According to a news release obtained by 8 On Your Side Investigative Reporter Mahsa Saeidi, American Traditions Insurance Company will temporarily stop taking new business starting next week. The pause impacts homeowners insurance policies, condo unit owners policies and dwelling policies often used by landlords.
In the release, the company noted that the changes are being made “in order to manage our exposure and remain consistent with our growth projections.”
The changes made to business are effective immediately, according to American Traditions. However, the company said it would honor any eligible quotes that were previously saved through the end of business day Aug. 5.
American Traditions is just the latest of several companies that have either paused new business in Florida or gone bankrupt amid the property insurance crisis impacting thousands of homeowners across the state. Those companies, according to July data from the state-backed Citizens Property Insurance Corporation, are:
American Traditions Insurance Company: Limiting new business
American Traditions announced Thursday it would be limiting new business in Florida, effective immediately.
Universal Property and Casualty: Limiting new business
Universal Property and Casualty has limited new business in Florida.
Progressive Home: Limiting new business
Progressive Home suspended new business in several Florida counties earlier this year.
Monarch: Limiting new business
Monarch, a FedNat company, limited new business in Florida earlier this year. FedNat Insurance Company and its sister companies canceled more than 68,000 policies in May to stay afloat, desperate to reduce exposure in Florida.
Heritage: Limiting new business
Heritage Insurance suspended new business in multiple Florida counties, including Polk County, in