Property insurance company cancels Florida couple’s policy night before Hurricane Ian hit

TAMPA, Fla. (WFLA) -— A Tampa Bay man received a crash course on Florida’s property insurance coverage disaster when Hurricane Ian hit final month.

Many Floridians have had property insurance coverage points however Tom Colantuono’s expertise actually takes the cake.

Florida property insurance coverage premiums will probably spike once more, Residents CEO says

The evening earlier than Hurricane Ian hit Florida, Colantuono and his spouse had been preparing. They had been shopping for provides and prepping their home after they received the information no person needs.

“She was white as a ghost,” he recalled. “She stated, ‘We simply received cancelled by Frontline.’”

The discover of cancellation was efficient Oct. 22, 2022.

It was the second time this yr Colantuono had a coverage canceled.

“Inform me why I used to be canceled?” Colantuono stated throughout an interview with Nexstar’s WFLA in Could.

Colantuono was one among greater than 68,000 Floridians canceled by FedNat Insurance coverage Firm in Could. In July, WFLA spoke with him once more when he was confronted with a double-whammy.

FEMA modified its flood maps, that means Colantuono’s flood insurance coverage prices went up alongside along with his premium. He known as Florida’s insurance coverage market “uncontrolled.”

Can insurance coverage firms pay claims for Hurricane Ian victims?

Colantuono reached out to WFLA once more just lately, involved in regards to the rights of householders.

“They simply can’t cancel our coverage the evening earlier than a hurricane goes to make landfall,” he stated.

That’s true — they will’t.

As Hurricane Ian hit, Florida Insurance coverage Commissioner David Altmaier issued an order to briefly defend residents. It reads, partially, “from September 28 – November 28, no insurer or different regulated entity might cancel, non-renew or challenge a discover of cancellation or nonrenewal of a coverage or contract besides on the written request of the policyholder.”

See also  A Guide to the Top 10 Richest Actors in the World

They’ll, nonetheless, cancel you after the 2 months are up. It’s why Colantuono’s agent signed him up with one other provider.

“I simply discovered a coverage with Residents,” Colantuono stated.

Like a million different Floridians, the state’s insurer of final resort is Colantuono’s solely resort. It’s a Florida insurance coverage story with no joyful ending in sight.

WFLA requested Colantuono if he’s involved he’ll ultimately get priced out of Florida.

Lawsuit: Insurance coverage firm denied authentic Hurricane Irma claims

“Positive — simply this yr the will increase have gone up, most likely doubled, virtually tripled,” he stated.

So why was the corporate allowed to cancel his coverage? Insurance coverage specialists stated the cancellation was probably within the works weeks earlier than Hurricane Ian.

The Workplace of Insurance coverage Regulation says any cancellation issued 10 days earlier than Hurricane Ian should be withdrawn.

Residents who skilled something comparable are inspired to name their brokers. The agent will name the corporate and inform them to withdraw the cancellation, pursuant to the state’s order. Nonetheless, an agent would possibly simply resolve it’s greatest to maneuver your coverage.

For the newest information, climate, sports activities, and streaming video, head to The Hill.