Demotech’s potential downgrade has spurred efforts to strengthen insurance in Florida

Demotech’s potential downgrade has spurred efforts to strengthen insurance in Florida

Florida insurance regulators are taking “unprecedented” and “extraordinary” action to try to prevent tens of thousands of homeowners from being forced to seek new home insurance if ratings agency Demotech follows through on plans to downgrade many Florida carriers.

Florida’s Office of Insurance Regulation announced a plan Wednesday to provide downgraded companies with reinsurance coverage through the state’s Citizens Property Insurance.

The dramatic decision to assume financial responsibility for a number of struggling insurers underscores the dire circumstances Florida faces as much of the homeowner’s insurance market teeters on the brink of collapse.

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