Many Floridians have had property insurance issues but Tom Colantuono’s experience really takes the cake.
property insurance premiums will likely spike again, Citizens CEO says”Florida property insurance premiums will likely spike again, Citizens CEO says
The night before Hurricane Ian hit Florida, Colantuono and his wife were getting ready. They were buying supplies and preparing their house when they got the news nobody wants.
“She was white as a ghost,” he recalled. “She said, ‘We just got canceled by Frontline.’”
The notice of cancellation was effective Oct. 22, 2022.
It was the second time this year Colantuono had a policy cancelled.
“Tell me why I was cancelled?” Colantuono said during an interview with Nexstar’s WFLA in May.
Colantuono was one of more than 68,000 Floridians canceled by FedNat Insurance Company in May. In July, WFLA spoke with him again when he was faced with a double-whammy.
FEMA changed its flood maps, meaning Colantuono’s flood insurance costs went up along with his premium. He called Florida’s insurance market “out of control.”
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Colantuono reached out to WFLA again recently, concerned about the rights of homeowners.
“They just can’t cancel our policy the night before a hurricane is going to make landfall,” he said.
That’s true — they can’t.
As Hurricane Ian hit, Florida Insurance Commissioner David Altmaier issued an order to temporarily protect residents. It reads, in part, “from September 28 – November 28, no insurer or other regulated entity may cancel, non-renew or issue a notice of cancellation or nonrenewal of a policy