Florida Peninsula, an insurance company based in Sunrise that has covered wind-only policies during its two years of operation, is now offering full homeowners' coverage. It primarily covers Southeast Florida; however, the Florida Office of Insurance Regulation required the insurer to offer full coverage and cover more of the state as a condition of raising its rates by an average of 58.7 percent statewide.
“When companies are too concentrated in one area, there's a chance of taking a bad hit and going insolvent, especially when they're in high-risk areas like South Florida or the Keys,” OIR spokesman Bob Lotane said.
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