Over 50 Thousand Pre-Hurricane Cancellations in Florida

As another hurricane season bears down on the state, more than 50,000 Florida home insurance customers will receive notices that their policies have been canceled or will not be renewed.

State insurance regulators recently authorized “extraordinary” terminations of thousands of policies of Florida-based insurers Universal Insurance of North America, Gulfstream Property & Casualty and Southern Fidelity. And more terminations are likely to continue in the coming months. The consent orders, signed by Florida Insurance Commissioner David Altmaier, said approval of the cancellations and non-renewals “is an extraordinary statutory remedy reserved to address insurers which [otherwise] are or may be in hazardous financial condition.”