Even after the Florida legislature’s special session and a couple of regulatory moratoriums to keep the market stabilized ahead of hurricane season, there Florida homeowners insurance market seems to continue constricting.
As reported by the Charlotte (FL) Sun:
The most drastic plan came from The Hartford Financial Services Group Inc., which declared that it would phase out about 38,000 homeowners policies starting in June.
However, rather than canceling policies outright, The Hartford will be offering customers a final renewal for one year, explained Bob Lotane, spokesman for the Florida Office of Insurance Regulation.
This keeps The Hartford from running afoul of an executive order signed by Gov. Charlie Crist last week that put a 90-day ban on any property insurance rate hikes or cancellations.[...]
Slightly less drastic was a decision by the Gainesville-based Tower Hill Insurance Group Inc. to cease writing any new homeowners policies in 16 coastal counties, including Charlotte, Sarasota, Lee and Collier. Lotane said Tower Hill evidently intends to continue servicing its existing business in these localities.
Finally, American Strategic Insurance Inc., of St. Petersburg, stated it would stop writing new policies for any houses built before 1995.