May 24, 2022

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Insurance companies drop 50,000 customers just before hurricane season

Hurricane season in Florida will officially begin in a week but tens of thousands of homeowners learned their insurance company is canceling their policies.

It’s leaving many scrambling to pick up a new home insurance policy but for many, there aren’t many options. Thousands of Florida homeowners have seen their home insurance rates double this year.

Three big insurance companies operating in the state said 50,000 policies will drop.

Gulfstream Property and Casualty, Universal Insurance Company of North America, and Southern Fidelity Insurance combined have permission from the state to drop 50,000 policies.

“We’ve got two areas of interest already before the start of the season,” said NBC2’s Chief Meteorologist Allyson Rae. “Hopefully, that’s not a sign of things to come.”

Serena Warf of Cape Coral recently received a notice that her policy won’t be renewed this year. She had to find a new insurer after eight years with the same company.

“This is very discouraging,” Warf said. “We’ve never filed a claim on our house.”

Residents with dropped policies should start shopping for rates, experts say. Stay up-to-date on the 2021 Hurricane Season with NBC2 Meteorologists on TV and online.