February 4, 2023

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Two Property Insurers Halt New Policies in Fla.

As St. Johns Insurance policy and Lighthouse Residence Insurance Corp. announce the selections, condition lawmakers contemplate proposals to address the troubled marketplace.

TALLAHASSEE, Fla. – As a different sign of challenges in Florida’s residence-insurance plan marketplace, two insurers reported Tuesday they are halting creating new business enterprise in the point out.

St. Johns Insurance policy and Lighthouse Property Insurance plan Corp. notified brokers of the choices, according to copies of the notices. St. Johns claimed in its detect that it has employed “many approaches to control our threats,” these kinds of as not renewing guidelines, employing new procedures for eligibility for business enterprise and making amount adjustments.

But it mentioned, “At this time, St. Johns Insurance coverage has built the complicated choice to suspend all new business enterprise crafting statewide as of February 15, 2022 … This closure applies to all traces of organization.”

The bulletins came as condition lawmakers take into account proposals to handle the troubled sector, which has drop procedures and sought hefty rate increases to try out to decrease money threats.

The troubles have led to a substantial inflow of shoppers at the state-backed Citizens Residence Insurance policy Corp., which has been introducing hundreds of guidelines a week. As of Jan. 31, Citizens had 776,790 insurance policies, about a 75% improve more than the past two several years.

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