NATIONWIDE IS ON YOUR SIDE? THAT JINGLE HITS A SOUR NOTE IN FLORIDA!
As Florida continues it's housing boom (which is actually pricing would-be lower and middle income buyers out of the market), yet another insurer has decided it's too risky for new business.
Nationwide Insurance has announced that it will follow Safeco and Allstate in not write new homeowner policies here. That is in addition to the 21 percent rate hike which was approved last month (25 percent for mobile homes). The company informed it's agents and said would make decisions on existing policyholders in the next few months.
State Farm will continue to offer homeowners policies (but not in Hillsborough, Pinellas, Dade, Broward or Palm Beach counties), as will GEICO.
"The losses that began mounting with Hurricane Charley, and now also include almost $1 billion in insured losses from Hurricane Dennis this past July, have insurers re-examining their rate structures and their exposure," said Sam Miller, executive vice president of the Florida Insurance Council. "In addition, a second legislative commission is reviewing the insurance system to see if changes are needed, as advocated by some companies.