Nationwide Insurance Co. of Florida has announced plans to drop about 60,000 home insurance policies.
The company announced Wednesday that it would not be renewing nearly half of its 129,000 home insurance policies in Florida, starting in July 2010.
Nationwide spokeswoman Nancy Smeltzer says the company made the decision to maintain viability and manage risk. The company will be directing its former policyholders to Tower Hill Insurance.
Once the policies are dropped, the Ohio-based company will have more than 275,000 total policies in Florida, covering cars, businesses and homes.
Florida should never have allowed national insurance companies to spin off their florida business as separate entities. I wonder who the insurance commissioner was when that one slipped by. Our insurance here in Florida has not been regulated to the best interest of the citizens. Perhaps we can urge our legislators to fix this.
