In the realm of homeownership, understanding the tactics employed by home insurance claim adjusters is of paramount importance. These professionals, savvy in their field, often employ strategies that can leave the unprepared homeowner at a disadvantage. Particularly in the state of Florida, where the climate can lead to a multitude of home-related issues, it is vital to be aware of these tactics. This knowledge equips homeowners with the power to navigate the claims process effectively and on fair terms.

At Herman & Wells, we are committed to empowering you with this crucial understanding. If you’re dealing with a home insurance claim, don’t hesitate to contact us – let our expertise be your guiding compass.

A Floridian involved in a motorcycle accident fills out their injury claim form.

The Cliff Notes: Key Takeaways From This Post

  • 1
    Florida is facing an insurance insolvency problem, with four insurers declaring bankruptcy since February.
  • 2
    Florida residents should take measures to prepare for the possibility of further insurance bankruptcies.
  • 3
    Policyholders need to submit a Proof of Loss form to FIGA—Florida’s Department of Financial Services—in order to file a claim.
  • 4
    Coverage by the guaranty association is limited to $300,000 per policy.
  • 5
    Information regarding insolvent insurers can be found on FIGA’s website.
  • 6
    Claims must be filed within 90 days of the date of the insurance company’s bankruptcy in order for benefits to be paid out.
  • 7
    Certain claims are not covered by FIGA, such as punitive damages or those that arise from fraudulently obtained policies.
  • 8
    An uninsured loss may be able to be recovered through the Uninsured Loss Recovery Trust Fund.
  • 9
    An insurance dispute lawyer can help if your insurance company goes bankrupt or you are having difficulty filing a claim.

Insurance Insolvency in Florida: An Alarming Situation

Florida is currently facing an insurance insolvency problem. This means that the Florida insurance industry is not able to meet its financial obligations and is at risk of going bankrupt. it was recently reported that Southern Fidelity announced bankruptcy, leaving nearly 80,000 Florida homeowners without insurance. Since February, the Tallahassee-based firm has been the fourth insurer to declare bankruptcy. There are a few reasons for this, including the recent hurricanes that have hit Florida. This is a major concern for Florida residents, as it could mean that they will not be able to get the insurance coverage they need in the event of another hurricane. It could also mean that those who have already filed claims following a hurricane will not be paid.

The Florida government is currently working on a solution to this problem, but it is not clear yet what that solution will be. In the meantime, Florida residents should keep a close eye on the situation and make sure they are prepared in case the insurance industry does go bankrupt.

Do You Have a Claim With an Insurance Company That Went Bankrupt?

Since so many insurance companies in Florida are going bankrupt, it is crucial that you know how this could affect you, your policy, and any future insurance claims.

What Can Florida Policyholders Do In This Situation?

If an insurance company is unable to pay out claims to their policyholders, the state guaranty association and fund will take over. The policies of the insolvent insurer will either be transferred to another insurance company or coverage will be continued by the guaranty association itself. Therefore, it is crucial for policyholders to keep up with their premium payments if their insurer has been taken over by the state.

Process for Contacting FIGA If Your Insurance Provider Is Insolvent

If you have a policy with an insurance company that becomes insolvent, there are a few steps you will need to take in order to file a claim. In order to file a claim with FIGA, you will need to submit a Proof of Loss form. This form can be obtained from your insurance agent or Florida’s Department of Financial Services. Once you have completed the form, you will need to send it to FIGA along with a copy of your insurance policy and any other supporting documentation.

FIGA will then review your claim and determine whether or not you are eligible for coverage. If you have a covered claim, you will need to submit a proof of loss form to FIGA within 90 days of the date of the insurance company’s bankruptcy. Once your claim is approved, FIGA will send you a check for the covered amount.

It is important to note that FIGA does not cover any losses that are not specifically listed in your insurance policy. Additionally, FIGA’s coverage is limited to $300,000 per policy. If your losses exceed this amount, you will need to seek compensation from other sources.

Important Information To Gather From The Insolvency Section on FIGA’s Website

You may discover not just which insurance companies have gone bankrupt but also the receiver for their firm, liquidation dates, important claim deadlines, and other data on the Insolvencies section of FIGA’s website.