05/15/2022
The Florida Homeowners Insurance Market is no longer crumbling — it has CRUMBLED!
This Morning Agents in Florida received news that FEDNAT INSURANCE is cancelling 56,000 policies across the State of Florida with ONLY 45 DAYS NOTICE to Homeowners in attempts to reorganize and rehabilitate. FedNat also owns MONARCH INSURANCE which is cancelling 8,000 policies with the same ONLY 45 DAYS NOTICE.
This is never a good sign, and while I hope the carrier can pull through, this is another indication of the deteriorating market environment we are all facing as Agents and Homeowners.
Regardless of where you stand on this subject, the bottom line is Florida homeowners insurance premiums are rising to record highs, carrier availability is shrinking, and homeowners are suffering.
This simply isn’t up for debate, it’s fact.
P.S. Hurricane Season starts in 18 Days.