The Florida homeowners insurance market is in turmoil, and Florida homeowners are paying the price—literally. Premiums are rising fast, and just recently two more homeowners companies received permission from the Florida Office of Insurance Regulation (OIR) to cancel more than 33,000 Florida homeowners insurance policies. A third company plans to non-renew an additional 19,000+ policies over the next 14 months. As hurricane season looms, more than 50,000 Florida policyholders will need a new homeowners insurance policy.
Are you one of them?
If you’re one of the Florida homeowners who will be affected by this situation, please give Lakewood Financial a call. We represent multiple financially sound homeowners insurance companies—those that are nationally known but also solid, lesser-known companies. Our agents will carefully compare our markets to find the best deal for you, one that combines the policy features you need, at the best price available. (Call us at 941-747-4600, or click here for a homeowners insurance quote.)
Why is this happening?
Even though in 2020 Florida saw no direct hits from hurricanes, Florida insurers reported combined losses of nearly $1.6 billion. In fact, this is the fifth year in a row Florida insurers have suffered losses. The reasons? According to industry experts, these losses are due to excessive lawsuits, dishonest contracting schemes, catastrophes, and the high cost of reinsurance.
Lawmakers are attempting to pass legislation to ease the situation, but that won’t take effect immediately. Insurance companies are writing fewer policies in areas that have high litigation rates and reinsurance costs, they’re tightening underwriting requirements, and they’re raising premiums. All this means that homeowners insurance is harder to get and more expensive.
How Lakewood Financial can help
As a local, independent agency, we do our best to work only with financially sound insurance companies. We live and work where you do, and we’re personally familiar with markets in Sarasota, Bradenton, Lakewood Ranch and surrounding communities. Please give us a chance to serve you by calling us at 941-747-4600, or by clicking here for a homeowners insurance quote.