Thousands of FL Homeowners Must Find New Insurance by Nov. 1
The dissolution of Florida Specialty Insurance Co. is leaving thousands of homeowners in South Florida scrambling to find insurance coverage. The company was ordered into receivership “for purposes of liquidation” by a Leon County Circuit Court on Oct. 2 for allowing its surplus to fall below the state’s minimum threshold, among other issues. The Florida Department of Financial Services was appointed as receiver.
As of June 30, the company had 93,770 policies statewide, including 35,804 multiperil, dwelling/fire, and wind-only mobile home policies, according to a database maintained by the Florida Office of Insurance Regulation. State insurance regulators sought the dissolution after saying they found irregularities.
“While we never want to see an insurer go into receivership, the good news is that we have a safety net in place to protect consumers,” said Florida Insurance Commissioner David Altmaier.