Florida Homeowner Insurance Companies Continue to Leave the State
Since the 2007 Legislation, the Number of Florida Home Insurance
Companies Writing New Business Has Declined from 42 to 36
Florida Homeowners Have Fewer Choices as New Companies Are Slow to
Enter the Market
38% of New Subscribers to the Buyers Guide Report Having Their
Insurance Cancelled
LAKE WORTH, Fla. (Business Wire EON/PRWEB ) January 16, 2008 --
Home Insurance Buyers Guide, LLC today released an update on the
availability of homeowners insurance in Florida. The company offers a
searchable database at www.homeinsurancebuyers.org
where homeowners can find
private insurance companies still writing new Florida homeowners
insurance.
The company has been tracking the number of Florida homeowner insurance
companies writing new business by county. To be counted as “writing
new business” a company must be writing new
homeowner policies - not simply renewing existing policies.
Fewer Choices for Florida Homeowner Insurance Consumers
“Our data shows that the number of Florida
home insurance companies writing new business declined from 42 to 36
companies statewide, since the 2007 Legislation,”
said company
President Michael Letcher. “Coastal
counties lost the largest number of companies led by Broward County.
Hillsborough/Pinellas Counties are the toughest coastal areas to find
coverage with only 19 companies writing new business.
“Only two of nine companies approved during
2007 are writing new voluntary homeowners insurance business in Florida
with limited capacity.”
Homeowner Insurance Cancellations Continue
The company also released today the average profile of a subscriber to The
Home Insurance Buyers Guide - an inside look at homeowner data
rarely available to the public:
-
38% reported being non-renewed/cancelled by their insurance company.
-
Assigned an average overall satisfaction rating to their Florida
homeowner insurance company of “6.7”
on a scale of “1-10”
(Where “1” is
dissatisfied and “10”
is delighted.)
-
63% reported not having hurricane shutters - suggesting that homes
need more hardening measures.
-
Named Citizens Property Insurance Corporation most often as their
current insurance company to be replaced - reflecting concern about
Citizens $700 million in downgraded investments at the State Board of
Administration.
Visit Florida
Homeowner Insurance Alert to learn more about availability of
homeowners insurance in Florida.
About Home Insurance Buyers Guide, LLC
Home Insurance
Buyers Guide, LLC is an independent, unbiased organization helping
homeowners locate
affordable, private insurance in Florida. For more information
visit: www.homeinsurancebuyers.org.
See the original story at: http://eon.businesswire.com/releases/insurance/florida/prweb631221.htm
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