Only two of nine companies approved during 2007 are writing new voluntary homeowners insurance business in Florida with limited capacity.
LAKE WORTH, Fla. (PRWEB) January 16, 2008
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: http://www.homeinsurancebuyers.org.