The Real Deal Miami

Insurers continue to cut policies to Florida homeowners

March 04, 2008 06:57PM

Tens of thousands of homeowners will lose their homeowner insurance policies as insurance companies continue to cancel policies. State Farm and Nationwide, among the largest homeowner insurers in Florida, indicated they would cut a combined 90,000 policies beginning this year. Insurance companies say covering damages to homes in Florida has become too risky a business. The state-backed Citizens Property Insurance along with some small new private insurers is stepping in to fill the gap.