This year alone, two Florida property insurance companies are liquidating. Florida’s already shrinking property insurance market is about to get a little smaller, with fewer options for homeowners to insure their homes. State regulators ordered Avatar to be liquidated on March 14. insured their policies would be canceled by April 13. But what about policyholders who filed claims before Avatar defaulted? Avatar’s website says his account with Bank of America is frozen. The company also says information about uncollected claims will be forwarded to the Florida Insurance Guarantee Association. who could not pay his debts. The state ordered the liquidation of Saint John’s Insurance Company in February. It is possible that this list will grow by the start of the hurricane season. Roof replacements and litigation have impacted many businesses that are passing these rising costs on to their policyholders or ceasing to operate in the state. If someone is concerned about the financial health of an insurance company, they can ask their agent for the company’s financial report. .
This year alone, two property insurance companies in Florida are in liquidation.
The already shrinking property insurance market is about to get a little smaller, with fewer options for homeowners to insure their homes.
State regulators ordered Avatar to be liquidated on March 14.
Avatar told its policyholders that their policies would be canceled by April 13.
But what about policyholders who filed claims before Avatar defaulted?
Avatar’s website says his account with Bank of America is frozen.
The company also says information about uncollected claims will be forwarded to the Florida Insurance Guarantee Association.
The association usually handles claim payments in situations like these.
Avatar is the second property insurance company in Florida this year that could not pay its debts.
The state ordered the liquidation of Saint John’s Insurance Company in February.
Since 2017, WESH 2 investigations have revealed that a total of six property insurance companies in Florida have gone into receivership.
Mark Friedlander of the Insurance Information Institute said that list could grow by the start of hurricane season.
“We’re told there are potentially five or six other insurers headed into receivership due to their current financial situation,” Friedlander said.
Roof replacements and litigation have impacted many businesses that are passing these rising costs on to their policyholders or ceasing to operate in the state.
If someone is concerned about the financial health of an insurance company, they can ask their agent for the company’s financial report.
