Looking for replacement home insurance coverage?
Nationwide isn’t Florida’s only insurer. Here’s what to do next.
If you’ve owned a home in Florida during the last decade or so, you’ve likely noticed steady increases in your home insurance premiums and now this: Nationwide has just notified you that your policy won’t be renewed.
You know how important good coverage is, but that doesn’t mean you need to panic.
The good news? Harry Levine Insurance has the knowledge, resources, and connections you need to make sure you get great coverage that matches your needs.
Nationwide Not Renewing Policies
Insurance agents throughout the country have started to receive notice from Nationwide Mutual Insurance Company that certain Personal Lines policies (namely, homeowners insurance) will not be renewed.
Non-renewals will start December 26, 2023, which means many FL homeowners are starting to receive notice that they will have to find replacement coverage.
If you have received one of these notices in the mail, keep one thing in mind: Nationwide is not canceling your policy!
Non-Renewals vs. Cancellations
In the insurance world, there is a big difference between a policy cancellation and a non-renewal.
When policies are canceled, it is usually because of something the policyholder did, such as not paying premiums or committing fraud on your insurance application. Also, cancellations are often effective immediately, regardless of when your policy is scheduled to expire.
Non-renewals, on the other hand, are often due to circ*mstances beyond your (or the insurance company’s) control. If the insurance company decides not to renew your policy, you will still have coverage until the policy expires.
Why Is My Policy Not Being Renewed?
In this case, Nationwide lists natural disasters and severe weather as the primary cause behind these non-renewals.
As you are probably aware, Florida has seen more than its fair share of bad weather over the years.Flooding and roof damage from hurricanes, water damage from severe storms, and fires caused by lightning are some of the most common home insurance claims in Florida. On average, insurers pay out $15,000 per home insurance claim!
When more money is being paid out than is coming in, insurance companies have to take serious action in order to stay afloat (that’s just how insurance works). That’s why we’ve seen a number of insurance companies leaving Florida.
While there have been recent changes that should improve Florida’s insurance situation, it will take time for these changes to start making an impact. In the meantime, how are you supposed to find good coverage that you can afford?
What You Can Do
Just because Nationwide is choosing not to renew your policy doesn’t mean that you can’t find coverage elsewhere. Florida still has plenty of reputable options when it comes to home insurance carriers!
However, as you search for homeowners insurance to replace your Nationwide policy, it’s important to put good coverage first.
All too often, homeowners put price above everything else…only to regret it when they find themselves in the unfortunate position of having to file a claim. Cheap home insurance is just that: cheap. Those low rates come at the expense of paltry coverage, poor customer service, or even higher rates later on.
We’ve seen this happen in real time as more and more homeowners purchase policies through Citizens Property Insurance. In fact, some agents may not have a large selection of carriers to offer to you, so they may push Citizens as your best choice. Citizens may be your only choice while working with them, but that doesn’t make it your only choice.
Citizens is known as “Florida’s insurer of last resort” and for good reason. Coverage is far less thorough than comparable plans with other carriers and policyholders aren’t even guaranteed consistently low rates.
In fact, if the company is forced to pay out more than expected, they are allowed to levy special assessments on all policyholders to make up the difference. That’s right. You could receive what is essentially a fine of up to 46% of your Citizens premium to pay for other peoples’ claims. Not paying is simply not an option. Think of the fine or “assessment” like a tax from the state.
Great Coverage, Great Service
When it comes to finding great insurance coverage, the best thing you can do is work with an independent insurance agent.
Unlike captive agents, independent insurance agents aren’t tied to a specific insurance carrier. They are able to shop throughout the market to find policies that match your budget, needs, risk tolerance, and lifestyle.
Rather than being disappointed by poor coverage later, you’ll be able to rest assured that you’re protected by a trusted carrier and an agent who looks out for your interests.
At Harry Levine Insurance, we’ve been one of Orlando’s top independent insurance agencies for more than 40 years and we’re proud to be the agent of choice for thousands of home- and business owners throughout the state.
The real difference? We take the time to get to know you so that your coverage truly matches your needs.
Call today for a free quote. We can’t wait to meet you!
