Sun-Sentinel Blog: Nationwide Insurance will shed 60,000 home insurance policies

Oct 7, 2009

The Sun-Sentinel House Keys Blog published this article on October 7, 2009

Posted by Julie Patel

Nationwide Insurance Co. of Florida announced today that it plans to drop 60,000 home insurance policies — nearly half of the roughly 129,000 policies it has.

The policies would be dropped starting in July when they are up for renewal. Nationwide, which has been scaling back its risk in Florida for several years now, said Tower Hill insurance will offer coverage to many of the policyholders.

Nationwide spokeswoman Nancy Smeltzer said the company made the decision to “maintain viability, manage risk and continue to serve the policyholders we have in Florida.”

“This is a difficult business decision, but Nationwide must make tough choices now to make sure they can be here for our customers in the future,” the company said in a statement.

After Nationwide shrinks, it will still have more than 275,000 total policies in Florida with coverage for cars, businesses and homes.