8th property insurance company pauses new business in Florida
TAMPA, Fla. (WFLA) — Another property insurance company announced Thursday it will be pausing new business in Florida “until further notice” amid the state’s ongoing homeowners insurance crisis.
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