3 insurance companies stop or limit writing new business in Florida

TAMPA, Fla. (WFLA) — Hurricane season is on the way in which and proper now, some Tampa Bay space owners are about to seek out out their property insurance coverage is about to be canceled.

There are indicators that Florida’s new property insurance coverage legal guidelines haven’t calmed the troubled market.

New legal guidelines have been handed in a particular legislative session in Tallahassee, known as particularly to cope with this disaster.

Now, three insurance coverage corporations are suspending or limiting new enterprise within the state.  What’s worse: one can also be suspending renewals, placing policyholders in a troublesome spot.

On the particular session in Tallahassee final week, lawmakers informed 8 On Your Facet that whereas property insurance coverage reforms on the desk have been a step in the suitable course, they don’t go far sufficient.

“Do you anticipate we might be again right here quickly?” requested 8OYS investigator Mahsa Saeidi.

“I do,” mentioned State Sen. Jeff Brandes, a Republican from St. Petersburg.

“We didn’t do sufficient to handle this disaster, ” mentioned State Rep. Andrew Realized, a Democrat representing Hillsborough County.

“In a few weeks extra insurance coverage corporations are going to fail when the reinsurance charges kick in as a result of this invoice didn’t do sufficient to get to the foundation of the issue.”

On Thursday, Governor Ron DeSantis signed the reforms into legislation.

That very day, Southern Constancy Insurance coverage Firm notified brokers that they have been “suspending new enterprise and renewals”…till they will “guarantee full reinsurance protection.”

Beginning tomorrow, ASI/Progressive is suspending new enterprise in six central and south Florida counties.

Folks’s Belief Insurance coverage Firm is suspending new enterprise throughout the state, in response to a submitting with the Florida Workplace of Insurance coverage Regulation.

Insurance coverage dealer Ronald Assise, a accomplice at The Horton Group, is carefully monitoring the market.

“The query is what number of extra carriers are going to comply with swimsuit,” mentioned Assise. “The restrictions we’re seeing now with carriers that simply began opening for enterprise, closing in a matter of weeks, via the reinsurance points, I might say is pretty unprecedented.”

“How troublesome is it going to be for households to get insurance coverage in the midst of hurricane season?” requested 8OYS investigator Mahsa Saeidi.

“The excellent news is we’ve Residents,” mentioned Assise. “Although it’s the provider of final resort, they’ve capability.”

Residents is the state-backed insurer of final resort. The corporate has been rising at a quick tempo. If a serious hurricane hits the state, business analysts say we might all be on the hook.

Within the meantime, there are instant optimistic modifications for owners on account of the brand new legal guidelines.

For instance, insurance coverage corporations can’t mechanically deny protection to owners with older roofs.

In case you are impacted by this disaster and want to share your story, electronic mail Investigator Mahsa Saeidi at MSaeidi@WFLA.com