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The news follows recent media reports that state-backed Citizens Property Insurance, known as the insurer of last resort, will raise its rates in January. Homeowners Choice will take over 30,000 Citizens policies by year's end and another 30,000 policies in 2010. All of it is just another sign of what Tampa property insurance lawyer Ted Corless has dubbed a 'vicious cycle' in Florida's property insurance market.
"To watch private insurers struggle to bail out the insurer of last resort is to witness an unprecedented takeover," says Corless. "By assuming these policies now, these companies will force themselves to handle even more policies as time goes on." Homeowners Choice has handled 53,000 Florida policies since 2006.
Just this week Florida's second-largest private insurer, Universal Property & Casualty Insurance, joined a list of private companies that have recently moved to either raise rates or cease doing business in the state.
For more on Ted Corless, visit: www.czlegal.com. To interview him on insurance-related issues, contact:
Media Contacts: Justin Herndon PR firm: The Publicity Agency Email: justin@thepublicityagency.com Phone: (813) 708-1220 x7778 or (813) 528-6815 Web site: www.thepublicityagency.com
Patrick Flanary PR firm: The Publicity Agency Email: pflanary@seligmultimedia.com Phone: (813) 708-1220 x7781 Web site: www.thepublicityagency.com
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