Many Floridians have property insurance issues, but Tom Colantuono’s experience really counts.
The night before Hurricane Ian hit Florida, Colantuno and his wife prepared. They were buying supplies and getting their home ready when they heard news that no one wanted.
“She was ghostly white,” he recalled. “She said, ‘We just got canceled from the front lines.'”
Notice of cancellation took effect on October 22, 2022.
This is the second time this year that Colantuono has canceled its policy.
“Please tell me the reason why it was cancelled.” Colantuono said in Nexstar’s interview with WFLA: May.
Colantuono was one of more than 68,000 Floridians canceled by the FedNat Insurance Company in May. July, WFLA Talked to him again when he confronted with a double whammy.
FEMA has changed flood maps. This means that the cost of flood insurance in Colantuono has risen along with premiums. He called the Florida insurance market “out of control.”
Concerned about homeowners’ rights, Colantuono recently contacted the WFLA again.
“They can’t cancel our policy the night before a hurricane hits land,” he said.
It’s true – they can’t.
When Hurricane Ian hit, Florida Insurance Commissioner David Altmaier issued an order to temporarily protect residents. In part, it states, “From September 28th to November 28th, an insurance company or other regulated entity may not cancel or suspend the renewal of an insurance policy or contract unless the policyholder makes a written request. , or issue notice of cancellation or non-renewal.”
However, you can cancel after the two months have passed. That’s why Colantuono’s agent signed him to another carrier.
“We just found a policy with Citizens,” Corantuono said.
Like 1 million other Floridians, the state’s insurance company of last resort is Colantuono’s only recourse. A Florida insurance story with no happy ending in sight.
WFLA asked Colantuono if he was concerned that he would eventually get a price cut out of Florida.
“Certainly, just this year, the price increase probably doubled, nearly tripled,” he said.
So why was the company allowed to cancel his policy? Insurance experts say the cancellation will likely come weeks before Hurricane Ian.
The Insurance Regulatory Office says cancellations issued 10 days before Hurricane Ian must be withdrawn.
Residents who have experienced something similar are encouraged to call an agent. The agent will call the company and tell them to withdraw the cancellation as per state mandate. However, the agent may decide that it’s best to move the policy.