Just when you thought you were safe from Florida home insurance cancellations, new threats to your Florida home insurance coverage are appearing on the horizon. And these cancellations are happening when Florida home insurance rates are preparing to rise even as we continue to experience a recession.To begin with, the largest private homeowners insurance company in Florida is still moving forward with its planned exit from the state. If that company leaves as planned, over 700,000 Florida home insurance policies will be cancelled.Newer Florida start-up insurance companies are doing selective policy cancellations in certain zip codes when they need to balance their exposure or to comply with the terms of their reinsurance coverage.Many Florida home insurance companies are embarking on ambitious home inspection plans. If those inspections discover risks the companies were not aware of, your Florida home insurance policy could be cancelled. That could include anything from a home in poor condition to one that is missing hurricane shutters.Finally, Florida home insurance rates are starting to increase again - for most those increases will be in the double digit range.If your Florida home insurance policy is cancelled here is what you can do to find new coverage.For starters, don't panic. Florida law requires insurance companies to give you proper notice before cancelling your policy. That will give you adequate time to find new coverage before the 2010 Florida hurricane season.Talk to at least five different independent Florida homeowners insurance agents about your situation. That will give you the best chance of reaching most of the homeowners insurance companies in Florida still taking on new business. While your present home insurance agent in Florida can give you some options, odds are that you won't be given access to all the companies capable of covering your home.Search for homeowners insurance companies that have been willing to cover older homes in Florida. Some companies will not deny your home coverage due to its age if the major systems in your home have been updated.Ask each Florida home insurance agent for companies that are willing to cover homes in coastal counties and those located near the coast. Again some companies will cover your home near the coast if it satisfies their tidal water setback requirements and it has hurricane shutters.Get a quote from as many companies that are interested in covering your home and make sure each quotes has identical coverage.Find out how long each company has been selling Florida home insurance.Research each company's records for customer service and complaints.Ask your agent about the company's risk diversification across Florida and in other states as well. What you are looking for are companies that have spread their risk across a significant number of Florida counties and into other states.Investigate the financial ratings of each company and determine the amount of surplus the company has accumulated to pay claims. If you are considering two different companies that have the same financial rating, select the company that has a larger surplus and more risk diversification.While it is not good news to lose your Florida homeowners insurance coverage, stay calm. Contact several Florida independent insurance agents and obtain all of the information described above. This will give you the best chance of finding a new Florida home insurance company if your policy is cancelled.