Potential Demotech downgrades spark effort to bolster Florida insurance coverage
Insurance

Potential Demotech downgrades spark effort to bolster Florida insurance coverage

Potential Demotech downgrades spark effort to bolster Florida insurance coverage

Florida insurance coverage regulators are taking an “unprecedented” and “extraordinary” step to attempt to stop tens of hundreds of house owners from being pressured to search for new property insurance coverage protection if ranking company Demotech follows by way of on plans to downgrade many Florida carriers.

The Florida Workplace of Insurance coverage Regulation introduced a plan Wednesday to offer corporations which might be downgraded with reinsurance protection by way of state-run Residents Property Insurance coverage.

The dramatic determination to imagine monetary duty for a raft of struggling insurers underscores the dire circumstances Florida is going through as a big portion of its owners insurance coverage market teeters on the point of collapse.

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