Ted Herbert, a retired business professor from Rollins College, said he was shocked when he got a letter last month from his insurance company telling him that while they valued him as a customer they would not be renewing his policy.
“I checked to see why this was happening, thinking they thought my home was on the coast and subject to hurricanes or rising tide,” said Herbert, who lives in Winter Park.
But to his surprise, his insurance company identified him as a high risk for hurricane damage, along with 100,000 other policyholders.
“That’s puzzling,” Herbert said. “Why would we be at a higher risk than others?”
The closest he got to an answer was that the company was re-balancing its Florida portfolio “due to a reduction in our hurricane exposure.”
Herbert is among the thousands of homeowners hunting for a new insurer after their companies shed them like winter jackets as hurricane season starts on June 1. And this year is expected to be one of the worst on record.
A forecast released Thursday by the National Oceanic and Atmospheric Administration gave an 85% chance of an above-normal hurricane season, which goes to Nov. 30, with up to 25 named storms. read more