FORT LAUDERDALE, Fla. — Florida’s property insurance crisis is about to hit home for tens of thousands of policyholders.
More than 68,000 policies of troubled Sunrise-based FedNat Insurance Company and its sister companies Maison and Monarch National will be canceled by the end of June, according to terms of a consent order filed Friday by the state Office of Insurance Regulation.
The order follows the downgrade of FedNat’s financial stability rating by ratings firm Demotech a month ago. The cancellations, meant to help FedNat’s parent company, FedNat Holding Company, survive after reporting $103.1 million in reported losses in 2021, will force the displaced policyholders to scramble to secure coverage just as hurricane season begins.
