Nationwide to stop writing homeowner's insurance in Florida

The insurer says it will not issue new homeowners' policies, just weeks after it won approval to substantially raise rates. At least seven companies have left Florida or stopped writing policies since hurricanes Charley, Frances, Ivan and Jeanne racked up $22-billion in insured damages. Among them: Safeco Insurance, which told the state last month it would not write new policies and, beginning in 2006, would stop renewing customers. Allstate also has decided not to renew 95,000 policies.