Most Miami Homeowners Spared By Nationwide
Despite being given permission to raise premiums statewide by 21 percent, Nationwide Insurance Co. has announced that it will be dropping 35,000 Florida homeowner policies "for fear of massive financial loses from future hurricanes."
The state´s number four insurer will begin dropping policies this coming March, of which only 149 Miami homes will be affected. This is a strange stroke of luck for Miami homeowners, considering that the Miami-Dade area is "among the most hurricane prone counties in the state." According to Nationwide, it is not luck that saved Miami homeowners, but the company´s computer modeling.
However, new and future Miami homeowners may not consider themselves so lucky as Nationwide will no longer sell policies in Florida, and they may find themselves having to turn to Citizen´s Property Insurance Corp. for coverage, "the state´s insurer of last resort and by law, the most expensive."
The state´s number four insurer will begin dropping policies this coming March, of which only 149 Miami homes will be affected. This is a strange stroke of luck for Miami homeowners, considering that the Miami-Dade area is "among the most hurricane prone counties in the state." According to Nationwide, it is not luck that saved Miami homeowners, but the company´s computer modeling.
However, new and future Miami homeowners may not consider themselves so lucky as Nationwide will no longer sell policies in Florida, and they may find themselves having to turn to Citizen´s Property Insurance Corp. for coverage, "the state´s insurer of last resort and by law, the most expensive."
