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Florida Specialty Insurance: Homeowners scramble after insurance company shuts down

Posted at 7:06 PM, Oct 15, 2019
and last updated 2019-10-16 05:04:21-04

GREENACRES, Fla. — Tens of thousands of homeowners across Florida are now scrambling to find new homeowners insurance after state regulators shut down Florida Specialty Insurance of Sarasota.

“ I didn’t expect them to go out of business,” says Alan Tiffenberg of Greenacres, who got the news in a letter last week.

“I now have to run around like an idiot to get homeowners insurance have to come up with the money to pay for the homeowners insurance,” he says.

Florida Specialty was found to be insolvent by state insurance regulators and policy holders now have until Nov. 1 to find a new insurer.

Lee Wiglesworth, an insurance agent at Wiglesworth and Rindom in Stuart, says it's a challenge sometimes to find a solid insurance company.

“More often than not if the price is too good to be true or way less than what you’re currently paying you want to investigate and find out why,” Wiglesworth says.

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