Yet Another Blow for Property Owners in the Sunshine State
Insurers are unapologetically letting go of policyholders in Florida, especially those with older roofs or property. Unfortunately, the Sunshine State saw a fifth insurer go out of business, affecting over 22,000 consumers.
Weston Property and Casualty Insurance is the name.
You know it’s pure trouble when you see old-standing insurers close down business or let go of customers who’ve shopped with them for over 15 years.
The complete list of Floridian property carriers that have filed for insolvency is;
Weston Property & Casualty
Southern Fidelity
Lighthouse Property Insurance Corporation
Avatar Property and Casualty
St. Johns Insurance Company
Some who are yet to file for insolvency have been downgraded (four so far) by rating agencies since they lack the financials to support their existing customers. Those that don’t have private insurance end up in Citizens Corp. – the insurer of last resort.
But this is going to grossly affect the taxation of consumers statewide.
Aside from costing taxpayers more, Florida is quickly becoming an unattractive location to reside. We are already witnessing many property owners selling their property and relocating.
Lawmakers need to do something, and they need to do it first. The last session summoned by Governor DeSantis did little to make amends in the Sunshine State. There is a dire need for meaningful policies, or the property market in Florida will descend into abysmal chaos.
Florida is rapidly becoming a State where it’s prosperity is creating a scenario where the cost of living makes it less desirable as a magnet for growth.
