Aug 28, 2007 4:35 pm US/Eastern
Nationwide To Drop Another 39,000 Policies
Nationwide Is State's 5th Largest Insurer
Cancellation Notices Begin Going Out Next Month
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TALLAHASSEE (CBS4) ―
Another major insurance company is cutting its exposure in Florida by dropping 39,000 homeowners' policies, in order to focus on insuring cars instead.
Nationwide Insurance Co. of Florida has announced it will not renew 39,000 homeowner policies, starting in January.
The company, which is the state's fifth largest property insurer, said it plans to also cut 1,600 commercial property policies and plans to withdraw its dwelling fire policies.
The company, which stopped writing new policies in Florida several years ago, did not specify how many policies would be affected by county, therefore, it's unknown how many of the 39,000 homeowners' policies that won't be renewed are in South Florida.
The first cancellation notices will begin going out next month.
The change will not affect Nationwide policyholders in Florida during this hurricane season.
Most policyholders who get dropped will be offered alternative coverage from Security First Insurance, but homeowners are free to shop around for coverage from other insurers.
After this reduction, the company will continue to have more than 506,000 policies in Florida, including more than 176,000 personal, or residential, property policies.
(© MMVII, CBS Broadcasting Inc. All Rights Reserved.)
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