Tampa, Fla. / Tampa property insurance law firm Corless Associates recommends that Nationwide policyholders who’ve been dropped, carefully and quickly switch insurance providers. Nationwide Insurance Co. of Fla. announced this week it would not renew some 10,000 Tampa Bay-area policies effective July 2010.
Who is the other big insurance company? We don't have that in Florida anymore, property insurance lawyer Judd Goodall of Corless Associates told Tampas ABC Action News Thursday. Thats a luxury that homeowners here just don't have.
That's why those facing non-renewal notices from Nationwide in January must take the time to research the stability of smaller Florida insurance companies, said Goodall, who noted 70 percent of the states newest insurers are losing money.
State Farm Florida announced earlier this year its plans to pull out of Florida. Hurricane damage claims have for years strained Florida’s property insurance industry.
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- Posted by Jennifer Marczak
