Home insurer stops insuring Florida homes amid market ‘crash’

Florida’s already crippled disability insurance market is starting up again. WESH 2 News has learned that another company, Bankers Insurance Group, is exiting the Florida insurance market. “Florida’s insurance market is collapsing,” said Mark Friedlander. Friedlander is a spokesperson for the Florida Insurance Information Institute. He said Bankers Insurance is now the 13th home insurance company in Florida to change this year. The agency’s list includes home insurers that have announced they will withdraw from the Florida market, stop writing new business or go bankrupt. Friedlander said Bankers’ departure leaves people with more than 50 other options in the state. “Right now it’s a very difficult market,” he said. In a statement, Bankers said: “This difficult decision was made to allow us to focus on our remaining lines and ensure that they remain competitive and profitable. As a carrier with AM Best, we remain financially stable.” of a special meeting for home insurance to combat fraud and lawsuits. Friedlander said there are about 25,000 people who would be affected by Bankers’ proposal. He said the company is expected to begin notifying policyholders in October as the Florida Office of Insurance Regulation must first approve it. Bankers’ exit plans. Under federal law, Friedlander said the announcement will give policyholders 120 days to change. “There are no policies involved in 2022,” he said. the first will see the results of their plans next year. But he adds that people should start preparing now. “Start talking to your insurance provider as soon as possible to sell your coverage and see what other options you have. There’s no need to wait until you get that information,” he said. WESH 2 News reached out to Bankers for customer information and is waiting to hear back. Bankers will continue to offer mortgage, flood and insurance. WESH 2 News also reached out to the Florida Office of Insurance Regulation to ask for a summary of the recent home insurance policies that have left the state of Florida, how many remain and how they were rated and are awaiting a response. More from Bankers Insurance Group: “As reported in in recent weeks, the unprecedented costs of the last few years are forcing many carriers, including Bankers, to choose the best ways to improve the integration of products in the crisis market. Recent legislation, unfortunately, has failed to address the immediate financial challenges facing property and casualty insurers, including dealing with fraud and lawsuits that outpace all other states. Therefore, we have made the difficult decision to notify the Office of Insurance Regulation that Banks are withdrawing their Homeowners (HO3) and Dwelling Fire (DP3) lines in Florida. Banks has been proud to serve these lines for many years and remains committed to its clients and policyholders. Banks remains financially sound and committed to Commercial, Builders Risk, HO4, and Flood lines in the state. We would like to remind you that we maintain a financial strength of at least B+ from AM Best, meeting the requirements of mortgage lenders Fannie Mae and Freddie Mac. We will send you updated information with a non-renewal schedule that follows the state’s 120-day requirement. Your banking loyalty over the last 46 years is very important to us and we felt compelled to speak to you directly. This decision was a difficult one, however, necessary to allow us to continue to grow and maintain our long-standing financial goals. ”Related: How Florida’s insurance companies are shrinking leaves consumers stranded. Insurance experts say fraudulent contractors are playing catch-up in Florida

Florida’s already crippled disability insurance market is starting up again.

WESH 2 News has learned that another company, Bankers Insurance Group, is exiting the Florida insurance market.

“Florida’s insurance market is collapsing,” said Mark Friedlander.

Friedlander is a spokesperson for the Florida Insurance Information Institute. He said Bankers Insurance is now 13Th home insurance in Florida to change this this year. The agency’s list includes home insurers that have announced they will withdraw from the Florida market, stop writing new business or go bankrupt. Friedlander said Bankers’ departure leaves people with more than 50 other options in the state.

“Right now it’s a very difficult market,” he said.

In a statement, Bankers said: “This critical decision is designed to allow us to focus on our remaining lines and ensure they remain competitive and profitable. As a popular AM carrier, we remain financially viable.”

The company went on to point out that state lawmakers did not do enough during the home insurance special session to combat fraud and lawsuits.

Friedlander said there are about 25,000 people who would be affected by Bankers’ proposal. He added that the company is expected to begin notifying policyholders in October as the Florida Office of Insurance Regulation must first approve Bankers’ exit plans. Under federal law, Friedlander said the notices will give policyholders 120 days to make changes.

“There are no policies involved in 2022,” he said. “They won’t stop any policy within the time frame, that’s not their plan.”

Friedlander said the first people will see the results of their plans next year. But he adds that people should start preparing now.

“Start talking to the insurance provider as soon as possible to sell your money and see what you can do. There is no need to wait until you receive the information,” he said.

WESH 2 News reached out to Bankers for customer information and is looking forward to hearing back. Banks will continue to offer mortgage insurance, flood insurance and commercial insurance.

WESH 2 News also reached out to the Florida Office of Insurance Regulation to ask for a summary of the recent home insurance policies that have left the state of Florida, how many remain and how they were rated and are awaiting a response.

More from Bankers Insurance Group:

“As we have explained in recent weeks, the unprecedented costs of the last few years are forcing many carriers, including Banks, to choose what they can to continue to integrate products in the crisis market. The recent regulations, unfortunately, failed to address the immediate financial problems that the insurers property and casualty issues, including dealing with fraud and lawsuits that exceed those of any other state. Therefore, we have made the difficult decision to notify the Office of Insurance Regulation that Banks is withdrawing Home Owners (HO3) and Dwelling Fire (DP3) lines in Florida. Banks have been is proud to serve these lines for many years and remains committed to its customers and policy holders.

Banks remain financially sound and committed to Commercial Lines, Builders Risk, HO4, and Flood in the state. We would like to remind you that we maintain a financial strength of at least B+ from AM Best, meeting the requirements of mortgage lenders Fannie Mae and Freddie Mac. We will send updated notices with an updated timeline for non-renewals that follow the state’s 120-day requirement.

Your banking loyalty over the last 46 years is very important to us and we felt compelled to speak to you directly. This decision was difficult, however, necessary to allow us to grow successfully and maintain our long-term financial goals. “

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