As tens of thousands of homeowners began getting house insurance cancellation notifications, Florida became home to a new kind of cancel culture.
United Property and Casualty is the eighth insurance business to declare bankruptcy in the last three years, as the company begins alerting 140,000 customers, the most of whom live in Lee County, that they must find another insurance provider.
Sara Warnecke of Cape Coral was notified that as of March 29, she will no longer have a house insurance coverage.
She noticed a 50% premium increase before Ivan struck Southwest Florida in September and declared her policy unaffordable.
Slide is the firm that is purchasing the UPC canceled policies. This enables the corporation to charge significantly more for writing a new policy.
“Should we just not have homeowners insurance? I don’t have a mortgage, so I’m not forced to. How often would I make a claim? Should I save that money,” Warneke asked.
The cancellation notices don’t discriminate, as even State Representative Spencer Roach got canceled.
“They’re canceling my policy altogether, and of course, I filed a claim with them in the aftermath of the hurricane,” Roach explained.
His home received substantial damage after the hurricane.
Florida Chief Financial Officer Jimmy Patronis said the state will oversee Ian’s claims going forward.
“Basically, the state will set up an insurance company to manage those claims and policies,” Patronis said.
Gregg Martin with Eagle Roofing and Restoration stressed that those in the middle of repairs should not panic.
His roofing company is overseeing home repairs on many of the canceled policies.
“Slide has done a very good job of picking up the ball and picking up the pieces,” Martin stated.
Many homeowners, however, are anxiously looking for less expensive options, and Reed McDaniel of McDaniel Insurance Solutions said his agency is receiving several inquiries from clients who received cancellation notifications and are facing significant rate increases.
“A majority of people affected are Lee County residents,” McDaniel said.
He said the best advice if you received one of these cancellation notices is to shop around for quotes.