The business says it will not renew many home insurance policies.
If another hurricane hit, Met Life might be out of business.
MetLife said letters are going out to many of its home insurance policyholders in Florida. The company says hurricanes have made it too expensive and risky for the company to continue providing as much coverage in the state.MetLife couldn't say right away how much it's spent in recent years on claims and wouldn't say exactly how many homeowners will not be renewed. They said the changes also affect homeowners in other gulf coast states and along the eastern seaboard.Eyewitness News did find out the company insures about one percent of homeowners in Florida.Two days ago, Eyewitness News reported that State Farm was joining other major insurance companies that have left Florida. The company is dropping 50,000 customers and will not write any new policies after this Friday.Ironically, Kaplan and his wife found a State Farm agent willing to pick them up."I'm not going to forget what happened to me. I have auto insurance with Metro and that may also be jeopardized," Marvin said.MetLife said it will continue to write auto insurance claims, because it's less risky. MetLife also said they will continue to carry some home insurance policies in Florida, but didn't provide details.
Previous Stories:
- February 25, 2008: State Farm Dropping 50,000 Customers, Not Writing New Fla. Policies
- February 24, 2008: State Farm To Stop Writing New Homeowner Policies
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