Informational presentation by SOUTHERN INSURANCEFLORIDA HOMEOWNERS INSURANCE CAUSES AGENT STORM

History: Following the storms of 2002, 2004, and 2005; Florida insurance companies cancelled policies or served notices of non-renewal. Most of the cross national home and property insurance companies shed their policies and retired from Florida.

Smaller insurance companies find balmy weather:Together with State Farm Florida's decision to vacate the home insurance market clubbed with the hurricane season having begun, agents are scrambling to fill the pending vacuum. Most agents are facing an uphill task finding suitable candidates to whom to offer policies, while individuals are struggling to locate agents willing to access and provide near ideal policies to cover their properties.

The Struggle: Individuals are struggling to locate insurers that would adequately cover them. Largely due to the dominance by the larger companies, people have been left unaware of the insurance options available to them. The big challenge for most is finding insurers willing to provide policies that will cover previously damaged or semi-restored homes; and face the threat of being left uninsured during the hurricane season.

Hurdles: Agents are finding it difficult to locate and process the more premium policy holders who would be left without adequate coverage.Smaller companies have guidelines on the kind of homes as well as the areas they are willing to cover. Most of the insurance Companies who are sweeping up the canceled policies are in a battle to locate and provide coverage to individuals who would be left without insurance due to the looming exit of big platers from the home and property insurance business in Florida.

Situation: With policy providers unwilling to provide policies to specific profile of home owners and due to the prevailing rates, many individuals find that the supply policies is fast drying up. Insurers at the same time are finding it difficult to locate the kind of people they would be immediately attracted to.