STATE FARM FLORIDA BEGINS CONDO WIND INSURANCE OFFERING

State Farm Florida Insurance has begun offering wind cover to its 29,000 existing condominium policyholders in the east-coast territory covered by the Florida Windstorm Underwriting Association (FWUA). Existing State Farm homeowners’ policyholders who live in condominiums along the coast are eligible for the insurer’s wind cover, so long as they live on or above the second floor and have shutters or laminated glass for all glass doors and windows. The restrictions do not apply to State Farm policyholders who do not live along the coast. The insurer’s decision comes as locally based Atlantic Preferred Insurance began offering wind cover and homeowners’ insurance to holders of about 47,000 FWUA policies. A new statute allows private insurers to pick and choose policies and offer insurance as they come up for renewal. By May 31 more than 425,000 policies were insured through the FWUA, of which about 90,000 were condo units. Under Florida law, consumers who are offered hurricane insurance through a private market are no longer eligible for it through the wind pool, which is an insurer of last resort.