| Just when you thought you were safe from | | | | Florida can give you some options, odds are that |
| Florida home insurance cancellations, new threats | | | | you won't be given access to all the companies |
| to your Florida home insurance coverage are | | | | capable of covering your home. |
| appearing on the horizon. And these cancellations | | | | Search for homeowners insurance companies that |
| are happening when Florida home insurance rates | | | | have been willing to cover older homes in Florida. |
| are preparing to rise even as we continue to | | | | Some companies will not deny your home |
| experience a recession. | | | | coverage due to its age if the major systems in |
| To begin with, the largest private homeowners | | | | your home have been updated. |
| insurance company in Florida is still moving | | | | Ask each Florida home insurance agent for |
| forward with its planned exit from the state. If | | | | companies that are willing to cover homes in |
| that company leaves as planned, over 700,000 | | | | coastal counties and those located near the coast. |
| Florida home insurance policies will be cancelled. | | | | Again some companies will cover your home near |
| Newer Florida start-up insurance companies are | | | | the coast if it satisfies their tidal water setback |
| doing selective policy cancellations in certain zip | | | | requirements and it has hurricane shutters. |
| codes when they need to balance their exposure | | | | Get a quote from as many companies that are |
| or to comply with the terms of their reinsurance | | | | interested in covering your home and make sure |
| coverage. | | | | each quotes has identical coverage. |
| Many Florida home insurance companies are | | | | Find out how long each company has been selling |
| embarking on ambitious home inspection plans. If | | | | Florida home insurance. |
| those inspections discover risks the companies | | | | Research each company's records for customer |
| were not aware of, your Florida home insurance | | | | service and complaints. |
| policy could be cancelled. That could include | | | | Ask your agent about the company's risk |
| anything from a home in poor condition to one | | | | diversification across Florida and in other states as |
| that is missing hurricane shutters. | | | | well. What you are looking for are companies that |
| Finally, Florida home insurance rates are starting to | | | | have spread their risk across a significant number |
| increase again - for most those increases will be in | | | | of Florida counties and into other states. |
| the double digit range. | | | | Investigate the financial ratings of each company |
| If your Florida home insurance policy is cancelled | | | | and determine the amount of surplus the |
| here is what you can do to find new coverage. | | | | company has accumulated to pay claims. If you |
| For starters, don't panic. Florida law requires | | | | are considering two different companies that |
| insurance companies to give you proper notice | | | | have the same financial rating, select the |
| before cancelling your policy. That will give you | | | | company that has a larger surplus and more risk |
| adequate time to find new coverage before the | | | | diversification. |
| 2010 Florida hurricane season. | | | | While it is not good news to lose your Florida |
| Talk to at least five different independent Florida | | | | homeowners insurance coverage, stay calm. |
| homeowners insurance agents about your | | | | Contact several Florida independent insurance |
| situation. That will give you the best chance of | | | | agents and obtain all of the information described |
| reaching most of the homeowners insurance | | | | above. This will give you the best chance of |
| companies in Florida still taking on new business. | | | | finding a new Florida home insurance company if |
| While your present home insurance agent in | | | | your policy is cancelled. |