John's Florida Real Estate Blog

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Nationwide Insurance Plans to Dump Thousands of Policy Holders in Florida

Yesterday Nationwide Insurance announced that to limit their exposure to risk in Florida they were going to begin cancelling the policies of 39,000 homeowners and 1,600 commercial policy holders. They said they were forced to do this to "ensure long-term stability for Nationwide's customers, agents and associates."

Their plans will unfold in the following manner:

  • Nationwide will not renew approximately 39,000 homeowner policies and 1,600 commercial policies.
  • Policies affected by this decision will begin non-renewing in January 2008.
  • Nationwide will begin notifying policy holders in September 2007.
  • Nationwide will continue to provide coverage for more than 176,000 personal lines property policies after implementing the announced reductions.
  • The company says that most of the affected homeowners will be offered coverage with Security First Insurance.

    So what happened to insurance reform?? My bill is just as high as ever. Since the start of the year the State Farm and Allstate Floridian have been non-renewing large numbers of policies. And many of those that submitted mandated reductions are now asking that those reductions be lessened. Boo, hoo. The companies that are now able to buy cheaper reinsurance from the state were supposed to pass those savings on to the consumers, but few if any of us have seen these savings.

    And we have to wonder if property tax reform will turn out any better????

    For more information or questions about this topic please call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com

    I also invite you to visit my website: www.jelwell.century21bnr.com

    John Elwell - REALTOR

    CENTURY 21

    Bill Nye Realty, Inc.

    813-783-4444

    Licensed in Florida

     

    Comment balloon 1 commentJohn Elwell • August 29 2007 06:40PM
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