Peninsula Insurance Cancellation

[BeachBebe]

Hello everyone,

We just received cancellation of our homeowner's policy from Peninsula. I thought I remembered posts during the last month or so concerning Peninsula, but couldn't pull them up. Has this happened to anyone else?

 

[TooFarTampa]

Is this Florida Peninsula, based in, I think, Sunrise?

 

[BeachBebe]

Yes, out of Sunrise. Reason given: To reduce exposure to catastrophic hurricane loss.

 

[TooFarTampa]

My theory is that they must be pulling out of the biz since the Legislature has thrown out their entire reason for existence. We were "awarded" the chance to get out of Citizens when Florida Peninsula pulled us out of the state pool, and couldn't believe it when they started charging us more than Citizens (which is supposed to be the most expensive, by state law). The Legislature closed a loophole in the law, made Fl Peninsula refund a bunch of money, and I guess now that it's not so lucrative they want out. You'll probably just have to go to Citizens. I'll go see if I can find any news stories on this.

 

[TooFarTampa]

Can't find any news. I was wondering -- are you up for renewal in the next 30 days? Or longer? When did you receive the letter? (No mail today.)

If you are a few months from renewal, that indicates they are canceling a bunch of policies. I'm curious since we have Fl Peninsula, though it does not renew until August.

 

[BeachBebe]

Notice of nonrenewal was dated February 12. Effective date of nonrenewal is May 25, 2008.

 

[TooFarTampa]

Thanks. I wonder what's going on with them. I just sent an email to someone who is very much in the know and I'll post what I find out.