Had been you dropped by Fortress Key Indemnity?
Right here’s easy methods to discover protection.
Earlier this 12 months, Fortress Key introduced that it might not be renewing 33,000 condominium insurance policies all through Florida.
Till now, Fortress Key was a well-liked alternative for Florida rental homeowners, so this information could have come as a shock. And finally, what does it imply for you?
Whereas it’s simple to really feel panicked by closing insurance coverage firms and non-renewal notices, we at Harry Levine Insurance coverage have solutions.
What’s Occurring With Fortress Key?
Previously often known as Allstate Floridian, Fortress Key has been one of many prime insurance coverage carriers in Florida for years. In reality, as of late 2022, it was the seventh-largest property insurance coverage firm within the state.
Nevertheless, in a latest discover despatched to brokers, the corporate talked about “vital price pressures”, main them to a tough alternative—non-renewal of about 33,000 condominium insurance policies beginning in June.
Then, simply weeks in the past, Fortress Key requested the Florida Workplace of Insurance coverage Regulation (FOIR) to approve a price enhance for its remaining rental insurance policies. If accredited, insurance policies may enhance by roughly 50%.
What Does This Imply For You?
Okay, overlook the insurance coverage mumbo jumbo. Let’s reduce to the necessary half: what does this imply for you?
For starters, in the event you at present maintain a rental insurance coverage coverage by way of Fortress Key, you ought to be ready to hunt new protection.
Whereas the non-renewal doesn’t apply to each coverage, it’s finest to be ready (no less than mentally). In case your coverage is affected, Fortress Key will ship you a discover 120 days earlier than your coverage expires, leaving you loads of time to seek out one other insurance coverage provider.
Within the occasion that you simply do have the choice to resume your coverage, it is best to anticipate on your charges to extend.
This has been a quite common prevalence within the Florida insurance coverage market in the previous few years, though latest legal guidelines have made progress in the proper route.
What Choices Do You Have?
Okay, sufficient unhealthy information. What’s the excellent news?
You have got choices!
To begin with, Fortress Key’s removed from the state’s solely insurance coverage provider. As an impartial insurance coverage company, Harry Levine Insurance coverage has entry to dozens of different insurance coverage firms that provide nice protection and wonderful customer support.
Whether or not you’re dealing with a non-renewal of your coverage or merely need to escape a price hike, we’d be joyful to seek for comparable protection from one other provider.
Many occasions, switching insurance coverage carriers may help you get monetary savings in your premiums, however we at all times warning in opposition to searching for insurance coverage primarily based on value alone. In the case of insurance coverage, you normally get precisely what you pay for.
Sadly, rising insurance coverage charges have brought about many property homeowners to hunt out the most affordable residence insurance coverage doable, leaving them with sub-par insurance coverage. For instance, Residents Property Insurance coverage has seen large will increase in insurance policies since 2019 (regardless of brokers like us routinely warning householders away from them)!
At Harry Levine Insurance coverage, we solely work with carriers who’ve a stellar fame for wonderful customer support and protection. And since we aren’t tied to a single provider, we are able to search the marketplace for the coverage that most closely fits your price range and your wants.
Extra Good Information!
With so many insurance coverage firms pulling out of Florida or going out of enterprise altogether, it could seem that the way forward for insurance coverage is in jeopardy.
Nevertheless, with the latest passing of Senate Invoice 2-A, issues are trying up for Florida householders!
By decreasing deadlines, cracking down on lawsuits, and abolishing Project of Profit agreements, these reforms ought to considerably enhance the insurance coverage panorama over the subsequent few years.
Conclusion
Fortress Key wasn’t the primary insurance coverage provider to non-renew insurance policies in Florida and it received’t be the final.
Nevertheless, you’ll be able to relaxation assured figuring out that Harry Levine Insurance coverage is in your aspect.
For greater than 40 years, now we have guided Floridians by way of no matter life throws at them. From residence and automobile insurance coverage to enterprise and life insurance policies, now we have the information and assets to match you with protection that finest meets your wants.
Name right now or go to our web site for a free quote.