April 07, 2006
Hurricane losses force insurers to drop Florida policies
You begin to wonder if it is your fault that a hurricane happens. I mean there you are with a proper homeowners insurance covering your home and everything in it. If you live in hurricane country, you are especially careful to ensure that your home is insured. Last year’s hurricanes Katrina and Wilma left nothing to imagination as to the destructive powers of hurricanes.
So, there you are, a diligent house owner who does not grudge his regular payments. And then, when your policy comes up for renewal, you realize that your policy has been dropped. You’re not alone in your predicament. Around 140,000 Floridians will soon be losing their homeowners insurance as one more insurer decides to drop Florida policies unable to bear hurricane losses. Atlantic Preferred Insurance, a subsidiary of Tampa-based Poe Financial Group, will begin dropping its policies July 13th as they come up for renewal. The company claims that it needed to lure investors to help cover a $2 billion hit from claims in the 2004 and 2005 hurricane seasons.
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