{"id":32827,"date":"2023-06-15T13:56:02","date_gmt":"2023-06-15T17:56:02","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=32827"},"modified":"2023-06-15T13:56:32","modified_gmt":"2023-06-15T17:56:32","slug":"two-more-property-insurance-companies-scaling-back-coverage-in-florida","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2023\/06\/15\/two-more-property-insurance-companies-scaling-back-coverage-in-florida\/","title":{"rendered":"Two more property insurance companies scaling back coverage in Florida"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Florida homeowners have fewer options for property insurance. Just two weeks into hurricane season, The Farmers Group and AIG say they\u2019re scaling back policy coverage.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-1024x576.jpg\" alt=\"\" class=\"wp-image-32828\" srcset=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-1024x576.jpg 1024w, https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-300x169.jpg 300w, https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-768x432.jpg 768w, https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone-1536x864.jpg 1536w, https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2023\/06\/t_4473556a2b464bc79823f2b32ed3589a_name_drone.jpg 1920w\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Both companies point to their vulnerability to natural disasters like hurricanes and flood.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the past 18 months in Florida, 16 property insurance companies have decided to stop writing new business to new homeowners in one form or the other.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WOKV Consumer Warrior Clark Howard says insurers are pulling out of Florida and California because the risks have become incalculable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u201cFlorida and California will need to offer state-backed reinsurance so that insurers can issue actuarially sound policies.\u201d, Clark said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clark suggests shopping for insurance through an independent agent and then get quotes for a high deductible, the highest your mortgage company will allow you take.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cYou\u2019re eliminating for the insurer what they refer to as nuisance claims. So you become a less risky, less costly person for them to insure.\u201d, Clark said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clark says the Florida Legislature is going to need to step in and address&nbsp;<a href=\"https:\/\/www.citizensfla.com\/financials\" target=\"_blank\" rel=\"noreferrer noopener\">Citizens Insurance, the insurer of last resort<\/a>. He says the state will have to take over the role of reinsurance, eliminate Citizens, which could allow regular insurers to come back.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThat insurers would be liable for losses up to a ceiling, whatever that is. And then after that the Florida reinsurance would cover it.\u201d, said Clark.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Florida homeowners have fewer options for property insurance. Just two weeks into hurricane season, The Farmers Group and AIG say they\u2019re scaling back policy coverage. Both companies point to their&hellip; <\/p>\n","protected":false},"author":2,"featured_media":32828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[17],"tags":[5225],"class_list":["post-32827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-and-world-news","tag-two-more-property-insurance-companies-scaling-back-coverage-in-florida"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/32827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=32827"}],"version-history":[{"count":1,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/32827\/revisions"}],"predecessor-version":[{"id":32829,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/32827\/revisions\/32829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/32828"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=32827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=32827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=32827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}