"Not only could Florida families end up being required to accept expensive and inadequate forced-placed coverage from their lender, but a 'rug-pull' of this magnitude would expose over 115,000 Florida insurance agents to litigation risks," Florida CFO Jimmy Patronis wrote in a letter to the Federal Housing Finance Agency. (Credit: Felix Mizioznikov/Shutterstock.com)
Editor's note (10:55 EST): This story has been updated to include comments from the Florida Association of Insurance Agents starting in paragraph nine.
In a move that would impact millions of Florida policyholders, rating agency Demotech, Inc. has notified approximately 17 property insurance companies in the state that their financial stability ratings are at risk of being downgraded, according to an email from Florida Insurance Commissioner David Altmaier to Demotech President Joseph Petrelli.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
