Orlando Florida, – Nine property insurers have left Florida and, since last year, six have been placed in receivership due to unpaid claims.
Many consumers are worried about the future of claims, as property insurer United Property and Casualty (UPC) also opted out of the state.
Below are questions and answers for Florida landlords:
Question (Q): My insurance was just canceled by United Property and Casualty. What can I do if I have an ongoing claim with them from the hurricane?
Telemundo answers (TR): In these cases, the Florida Insurance Guaranty Association, known as FIGA, the entity whose state is responsible and liable for the payment and resolution of such claims, will notify you of how your claim will be handled.
They are going to have to take care of all the existing claims. Simply put, there will be no need to reapply for a new application.
If you find yourself in a situation where your policy has been automatically taken over by another insurer, which has happened to about 72,000 UPC consumers since February 3, the new insurer will not process new claims.
TR: What are the next steps for upc insured owners?
By now, people who were previously insured have most likely received a letter stating that the current policy is going to be cancelled. The letter must have a specific cancellation date and from the day you receive the letter you will have 30 days to move your coverage.
You will need to travel quickly to speak to your local insurance agent as the same insurance agent who placed you with ups as your primary policy has been advised that this policy has been cancelled.
P: I do not wish to renew my policy with my current insurer as they have lost my claim. However, I cannot purchase new insurance from another company until my previous claim is settled. What can I do?
TR: If you have an ongoing claim with your current insurance, you cannot get new coverage. No other insurer will issue you a new policy if your current claim has not been settled.
Once this is the case, you will be able to compare new policies and acquire a new one. You don’t have to wait for the expiration period to arrive.
Experts say that if you think your insurer has lost your claim, you should file a new one as soon as possible. The Insurance Information Institute is a good resource where many of your questions can be answered, explained Valezka Gil of Telemundo 31 Responde.