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:
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: email@example.com
I also invite you to visit my website: www.jelwell.century21bnr.com
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida