Florida Specialty Insurance Company Liquidation: What You Need to Know Now
Understanding the Florida Specialty Insurance Company (FSIC) Situation
In 2019, the Florida Office of Insurance Regulation ordered the Florida Specialty Insurance Company (FSIC) into liquidation. This decision stemmed from FSIC’s inability to meet its financial obligations, including claim payouts, due to a significant gap between its assets and liabilities. The liquidation process, overseen by KPMG LLP as the appointed receiver, aims to manage the remaining assets and address outstanding claims. This situation underscores the volatile nature of the Florida insurance market and highlights the importance of choosing a stable and reliable insurer. Don’t get caught unprepared. Secure your property’s future by exploring robust, dependable coverage options today. For those seeking immediate coverage options, consider exploring other reputable insurers like those detailed in our Florida specialty insurance company review.
- FSIC specialized in non-admitted insurance, commercial property, and auto lines.
- KPMG LLP is managing FSIC’s assets and claims during the liquidation process.
What the Liquidation Means for Policyholders
What the Liquidation Means for Policyholders
If you were a policyholder with FSIC, the Florida Insurance Guaranty Association (FIGA) has been activated to assist with refunds of unearned premiums. While this offers some financial relief, there’s a $100 statutory deduction. Policyholders with unearned gross refunds below $100 won’t receive immediate refunds but may be eligible later if sufficient funds become available. It’s crucial to ensure your contact information is up-to-date with the receiver to facilitate the refund process. This situation highlights the need for proactive insurance management and the importance of understanding your policy details. Compare coverage options, understand claims processes, and make sure you are prepared for the unexpected.
- Contact the receiver if you’ve had a name or address change.
- Understand the $100 statutory deduction from unearned premiums.
Securing Reliable Coverage After FSIC
Securing Reliable Coverage After FSIC
The FSIC liquidation emphasizes the importance of securing coverage with a financially sound and reputable insurer. Don’t let this situation leave you vulnerable. Explore alternative options now to protect your property and ensure peace of mind. Compare quotes, evaluate coverage details, and choose an insurer that meets your specific needs. Take control of your insurance future today. Learn about ACCC insurance and see how it compares to other options for comprehensive coverage.
| Factor | Importance | Your Action |
|---|---|---|
| Financial Stability | Crucial | Research insurer ratings and financial strength. |
| Coverage Options | Essential | Compare policies and choose the right fit for your property. |
| Claims Process | Critical | Understand the claims filing procedure and expected timelines. |
Next Steps for Florida Property Owners
Next Steps for Florida Property Owners
Navigating the Florida insurance market can be complex. Take proactive steps now to secure your future. Compare quotes, research insurers, and gain the confidence of knowing you’re adequately protected. Don’t delay – secure your peace of mind today. Explore reputable Florida specialty insurance companies here.
Final Words
The uncertainty surrounding the Florida Specialty Insurance Company’s liquidation underscores the need for proactive insurance management. Don’t wait for another unexpected event. Secure your property’s future now. Get started with a free quote and compare top-rated insurance providers in Florida.