Insurance company

Home insurance company announces plans to leave Florida

United Property & Casualty Insurance Company has filed plans to withdraw from Florida and two other states.

The decision will force customers to find new coverage as their policies are renewed.

Regulatory approval has been received in Louisiana but is still pending in Florida and Texas, the company said in a press release.

“Due to significant uncertainty about the future availability of reinsurance for our personal lines business, I believe it is prudent and necessary to place United P&C into an orderly liquidation to protect the company and its policyholders.” , said Dan Peed, President and CEO.

A run-off means that policies will be phased out as they are renewed.

Florida’s home insurance industry is in an undeniable crisis, with the government-run “insurer of last resort” taking on record numbers of policies as private companies flee the state.

As a result, policy cancellation letters have piled up and homeowners lucky enough to stay covered face seemingly endless rate increases.

And, of course, many cash-strapped tenants found themselves paying those bills.

State lawmakers met in May for a special session and passed two laws, but critics argued the legislation didn’t do enough to address the pressing issue.