Poe Firms policy holders will be moved to Citizens effective before this hurricane season. A Leon County judge agreed to regulators’ request to put Southern Family Insurance Co. in receivership, run by the state.
Similar action against Atlantic Preferred Insurance Co. could follow, as would Florida Preferred Insurance Co. on June 1.
Look for rates to increase perhaps substantially to these 280,000 policy holders. This could be a blessing however, as cheaper policies that can’t pay arean’t really cheap. It’s always better to be paying for a policy that actually will pay off if and when you need it.
This news comes as a shock to policy holders and customers alike.