June 14, 2021

George Cafe Journal

The Power of Success

Owners insurance policies corporations dropping insurance policies in Volusia, Florida

This month 3 carriers of homeowners’ insurance informed state regulators they will be dropping extra than 53,000 procedures just as hurricane time is arriving.

Some Volusia County insurance policy agents say they have been busy — not contrary to accountants through tax season — doing the job with prospects to obtain new insurers eager to have them, whilst other property proprietors are viewing sizeable level boosts.

And it can be very likely to get worse afterwards in 2021.

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The corporations that have filed mass non-renewal notices with the Florida Office environment of Insurance policies Regulation are: 

  • Gulfstream Property & Casualty Insurance policies Co., which is dropping 20,311 of its 56,000 Florida prospects. The filing mentioned the organization experienced a $20 million surplus as of Dec. 31, which was down $5.2 million from the previous yr. “With no motion” the Gulfstream submitting states, “the company’s monetary condition will deteriorate to an unsustainable level by mid-2021.”
  • Southern Fidelity Insurance coverage Co., which is non-renewing 19,600 policies above the upcoming 14 months, citing “numerous elements … creating significant losses.”
  • Common Coverage Co. of North The united states, which is shedding 13,294 of its 56,000 Florida insurance policies just after losing $26.6 million in 2019 and 2020, and looking at its surplus drop by $9 million previous year.