INSURANCE

4th insurance company limits writing new business in Florida

4th insurance company limits writing new business in Florida

TAMPA, Fla. (WFLA) — A Tampa Bay area homeowner is angry at state lawmakers.

Tina Hemme, a health care worker from Palm Harbor, is scrambling to secure property insurance before a storm hits. Meanwhile, 8 On Your Side has learned a fourth insurance company is now limiting business in the Tampa Bay area.

“They’re not listening,” Hemme said. “They may say they care about their constituents, I don’t believe it.”

During a special session last month, state lawmakers passed significant reforms. They say the market will eventually stabilize. Until that happens, 8 On Your Side is striving to continue to expose the reality on the ground for families.

A month ago, Lighthouse Property Insurance sent Hemme a cancellation notice. The company was losing money and was forced to liquidate.

“We have been – literally every day – stressed, stressed, stressed,” Hemme said. “Right now, paradise doesn’t look like paradise to us anymore.”

As Hemme waits for Florida’s new property insurance laws to kick in, another company – Heritage Insurance – is suspending new business in multiple counties, including Polk County.

Heritage is joining three other insurers also declining to take on new homeowners in parts of the state: Southern fidelity,

Read the rest

WEA Trust, Health Tradition Health Plan leaving Wisconsin’s insurance market by end of 2022

WEA Trust, Health Tradition Health Plan leaving Wisconsin’s insurance market by end of 2022

MADISON, Wis. — WEA Trust and the Health Tradition Health Plan are getting out of Wisconsin’s health insurance market by the end of the year.

trust-and-health-tradition-health-plan-to-exit-wisconsin-health-insurance-market”In a news release Wednesday, the groups said existing plan members will be covered until they choose new coverage or until December 31, whichever is earlier. WEA Trust will continue members’ long term care, life and vision coverage.

“The challenges related to healthcare consolidation, the costs associated with the global pandemic, and the drop in the stock market have made it difficult for local, not-for-profit organizations like ours who seek to provide families with high value personal care,” Vaughn Vance, the groups’ president and CEO, said in the release. “It became clear that we had to make the difficult decision to pivot as an organization before we sacrificed what has made WEA Trust unique for many years.”

Employees will be let go in a phased approach, with each receiving a severance package and at least 60 days of notice. According to a notice filed Wednesday with the Wisconsin Department of Workforce Development, 110 employees will be laid off on August 1

Read the rest