Florida homeowners have suffered through quite a bit when it comes to homeowners insurance and recently Nationwide added another headache to the mix. Nationwide is notifying many policyholders that they will not be renewing their policy.

Nationwide was just the latest in a growing list of insurers leaving the state entirely or limiting where they will write policies.

“They’re just not making money in Florida. The weather losses, as well as the litigious environment in Florida, has made it very unprofitable for a lot of homeowner insurance carriers,” said Karyn Roeling, president/CEO of Seibert Insurance Agency in a recent ABC News article.

Insurance related lawsuits have been an issue in Florida for years. According to the Insurance Information Institute, the Sunshine State accounts for 79% of all insurance lawsuits filed.

Nationwide made this comment in the recent ABC News article:

“Nationwide is strong and stable and on path to long-term growth. Like everyone else in our industry, we are taking the necessary actions that ensure long-term viability and allow us to offer protection at a competitive price to customers across all our business lines who represent many types of needs.

Inflation and market disruptions impact insurance just like they do any other business. In many instances, this means we are updating our rates. It also means we are being more selective about where we write certain amounts of business and the amount of overall risk we are willing to write. These are tough decisions, but the right decisions that will enable us to be here long term for our customers.

We’ve been through economic cycles like this many times during the past 97 years. Our company is known for making well-informed decisions that allow us to be here long-term and position us to come out stronger.”

If you are a Nationwide policyholder who received a non-renewal notice you should start looking for coverage immediately. It may be difficult to find a new policy, and, in most cases, your premium will probably be headed up.

In the ABC New article, Roeling advises getting a 4-point inspection done on your home which may help you find a cheaper policy.

“That will tell you how old things are that the new insurance company really cares about, which is the roof, the HVAC system, the plumbing, and electrical,” Rowling said in the ABC News article.

Even though homeowner rates have been climbing for years and are still heading up, there is a bit of good news on the horizon.

“We are starting to see some light at the very end of a very long tunnel,” said Insurance Information Institute spokesperson Mark Friedlander in the ABC News article.

Recently, the Florida Insurance Regulator approved six new companies to begin writing property insurance policies in Florida starting in 2024. Those companies are:

  • Tailrow Insurance Company
  • Mainsail Insurance Company
  • Orion 180 Insurance Company
  • Orion 180 Select Insurance Company
  • Orange Insurance Exchange
  • Condo Owners Reciprocal Exchange

While Florida's insurer of last resort, Citizens Property is still the largest insurer in the state it is starting to transfer policies to private insurers.

“In the past, in most cases, if your company dropped your policy at the end of your term, you were handed to Citizens. You had no choice but to move to Citizens. Now, starting in the first quarter of 2024, you will have some options. So, it will be a brighter picture for many consumers,” said Friedlander in the ABC News article.