May 14, 2021
Florida’s insurance market is officially in crisis. The insurance market is in what is known as a hard market right now, which is affecting Homeowners insurance rates throughout the country.
As the market hardens, some of insurance companies we partner with have made the decision to cancel some policies in the Sunshine State.
Below is a list of insurance companies that have informed us they will be cancelling policies in Florida.
Gulfstream Property & Casualty Insurance Gulfstream Property & Casualty will cancel more than 20,000 residential policies effective June 28, 2021.
*UPDATE – AUG. 5, 2021*
Gulfstream Property & Casualty has gone into receivership, meaning that they are going out of business and all Gulfstream Homeowners policies will cancel Aug. 27, 2021, at 12:01 a.m. If you have a Homeowners policy written with Gulfstream, please follow the steps outlined in the communication you receive from Brightway or contact your Agent immediately so that he or she can find alternate coverage for you.
Please note that the Florida Insurance Guaranty Association (FIGA) has taken over claims for Gulfstream. If you would like to follow up on an existing claim or file a new claim for your Gulfstream policy, please contact FIGA at 800-988-1450.
Southern Fidelity Insurance Company Southern Fidelity will be non-renewing more than 19,000 policies. Of those, 2,300 policies will non-renew prior to the regulated 120-day notice. The remaining policies will receive the regulated 120-day notice over the next 14 months.
Universal Insurance Company of North America Universal Insurance Company of North America is cancelling more than 13,000 residential policies effective June 29, 2021.
We will communicate with Brightway customers affected by cancellations to let you know what is happening and any action you need to take to ensure you maintain coverage. Please be sure to follow the instructions provided in the email or letter you receive from us and submit the requested information as soon as possible so that we can find you coverage with another insurance company prior to cancellation.
As the market hardens, we expect other insurance companies may cancel policies, so we will update this article in real-time as we receive updates from carriers to ensure you have the most current information available.
In Florida, the rapid increase in litigation cases against insurance companies and Assignment of Benefits repair scams are also driving higher premiums and negatively affecting the availability of certain coverages in the insurance market.
Brightway offers more choice in insurance brands, so the good news is that we can shop your policy for you (that’s why you’re smart for having chosen us as your agency).
Our goal is to ensure that you, your family and your valuables are properly covered and that this process is as smooth as possible for you. If you have questions about your policy, please contact our Customer Service Center via this online form.
To sign up to receive text alerts regarding important updates about your policy, complete this online form to authorize Brightway to contact you via text about your policy.
If you are not a Brightway customer and need coverage for your home, vehicle or other assets, click here to find an agent near you.
Related article: 3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat, Insurance Journal