June 25, 2021

Soknacki2014

The Number One Source For Business

Homeowners insurance companies dropping policies in Volusia, Florida

5 min read

This month three carriers of homeowners’ insurance informed state regulators they will be dropping more than 53,000 policies just as hurricane season is arriving.

Some Volusia County insurance agents say they’ve been busy — not unlike accountants during tax season — working with customers to find new insurers willing to carry them, while other property owners are seeing significant rate increases.

And it’s likely to get worse later in 2021.

RISING RATES:Florida regulators scale back rate increases sought by Citizens insurance

THINKING OF BUYING?:Five myths about the home market that may change your mind about buying

The companies that have filed mass non-renewal notices with the Florida Office of Insurance Regulation are: 

  • Gulfstream Property & Casualty Insurance Co., which is dropping 20,311 of its 56,000 Florida customers. The filing stated the company had a $20 million surplus as of Dec. 31, which was down $5.2 million from the previous year. “Without action” the Gulfstream filing states, “the company’s financial condition will deteriorate to an unsustainable level by mid-2021.”
  • Southern Fidelity Insurance Co., which is non-renewing 19,600 policies over the next 14 months, citing “several factors … generating significant losses.”
  • Universal Insurance Co. of North America, which is shedding 13,294 of its 56,000 Florida policies after losing $26.6 million in 2019 and 2020, and seeing its surplus drop by $9 million last year.