As hurricane season approaches, three insurers are canceling thousands of Florida customers
Three Florida based insurance companies will be canceling thousands of homeowner policies, in what state insurance regulators called an “extraordinary” measure to allow the companies to avoid financial collapse. Most of the canceled customers will have no choice but to turn to state-owned Citizens Property Insurance Corp., ratcheting up fears that Citizens’ growth could make all Florida insurance customers vulnerable to surcharges if Citizens can’t afford to pay all claims after a catastrophic hurricane season.