The OIR in Tallahassee was trying to shut down Homewise Insurance company because of the financial status of the company and thank god Homeowner’s Choice(HCI) came to save the day for the clients of Homewise and the agents that represent them like L & S.Our 250 clients with this carrier will now be relatively safe from the issues that come when a company normally shut down. Of course some people will still get non renewed and the rates will be adjusted at renewal time, but anything is better than searching for insurance in a rush and trying to get new inspections or whatever else is needed.Most would have ended up in Citizens which is not good for most and it is not what our governor wants either. HCI is a fine company and this will double their size and financial stability without growing the expense side. This will be a win win scenario for Fort. Lauderdale and all over S. Florida. Please read the full story below and remember to call L & S Insurance for all of your home, Auito, Flood, business & Commercial and even Life insurance quotes.
http://www.insurancejournal.com/news/southeast/2011/11/08/223433.htm
November 11, 2011 at 6:40 am
What right does the insurance department have to say to Homewise – “OK – you can give all your policies to Homeowners Choice.”? The agents placed the business with Homewise, and the insured OK’d it. You can’t do any of this without the consent of the policyholders. And they will probably call their agents and ask them what they think, and in the end, the agent will decide. But to describe this as an “acquisition” or an “assumption”, is totally misleading. But let’s wait and see; the meat and potatoes of this deal have not been disclosed.
November 11, 2011 at 12:51 pm
The book was sold to HCI for a small fee and the State supervised the deal. Any client can shop the policy any time and we had been doing that for our clients already. We will continue to do that at the anniversary of the policy so our clients will have a choice if any exists besides Citizens.
November 13, 2011 at 4:09 am
What is going on here! I just find get a letter today (Nov. 12) that my insurance company changed last week!….Again!!! And of course the rate went up. What!!?? I have to keep switching insurance companies every year??? This is crazy!!!!
November 14, 2011 at 12:50 pm
All renewals have increased this year, not just Homewise or HCI. Please call our office to get the best comparrisson quote. 954-351-2250 x-209.
November 27, 2011 at 5:37 pm
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