As St. Johns Insurance plan and Lighthouse Assets Insurance policy Corp. announce the decisions, condition lawmakers look at proposals to handle the troubled market.

TALLAHASSEE, Fla. – As a different signal of troubles in Florida’s house-insurance policy field, two insurers claimed Tuesday they are halting creating new business in the state.

St. Johns Coverage and Lighthouse Assets Insurance Corp. notified brokers of the decisions, in accordance to copies of the notices. St. Johns stated in its recognize that it has utilized “many approaches to manage our threats,” these types of as not renewing procedures, making use of new regulations for eligibility for business and generating rate alterations.

But it claimed, “At this time, St. Johns Insurance plan has manufactured the complicated choice to suspend all new business producing statewide as of February 15, 2022 … This closure applies to all strains of business.”

The announcements arrived as point out lawmakers look at proposals to deal with the troubled industry, which has get rid of insurance policies and sought hefty rate raises to try to minimize money dangers.

The troubles have led to a enormous inflow of buyers at the state-backed Citizens Property Coverage Corp., which has been introducing thousands of procedures a week. As of Jan. 31, Citizens experienced 776,790 insurance policies, about a 75% boost in excess of the past two a long time.

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