Escambia, Santa Rosa, Okaloosa and Walton counties among the more than 50,000 Florida residents losing property insurance coverage as hurricane season approaches.
This summer more than 50,000 Florida residents are receiving the bad news that they are being dropped by their property insurance company. And with hurricane season starting on June 1, this is leaving many to scramble to avoid any gaps in coverage.
Policyholders with Gulfstream Property and Casualty Insurance Company, Universal Insurance Company of North America, and Southern Fidelity Insurance Company have started receiving notices that their coverage will soon be terminated. If you haven’t yet received a letter and you’re insured by any of these insurance companies, we strongly recommend giving your insurance carrier a call directly— not all policyholders are affected, but many customers with older homes have been dropped.
Gulfstream, the company dropping the largest number of customers, says “significantly increased reinsurance costs” are a major contributing factor in the decision to the drop many policyholders.
- Gulfstream Property and Casualty Insurance: cancelling over 20,000 residential policies, effective June 28
- Southern Fidelity Insurance Company: cancelling over 19,600 policies over the next 13 months
- Universal Insurance Company of North America: cancelling over 13,000 residential policies, effective June 2
It is especially important that you quickly secure a new policy if you are still making mortgage payments on your home to avoid a force-placed insurance situation. Forced-placed insurance is an insurance policy placed by a lender, bank or loan servicer on a home when the property owners’ own insurance is cancelled, has lapsed or is deemed insufficient and the borrower does not secure a replacement policy. And with inflated premiums, the cost of force-placed insurance is often two to 10 times more expensive than a regular property insurance policy. It’s worth mentioning that Florida leads the nation with the most force-placed insurance spending. Don’t let this happen to you.
If you are among the Florida residents soon losing your property insurance coverage, Classic Insurance is here to help you out of this crisis. We will ensure you do not have a gap in coverage and avoid costly lender-placed insurance.
Give us a call at 850-332-5717 and our friendly team will quickly get you the coverage you need and at a great price. You can also visit us online at www.classicinsgroup.com to request a quote.