United Property Casualty and Insurance Co. announced plans last week to withdraw its home insurance business from Florida, the latest withdrawal of a large-scale home insurer from the state.

Join us at Inman Connect New York this January for 75+ educational sessions, 50+ expert speakers, and networking opportunities with thousands of industry professionals. Register today for our Labor Day special rate good through September 5! Check out these just announced speakers for this must-attend event. Register here.

Florida-based United Property Casualty and Insurance Co. plans to withdraw home insurance business from its home state, along with several other states, ahead of hurricane season and amid a withdrawal of several other insurers from the Sunshine State, the company announced last week.

The home insurer will also withdraw from New York and Louisiana and intends to file a plan of withdrawal in New York, the company announced in a news release on Aug. 25.

“Due to significant uncertainty around the future availability of reinsurance for our personal lines business, I believe placing United P&C into an orderly run-off is prudent and necessary to protect the Company and its policyholders,” Dan Peed, Chairman & CEO of United Property Casualty, said in a statement. “The Company is actively pursuing opportunities to leverage our people, technology, and other capabilities. Our commercial business continues to perform well and provides the Company a stable platform to build new engines of growth and profitability.”

The departure marks the latest withdrawal of a large-scale home insurer from Florida, one of the most volatile insurance markets in the United States due to its hurricane risk.

The insurance ecosystem in Florida is in the midst of a collapse, with remaining insurers faced with more demand than they can handle and virtually every homeowner in Florida liable to be impacted, one Florida insurance agent told Local 10 News.

“Citizens Insurance, the company of last resort, was not designed to take on this many policies,” Dustyn Shroff told the station. “As a local insurance agent, we find out about these cancellations at the same time the homeowner does.”

At least 16 home insurers in Florida have either been forced to drop policies, stopped accepting new business, or have been declared insolvent in the past year as the insurance crisis in Florida intensifies.

Florida Gov. Ron Desantis called a special session of the state legislature in April to address the crisis. The state passed two new laws in May: One law creates reinsurance to assist policyholders and the other law requires condominiums to have thorough inspections.

Numerous factors are driving the crisis. While more extreme weather is causing insurers to lose billions of dollars, insurers have also been subject to increasing litigation costs and increasing amounts of fraudulent roof replacement schemes, according to reports.

Email Ben Verde

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×