April 2022

26 Florida Pool Prosm • April 2022 INSURANCE UPDATE the carrier sent to agents. In November 2021, Progressive Insurance said it would not renew HO-3 and DP-3 policies for homes with shingle roofs that are 16 years old or older. Notices to policyholders were to be sent last month. The memo did not indicate how many policies would be affected, but agents said the number could be as high as 56,000. TheAM Best rating firm has downgraded the credit rating and the outlook for Florida Family Insurance and its subsidiary, Florida Family Home Insurance Co. The rating firm said the companies’ long-term issuer credit rating has dropped from “bbb+ (good)” to “bbb (good).” The financial strength rating remains at “B++ (good).” AM Best revised its outlook for that rating, from stable to negative and the outlook for long-term issuer credit ratings also was recently marked as negative. The Insurance Information Institute reports statewide premiums are up nearly 25 percent this year. Next month we will continue this conversation on Florida property insurance woes with no end in sight. New FSPA members WELCOME! Aquatic Leak Locators LLC Coconut Creek/CPC1458209 Artisan Pool Design Inc. Ft. Lauderdale/CPC1456577 Deco Pools Hialeah/CPC1459466 Lombardo Landscaping & Water Features Inc. Ft. Myers/CRC1331625 Pinch A Penny #008 Sarasota/CPC1459726 Pool Scouts of the Space Coast Rockledge Salco Salt Miami Santos USA Construction Sarasota/CPC1459627 Skinny-Dip Pools (Provisional Member) Vero Beach Triple J Pool Care, LLC Valrico/CPC1459219 USI Insurance Service LLC Jacksonville Alan Hayes Retiree