Columbus-based Nationwide Insurance has announced it will not renew 60,000 Florida homeowners insurance policies beginning next year.  The insurance company does, however, plan to keep 45,000 homeowner’s policies, in addition to 230,000 car, boat, and commercial property policies.

Nancy Smeltzer, spokeswoman for Nationwide, stated the company doesn’t yet know how the decision will affect their employees in Florida, particularly their Gainesville call center.

The company is trying to lessen it’s loss exposure in the state while attempting to still service its remaining customers.  A written release stated Nationwide is making the tough choices now to ensure they are able to be here for their customers in the future.

The policies that aren’t being renewed will received a notice in January.  The first non-renewed policies will terminate in July and take two years to complete the process.

Nationwide is recommending it’s non-renewed policyholders to Tower Hill Group out of Gainesville, stating they are a “viable alternative” which can cover a lot of the policies. But non-renewed policyholders still have a choice.  They can either go with Tower Hill or select another insurer, says Tom Zutell with the Florida Office of Insurance Regulation.

State Farm announced last year similar plans to reduce its exposure in the Florida homeowners insurance market.

This entry was posted on Monday, October 19th, 2009 at 12:59 pm and is filed under Home Insurance, Homeowner Insurance, Homeowners Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.