Economy

Florida homeowners hunt for insurance after State Farm bombshell

Some Florida residents aren't waiting for State Farm Florida Insurance to tell them their policies won't be renewed. They've started calling agents and insurers to check if other companies are willing to provide the coverage they're about to lose from State Farm.

The insurer Tuesday announced plans to discontinue writing property insurance in Florida in about two years. That's 1.2 million policies, including 933,000 that cover single-family homes, condo and rental units and mobile homes needing new insurers.

State officials say Florida's insurance market can absorb most, if not all, of the policies that State Farm will drop. But not all insurers will sell windstorm coverage in risky coastal areas or take on older homes that are now on State Farm's books.

That inevitably means the state-run insurer, Citizens Property Insurance, will get even larger. Citizens now has nearly 1.1 million policies, about half in South Florida.

Read the complete story at miamiherald.com

  Comments