Nearly 80,000 Florida homeowners will have to find a new property insurance company, after Southern Fidelity declared bankruptcy.

The Tallahassee based company is the fourth insurer to declare insolvency since February.

Southern Fidelity’s bankruptcy filing is concerning because, according to insurance agents, a large portion of those dropped customers will likely have to reinsure their homes using Citizens Property Insurance — the state-owned property insurance company. Citizens has ballooned as a private company and has been adding about 6,000 new policies a week. Just one hurricane could detrimentally affect homeowners across the state.

Southern Fidelity’s shutdown comes less than a month after state lawmakers held a special session to stabilize what’s been described as an industry in crisis. The company announced in early June, that it won’t be able to purchase reinsurance in time for the 2022 Hurricane season.

Southern Fidelity is just one of several property insurance companies ending business in Florida in the last six months. Avatar, St. Johns, and Lighthouse are all in liquidation. FedNat dropped 68,000 policies, nearly half their customers, and Lexington Insurance pulled out of the state.

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