Insurance

R

Ron

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76
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I just received a notice from my insurance agent at Boater's Insurance Agency stating that when my policy expires in May, it will not be renewed because the company, The Northern Assurance Co. of America, is no longer writing policies in Florida. Has anyone else received such a notice?

I was kinda halfway expecting a cancellation notice because of my lightening damage claim, but I would have thought that, typical of insurance companies, no reason would be given.
 
I would guess it's the hurricane risk. After Andrew hit in 1992, a lot of P & C companies pulled coverage in FLA.
 
Katrina put the lock on the box Andrew made... insurance of any type will be difficult to find for a while.
 
Ron, I have heard of it happening all over down there. A former neighbor and good friend of mine wokrs for one of the larger dealers and they are hearing it from a lot of customers. I guess Frances, Jeanne, Katrina, and Wilma have taken a toll on more than just howeowners insurance.

Good luck!
 
You can place the blame on all the hurricanes that hit the US this past season - the companies really took a bath!!
 
Yeah, it's the same with homeowners and other forms of storm-risk insurance here, but just thought it was quite coincidental and was looking for validation from anyone else receiving a non-renewal notice.

Too bad because it was a good "yacht policy" that covered me with no riders for the entire Atlantic and Gulf coasts and the Bahamas and was considerably lower cost than my previous policy. I hate the thought of having to find coverage again. I may just try to find liability only.

And as far as the insurance companies taking a bath...after they doubled and tripled rates here after the 2004-05 season and had no storms in 2006, they made record profits...no they made obscene profits. Now the Fla legislature is in special session to deal with the rate crisis.
 
Ron, I don't know if ACE writes policies in FL, but I have them and they are a great company.
 
Thanks, Mike. I'll put them on my short list. I have until May to find another insurer. In December 2005 I contacted Progressive to insure my son's Whaler. Did it on line and the rate was very good. I got the renewal notice from them last month, so apparently they are still in the game here.
 
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