orlando Sentinel recently reported that 53,000 policyholders across the state were being dropped by their insurance providers. The newspaper said that, as of the date of this article, customers were already receiving written notices that terminate their policies. This means homeowners would need to find new insurance policies in as little as 45 days! The companies issuing these notices include:
- Customers of Universal Insurance Company of North America
- Southern Fidelity Insurance Company
- Gulfstream Property and Casualty Insurance Company
- and more are likely to follow
These companies cited increased litigation and reinsurance costs as the reason for dropping policies. If your Florida homeowners insurance or business insurance is through one of the above companies, your policy could be at risk to be terminated. Of course, all of this is happening right before the Atlantic hurricane season reaches its peak in Florida.
Finding The Right Policy For Your Home Or Business in Florida
Property insurance is a must in the state of Florida. You need to be protected during hurricane season and throughout the year. Let our dedicated agents at Kirby Soar Insurance help you find the coverage you need at a price you can afford. We are an independent company and are not beholden to any specific insurance providers. Our main priority is you, the customer. We work with a wide array of insurance companies, to find the best coverage for you at the lowest possible rates. We offer insurance policies for business owners, and homeowners, as well as mobile homes. Get the peace of mind you deserve, no matter what the future brings.
Contact us today to make an appointment or receive a quote online. You can also call us at (813) 752-1680 or visit our office during normal business hours at 809 South Evers Street in Plant City, Florida.
Kirby Soar Insurance is proud to serve customers in Polk and Hillsborough County including residents of Lakeland, Brandon, Plant City, Tampa, Mango, Valrico, Bloomingdale, Fishhawk and the surrounding areas.