4th Florida property insurance company has gone bankrupt
TALLAHASSEE, Fla. – Nearly 80,000 Florida homeowners will have to find new insurance, after Southern Fidelity declared bankruptcy. The Tallahassee based company is the fourth insurer to declare insolvency since February.
Southern Fidelity’s bankruptcy filing is concerning because, according to insurance agents, a large portion of those dropped customers will likely have to reinsure their homes using Citizens Property Insurance -- the state-owned property insurance company. Insurance agents say Citizens has ballooned as a private company, and just one hurricane could detrimentally affect homeowners across the state.
Southern Fidelity’s shutdown comes less than a month after state lawmakers he...
