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Florida Homeowners May Soon Need a New Insurer

Do you have an insurance policy with Anchor Property and Casualty Insurance Co. or Homeowners Choice Property and Casualty Insurance Co.? If so, you may be among the thousands of homeowners forced to switch to a new insurer once the spring season arrives.

According to a CBS Miami article, Anchor’s financial stability rating was downgraded. This means that its policies may no be acceptable to mortgage companies, which require that homeowners maintain a policy deemed adequate as part of their loan.

The news arrives after several signs of property insurance industry issues as well as signs like alerts from a rating agency in December indicating downgrades for Florida insurers. Furthermore, at least three recent lawsuits were filed with the state requesting rate increases of over 20 percent for homeowners. Moreover, industry analysts continue to point to conflicts over insurance claims since October 2018, when Hurricane Michael ravaged parts of Northwest Florida.

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This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you. Para mas información sobre reclamo de seguro, por favor llamenos.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.