Nationwide Insurance Co. of Florida plans to reduce its personal lines property exposure in the state of Florida by nonrenewing 60,000 homeowners policies across the state.

Auto, Commercial, Boat, and Financial Products are not being cancelled as part of this action. 

Nationwide said that Tower Hill Group, a Florida based homeowners insurance company, has agreed to consider writing many of the dropped policies.

Nationwide's nonrenewals are scheduled to start in July 2010 and would not affect any customers during the 2009 hurricane season.

The Florida Office of Insurance Regulation (OIR) confirmed that the insurer has filed its nonrenewal plan with the state as required by law.

While Tower Hill Insurance Group has agreed to assume the policies, policyholders will have a choice whether to insure with Tower Hill or seek another insurer.

The Tower Hill Group includes Tower Hill Select Insurance Co., Tower Hill Prime Insurance Co., Tower Hill Preferred Insurance Co., Omega Insurance Co., Hillcrest Insurance Co. and Royal Palm Insurance Co.

After its 60,000 nonrenewals, Nationwide said it will still have more than 275,000 total policies in Florida, including 45,000 personal lines property policies. The others include auto and boat policies.

"This is a difficult business decision, but Nationwide must make tough choices now to make sure they can be here for our customers in the future," the company said in its statement.

If you are being cancelled by Nationwide, please contact us immediatley and will will provide you with an alternative quote.