CWI Underwriters Blog
Have your Homeowners Insurance with Nationwide? Not for long
Nationwide Insurance Co. of Florida plans to reduce its personal lines property exposure in the state of Florida by non-renewing 60,000 homeowner’s policies across the state, including more than 10,000 in the Tampa Bay area. These non-renewals are set to start in July 2010. Nationwide arranged for a "soft landing" with Tower Hill. Tower Hill will assume the policies dropped by Nationwide although customers always have the option of seeking other insurers.
A.M. Best Co. recently downgraded the financial strength ratings of three property insurers associated with Tower Hill Insurance Group from B (fair) to D (poor). The ratings agency said it was concerned about the companies' hurricane exposure and whether they had sufficient reinsurance to handle claims from a severe hurricane.
Nationwide has been slowly non-renewing policies for about four years now. In 2005, it dropped more than 50,000 policies and said it would stop writing new business in the state. Two years ago, it revealed it was dropping 39,000 more homeowners and 1,600 commercial policies.
We are here at CWI Underwriters, located in Plantation, Fl yet serving the whole state of Florida, have five A rated companies that we can place your home with. Give us a call at 1-888-636-6438 or visit us at www.cwiunderwriters.com.
