AAA says it won’t renew a small percentage of homeowner and auto insurance policies in hurricane-wracked Florida, joining other insurers in limiting their exposure in the Sunshine State.
FILE - A skeleton in sunglasses sits beside a sign reading,"Just waiting for the insurance check," outside the closed Kona Kai Motel on Sanibel Island, Fla., May 11, 2023. AAA wont renew a very small percentage of homeowners and auto insurance policies in Florida, joining other insurance companies in limiting their exposure in the Sunshine State despite efforts by Florida lawmakers to calm the volatile insurance market, the company said Tuesday, July 18.
Officials with the company refused to say how many policies in Florida wouldn't be renewed but said that they were “higher exposure” package policies which bundle homeowners and auto policies and were underwritten by Auto Club Insurance Company of Florida. An AAA spokesman wouldn't explain how the company defined “higher exposure," when asked.
The affected policyholders already have been notified, and they can apply for auto coverage from sister carrier, Auto Club South Insurance. AAA also said it would continue to write other, new home and auto policies, despite the decision not to renew some policies.
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