Castle Key Non-Renewing 30,000 Policies

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Were you dropped by Castle Key Indemnity?

Here’s how to find coverage.


Earlier this year, Castle Key announced that it would not be renewing 33,000 condominium policies throughout Florida.

Until now, Castle Key was a popular choice for Florida condo owners, so this news may have come as a surprise. And ultimately, what does it mean for you?

While it’s easy to feel panicked by closing insurance companies and non-renewal notices, we at Harry Levine Insurance have answers.


What’s Happening With Castle Key?

Formerly known as Allstate Floridian, Castle Key has been one of the top insurance carriers in Florida for years. In fact, as of late 2022, it was the seventh-largest property insurance company in the state.

However, in a recent notice sent to agents, the company mentioned “significant cost pressures”, leading them to a difficult choice—non-renewal of about 33,000 condominium policies starting in June.

Then, just weeks ago, Castle Key asked the Florida Office of Insurance Regulation (FOIR) to approve a rate increase for its remaining condo policies. If approved, policies could increase by roughly 50%.


What Does This Mean For You?

Okay, forget the insurance mumbo jumbo. Let’s cut to the important part: what does this mean for you?

For starters, if you currently hold a condo insurance policy through Castle Key, you should be prepared to seek new coverage.

While the non-renewal doesn’t apply to every policy, it’s best to be prepared (at least mentally). If your policy is affected, Castle Key should send you a notice 120 days before your policy expires, leaving you plenty of time to find another insurance carrier.

In the event that you do have the option to renew your policy, you should expect for your rates to increase.

This has been a very common occurrence in the Florida insurance market in the last few years, although recent laws have made progress in the right direction against some of the main cost drivers.


What Options Do You Have?

Okay, enough bad news. What’s the good news?

You have options!

First of all, Castle Key is far from the state’s only insurance carrier. As an independent insurance agency, Harry Levine Insurance has access to dozens of other insurance companies that offer great coverage and excellent customer service.

Whether you’re facing a non-renewal of your policy or merely want to escape a rate hike, we would be happy to search for comparable coverage from another carrier.

Many times, switching insurance carriers can help you save money on your premiums, but we always caution against shopping for insurance based on price alone. When it comes to insurance, you usually get exactly what you pay for.

Unfortunately, rising insurance rates have caused many property owners to seek out the cheapest home insurance possible, leaving them with sub-par insurance. For example, Citizens Property Insurance has seen huge increases in policies since 2019 (despite agents like us routinely warning homeowners away from them)!

At Harry Levine Insurance, we only work with carriers who have a stellar reputation for excellent customer service and coverage. And because we aren’t tied to a single carrier, we can search the market for the policy that best fits your budget and your needs.


More Good News!

With so many insurance companies pulling out of Florida or going out of business altogether, it may appear that the future of insurance is in jeopardy.

However, with the recent passing of Senate Bill 2-A, things are looking up for Florida homeowners!

By reducing deadlines, cracking down on lawsuits, and abolishing Assignment of Benefit agreements, these reforms should significantly improve the insurance landscape over the next few years.



Castle Key wasn’t the first insurance carrier to non-renew policies in Florida and it won’t be the last.

However, you can rest assured knowing that Harry Levine Insurance is on your side.

For more than 40 years, we have counseled Floridians through whatever life throws at them. From home and car insurance to business and life policies, we have the knowledge and resources to provide you with coverage options that best meets your needs.

Call today or visit our website for a free quote.

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