AAA debuts property insurance

Auto Club Insurance Co. of Florida is promoting a new homeowners insurance policy as other large companies — most recently State Farm — are leaving the state. The company, which offers combined homeowners and auto insurance, has already signed about 5,000 customers, said Jim Santo, the company’s chief underwriting officer. The insurance company was formed by three AAA organizations that represent 18.5 million automobile club members. The company writes its own policies and relies on the state hurricane catastrophe fund and private reinsurers to provide a financial backup if a severe storm causes damage that exceeds the company’s reserve capacity. Policies are available to homeowners with good driving records, though Santo said there are some hurricane-prone areas of Florida where policies aren’t available.

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