Wednesday, June 18, 2014

Heritage Insurance Company to "Transition" 35,000 policies out of another take out company.


Troubled Florida based Insurance company, Sunshine State Insurance Company, a fledging Florida based Insurance Company that has struck deals with Citizen's Insurance Company to "take out" thousands of policies, is in serious trouble.

What kind of trouble?  Well, there is more here...

https://www.weissratings.com/news/articles/140319-is-it-safe-sunshine-state-insurance-company/


In February, the Florida FLOIR (Florida's Insurance regulatory Agency) took This action, effectively banging the doors shut on Sunshine State.


Insurance companies are organizations that rely on strict accounting of funds.  Things like missing or inadequate financial statements, suspended Ceo's, and so forth are a BIG DEAL.

So what does this mean to the 35,000 or so Florida Sunshine State policyholders?  Well in rides the Calvary in the form of another Florida Based Insurance Company, Heritage Insurance Company.  Below is a blurb that briefly explains what is going on...

CLEARWATER, Fla., June 16, 2014 /PRNewswire/ -- Heritage Insurance Holdings, Inc. HRTG +2.26%announced that on June 13, 2014, it received a court order to  transition approximately 35,000 policies of Sunshine State Property & Casualty Insurance Company ("SSIC") which is in liquidation.


If you are insured now with Sunshine State, very soon you will be receiving paperwork from Heritage Insurance Company 'transitioning" your policy over to them.

Welcome to Florida, home of the most convulted homeowner insurance market in the Country.



about the author:  Greg Bauknight is president of Bauknight Agencies, with office in both pasco (Bauknight Insurance (727) 863-5641 and Hernando (352)-686-06. For more information you can call their office at either location or visit their website at www.bauknightinsurance.com



Wednesday, June 4, 2014

Citizen's property & casualty Insurance Company current homeowner and Dwelling fire sinkhole guidelines.

Florida residents with Citizens Homeowner Insurance or those that wish to purchase homeowner Insurance throught Citizens may wish to familiarize themselves with Citizens current stance on sinkhole coverage and cataststrophic ground collapse.


From Citizen's website as of 6/3/2014:


"Sinkhole Coverage and Claims
Citizens offers Sinkhole Loss coverage as an optional endorsement for Homeowners 3 - Special Form (CIT HO-3), Homeowners 8 - Modified Coverage Form (CIT HO-8) policies, and Dwelling Property 1 - Basic Form (CIT DP-1) and Dwelling Property 3 - Special Form (CIT DP-3) policies with Building coverage. Tenant contents, condominium and mobile home policies automatically include Sinkhole Loss coverage.

Sinkhole Loss coverage protects homeowners from structural damage to their home resulting from confirmed sinkhole activity. Sinkhole Loss coverage is different from Catastrophic Ground Cover Collapse coverage, which automatically is included in most Citizens policies. Catastrophic Ground Cover Collapse coverage applies only when geological activity results in all of the following conditions:

Abrupt collapse of ground cover
A depression in the ground cover that is clearly visible to the naked eye
Structural damage to the building, including the foundation
Condemnation of the structure and order by government authorities that it be vacated

Since 2006, more than 15,000 sinkhole-related claims have been reported to Citizens. To protect our policyholders from the rising costs of Sinkhole Loss coverage, Citizens requires sinkhole inspections when policyholders add Sinkhole Loss coverage to their policy if the covered building is located in one of 16 sinkhole-prone counties or if the coverage application indicates that there have been prior sinkhole claims or activity on the property.

The cost of sinkhole inspections is split evenly between Citizens and the policyholder. Upon completion of the inspection, Citizens' underwriting team will review the results and issue a decision on eligibility for Sinkhole Loss coverage. Policies that do not qualify for Sinkhole Loss coverage still may be eligible for regular Citizens coverage, which includes coverage for catastrophic ground cover collapse.

For more information, call Bauknight Insurance in hudson at 727-863-5641 or Bauknight Insurance of Hernando in Spring Hill, FL at 352-686-0612 or visit our website at www.bauknightinsurance.com



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https://www.facebook.com/pages/Bauknight-Insurance-Bauknight-Insurance-of-Hernando/184282244962974


 call us in Hudson at 727-863-5641, Spring Hill, Florida at 352-686-0612.

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Or, visit our website at www.bauknightinsurance.com