Another Insurance Company Reduces Policies
Nationwide Florida has become the seventh insurance company to cease writing new homeowner policies within the state of Florida despite winning approval to increase rates by an average of 21% statewide.
Nationwide is the fourth largest insurer in Florida with 300,000 policy holders, 24,000 of which are located in South Florida. Over the last few months since the end of the legislative session, insurance companies have been filing for increased rates and received approval for increases ranging from 16% - State Farm Florida, to 23.2% - Citizens Property Corp. Cincinnati Financial Corp with 5,900 policies in Sarasota and Manateee counties had an application for an increase of 36.7% refused. Allstate Floridian, Safeco Insurance and Clarendon Select Insurance Co have announced plans to cease writing new policies, Clarendon intends on withdrawing altogether from the state.
Posted on 16 August 2005
