Another Florida insurance company declares bankruptcy

Florida's insurance commissioner has declared Weston Property & Casualty Insurance insolvent. This comes days after Demotech withdrew the company's rating.

Demotech on Monday also withdrew financial stability ratings for FedNat Insurance Co. and changed United Property & Casualty Insurance Co.'s rating from "A Exceptional" to "M Moderate," the Associated Press reported.

The move raises concerns for homeowners who could end up paying more for insurance amid the state's ongoing homeowners insurance crisis.

The Associated Press reported that the moves follow reports from last month that said Demotech planned to downgrade anywhere from 17 to 27 insurers from an "A" rating to ratings of either "S," for substantial, or "M."

The Associated Press contributed to this report.