When people think about surplus lines, oftentimes they think about commercial property insurance. In Florida, commercial property makes up about 50 percent of the business written through surplus lines. What many do not realize is that personal lines makes up almost 10 percent of the total premium reported to the Florida Surplus Lines Service Office (FSLSO).
In 2009, personal lines premium in Florida was approximately $250-275 million, down from over $300 million in 2008, according to the FSLSO. This was due in part to the current economic conditions, including the number of homes that have been foreclosed.
Surplus lines wholesalers and carriers are ready, willing and able to help with your personal lines needs. Many of the surplus lines carriers doing business in Florida have been around for many years and are A.M. Best rated A or better. There are also several large admitted carriers that utilize surplus lines wholesalers to distribute their products. These carriers have the financial strength to “weather” the next storm.
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