What Happens When The Insurance Company Can’t Pay Your Property Claim?
As public adjusters, we typically focus on helping our clients get a fair settlement for their claim based on the insurance policy in place. However, a recent article Yet another costly mistake Florida has made about homeonwers insurance points out that 8 years into a long period of no major storms in Florida, we continue to see some insurance companies going under. When this happens the policies are put under the Florida Assurance Guarantee Association (FIGA) that was created by the State to handles the claims of insolvent property and casualty insurance firms. If you’ve ever had to deal with this as a property owner, you pretty much have to start your claim process all over. All those losses also translate into higher premiums for all of us. The lesson from this? Choose your insurance carrier carefully and beware of these pop-up takeout carriers until they have proven themselves. With election season coming upon us, look to support candidates that favor responsible oversight of insurers to maintain adequate reserves to pay claims. If you have questions regarding any property insurance claim related issues please call 800.321.4488 or contact us to submit a question to one of our public adjuster or insurance claim experts.