Demotech’s capabilities reduce efforts to promote Florida insurance

Florida insurance regulators are taking “unprecedented” and “extraordinary” action to try and prevent thousands of homeowners from being forced to look for a new insurance policy like a rating agency. Demotech follows plans to cut back on many Florida carriers.

The Florida Office of Insurance Regulation announced a plan Wednesday to provide downed companies with additional insurance coverage through the state’s Citizens Property Insurance program.

The decision to hold financial responsibility for a group of struggling insurers highlights the challenges facing Florida as a large portion of the homeowner’s insurance market is on the brink of collapse.

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