The property insurance crisis is again about to hit home for tens of thousands of the state’s property owners as the policies of Sunrise-based FedNat Insurance Company and its sister companies will be canceled by the end of June.
The cancellation by order of the state Office of Insurance Regulation is a result of last month’s downgrade of the company’s financial stability ratings from the ratings firm Demotech. It affects some 68,200 policy holders, according to the Sun Sentinel.
The downgrade will likely force more policyholders to sign up with the state’s insurer of last resort: Citizens Property Insurance Corp.
– Anne Geggis, Florida Politics