Two Property Insurers Halt New Policies in Fla.

As St. Johns Coverage and Lighthouse House Insurance Corp. announce the decisions, condition lawmakers take into account proposals to handle the troubled industry.

TALLAHASSEE, Fla. – As a different indication of complications in Florida’s assets-coverage marketplace, two insurers claimed Tuesday they are halting creating new company in the state.

St. Johns Insurance policy and Lighthouse Home Insurance Corp. notified brokers of the decisions, in accordance to copies of the notices. St. Johns explained in its observe that it has applied “many approaches to handle our pitfalls,” this sort of as not renewing policies, applying new regulations for eligibility for company and producing fee improvements.

But it reported, “At this time, St. Johns Insurance has produced the hard choice to suspend all new enterprise writing statewide as of February 15, 2022 … This closure applies to all lines of business.”

The bulletins came as point out lawmakers contemplate proposals to address the troubled business, which has lose procedures and sought hefty fee raises to consider to lessen economic risks.

The challenges have led to a huge inflow of buyers at the point out-backed Citizens House Coverage Corp., which has been adding thousands of procedures a 7 days. As of Jan. 31, Citizens experienced 776,790 insurance policies, about a 75% enhance more than the past two many years.

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