Safeco To Stop Writing Florida Homeowner Policies - TwoWheelForum: Motorcycle and Sportbike forums
 
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post #1 of 9 (permalink) Old 08-01-2005, 12:23 PM Thread Starter
 
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Safeco To Stop Writing Florida Homeowner Policies

MANATEE, Fla. -- Safeco Insurance said it will stop writing homeowners policies in Florida, the sixth insurance company to announce its departure from the market since last year's rough hurricane season.

Seattle-based Safeco notified the state Office of Insurance Regulation that it won't write new policies and starting in 2006 won't renew existing ones. It stopped writing new homeowner policies this week.

Safeco has 30,000 personal property customers in Florida, with the most -- more than 2,600 -- in Hillsborough County. Duval County is its second biggest homeowner policy market.

"After months of careful consideration, we came to the decision that we cannot effectively compete in Florida's personal property market," said company spokesman Eric Trott.

The decision applies to homeowners, dwelling fire, renters and condominium insurance. The company will continue to sell commercial and auto policies in Florida.

The decision follows similar announcements by other insurers, including Allstate, the state's third-largest insurer, which told the state in May that it will drop about 16,000 commercial policies and not renew about 95,000 Florida homeowner policies. More than 20 other companies have sought rate increases.
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post #2 of 9 (permalink) Old 08-01-2005, 12:37 PM
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Can they do this? What about those people that have insurance with them... what happens to them.




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post #3 of 9 (permalink) Old 08-01-2005, 12:40 PM
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Their contracts are only good through the term. After that, they have as much right to say where they will do business as much as you have a right to which convince store you shop.

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post #4 of 9 (permalink) Old 08-01-2005, 12:44 PM
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WOW that sucks... I guess I'll keep the snow..it doesn't raise my insurance rates or get the policy canceled!




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post #5 of 9 (permalink) Old 08-01-2005, 12:44 PM Thread Starter
 
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They stop renewing policies as they expire and won't take on new customers...The last time this started up, then Governor Chiles signed an executive order stating that any company pulling out could not write any policies for 5 years...That means companies like All State also lose Auto and Life policies...we'll see what happens...
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post #6 of 9 (permalink) Old 08-01-2005, 12:45 PM
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That's a smart move by the governor...




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post #7 of 9 (permalink) Old 08-01-2005, 12:59 PM
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Quote:
Originally Posted by Gas Man
That's a smart move by the governor...
WTF The government helping out the little guy. Whats this world coming to?

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post #8 of 9 (permalink) Old 08-01-2005, 01:32 PM Thread Starter
 
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WTF The government helping out the little guy. Whats this world coming to?
Last time this all broke out, the State formed The Joint Underwriting Authority and wrote policies for people affected...Surprisingly enough, because it did not have to impress Wall Street, the JUA made money and soon the insurance companies were whining they couldn't compete with the state so the legislature dissolved it...now here we are again...
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post #9 of 9 (permalink) Old 08-01-2005, 01:36 PM
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with that! I hope your rates dot get out of hand.

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