The Florida Insurance Guaranty Association (FIGA) Board of Directors recently made the decision to borrow $150 Million after five property insurers have gone insolvent in Florida since February.

FIGA, is a non-profit organization set up by the state to help address insurance insolvencies and to payout claims after insurers go insolvent. It has authority to levy “assessments,” which are costs passed on to insurance policyholders.

FIGA already has in place a 1.3 percent assessment and a 0.7 percent assessment because of insolvencies. The plan approved Friday will lead to the 0.7 percent assessment being extended through 2023 to finance the loan.

FIGA executive director Corey Neal said at the board meeting on Friday that the loan was needed primarily to cover claims from the bankruptcy of Southern Fidelity Insurance, which became trustee in June.

Another property and casualty insurer that has filed for bankruptcy since February is Weston Property and Casualty Insurance Co. Lighthouse Property Insurance Corp., Avatar Property & Casualty Insurance Co., St. Johns Insurance Co.

 

Are you a victim of property insurance abuse? Is your insurance company denying, delaying, or low balling your property damage claim? Then call The Consumer law Office (CLO)!  

CLO is a client-centric law firm that is committed to delivering excellent customer service. Our Property Damage Attorneys fight insurance companies on behalf of our residential and commercial policyholders, contractors, mitigation companies, and public adjusters, to get the relief they are entitled to.

CLO has helped numerous home and business owners successfully recover the compensation they deserve.

Call CLO  305-940-0924 and ask for Attorney Mordechai Breier, Founder of CLO. Mordechai will provide you with a FREE PROPERTY DAMAGE CLAIM CONSULTATION.

Mordechai is on your side and will bring you peace of mind and will fight on your behalf to see that YOU get the full benefits that YOU are entitled to under your insurance policy.

305-940-0924

Visit https://consumerlawoffice.com/

There are NO upfront fees AND we only get paid when you get paid by the insurance company.

Your insurance company has the resources to hire experts to protect their interests; your representation should be no different.