A ratings agency has plans to downgrade more than two dozen Florida-based property insurance companies in a move that could cost more money for homeowners with loans.
The ratings firm Demotech plans to downgrade the 27 insurers from an “A” rating to ratings of either “S” for substantial or “M” for moderate, according to the South Florida Sun Sentinel.
Demotech rates 40 Florida-based insurance companies.
Florida Insurance Commissioner David Altmaier y Director Financiero Jimmy Patronis criticized the ratings agency for the downgrade planned for later this month. They said the decision was based largely on the company’s opinion that legislative
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