Florida Specialty Insurance Company Liquidation: What You Need to Know
Are you a former Florida Specialty Insurance Company (FSIC) policyholder? Do you have unanswered questions about your coverage? The Florida Office of Insurance Regulation ordered FSIC into liquidation in 2019, leaving many policyholders wondering about their next steps. This article provides essential information to help you navigate this situation and secure your financial future.
Why Did FSIC Go Into Liquidation?
FSIC’s liquidation stemmed from its inability to pay claims due to financial difficulties and insufficient operating funds. As of June 30, 2018, FSIC reported $13.7 million in assets against a staggering $311.6 million in liabilities, making it impossible to fulfill its obligations to policyholders. This unfortunate event followed a trend of insurers exiting the Florida market, particularly those specializing in homeowners coverage. This highlights the importance of choosing a financially stable insurance provider.
What Happens to My Policy?
Following the liquidation, KPMG LLP was appointed as the receiver to manage FSIC’s assets and oversee the claims process. While FSIC can no longer write new policies or renew existing ones, existing claims will be administered according to the policy terms. The Florida Insurance Guaranty Association (FIGA) has been activated to assist in refunding policyholders. If you’re seeking affordable and reliable coverage now, explore options for cheap car insurance under $50 a month.
How Can I Recover My Money?
FIGA will help policyholders recover some of their unearned premiums. You’ll receive a refund minus a $100 statutory deduction. If your unearned premium is less than $100, you’ll be eligible for a refund once sufficient funds become available. Premiums paid by mortgage companies will be refunded directly to the policyholder, not the mortgage company. If you’ve changed your name or address, notify the receiver in writing to ensure your refund is processed correctly.
What Should I Do Now?
Take action immediately to protect your coverage:
Final Words
Don’t let FSIC’s liquidation leave you unprotected. The Florida insurance market offers many alternatives. Secure peace of mind by getting a quote from a reputable insurer now. Compare rates, coverage options, and choose the best policy to fit your needs and budget. Click here to get started and protect your valuable assets today!