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Major Home Insurance Companies Not Renewing Policies

Avatar — Thu, 10 Dec 2009 00:13:56 +0000

Alarming news from the Home Insurance sector is news that in areas such as Florida, insurance companies will not be renewing policies once they expire this year. The state of Florida has suffered a lot of damage from hurricanes in the past years and insurance firms are saying that the costs they paid out during the last season was too much for them to handle. The sad story of a couple who filed for a claim to repair their house was saddened when they received a letter from the insurance company saying that the firm was not going to renew their policy when it expires this year. The couple have been loyal to the firm and through their 24 year history, they have only filed once for the damages their home got in the 2004 hurricane season. The company simply said that the area has become too risky and costly for them and that they are saddened by the matter and that they are not the only ones not being renewed. No exact figures as to the total numbers of clients insurance firms in Florida are leaving behind to cut losses from the high-risk area.

More Insurance Firms Leaving High Risk Areas (Part 2)

Avatar — Tue, 10 Nov 2009 00:18:17 +0000

State Farm, is dropping almost 50,000 clients in Florida and has indeed stopped renewing and issuing new home insurance policies for the state. Clients cry foul for most of them have been clients for decades some even without filing a single claim. And others are turning to the courts for resolution. These types of actions by insurance firms may lighten the load so to speak by lessening the risks they are taking, but are they really willing to risk the loss of these homeowners (most of whom have more than one type of insurance with the same firms that say they are being dropped), well I guess they know what they are doing. These are still after effects of the sub-prime lending problems that sent ripples around the globe in money markets and economies with no end in sight.

More Insurance Firms Leaving High Risk Areas (Part 1)

Avatar — Sat, 10 Oct 2009 00:16:07 +0000

Insurance policy holders in areas that are deemed to risky by insurance companies be prepared, to receive notice that your insurance firm is dropping you from their client list and that they are not going to renew your Home’s insurance policy once it expires this year. Metlife has sent mailers informing customers that they are in the process of not renewing contracts in Florida, one of the most costly states in terms of insurance payoffs. StateFarm, another big insurance provider for home sin Florida is reportedly leaving the area and has stopped writing home insurance policies to current clients waiting for most of them to expire before taking their business elsewhere.