{"id":21679,"date":"2022-04-12T14:17:27","date_gmt":"2022-04-12T18:17:27","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=21679"},"modified":"2022-04-12T14:17:33","modified_gmt":"2022-04-12T18:17:33","slug":"florida-property-insurance-company-goes-under-leaving-policyholders-scrambling-to-find-coverage","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2022\/04\/12\/florida-property-insurance-company-goes-under-leaving-policyholders-scrambling-to-find-coverage\/","title":{"rendered":"Florida property insurance company goes under leaving policyholders scrambling to find coverage"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Just this year, two Florida property insurance companies are liquidating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Florida&#8217;s already shrinking property insurance market is about to get a little smaller, with fewer options for homeowners to insure their homes.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" src=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/avatar.jpg\" alt=\"\" class=\"wp-image-21680\" width=\"272\" height=\"272\" srcset=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/avatar.jpg 200w, https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/avatar-150x150.jpg 150w\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">State regulators ordered the liquidation of Avatar on March 14.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avatar told its policyholders their policies would be canceled by April 13.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what about policyholders who filed claims before Avatar defaulted?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avatar&#8217;s website says their account with Bank of America is frozen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company also says info about uncashed claims will go to the Florida Insurance Guarantee Association.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"266\" height=\"190\" sizes=\"auto, (max-width: 266px) 100vw, 266px\" src=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/Florida-Insurance-Guarantee-Association.jpg\" alt=\"\" class=\"wp-image-21682\"\/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The association typically handles claim payments in situations like these.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avatar is the second Florida property insurance company this year that couldn&#8217;t pay its debts.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"325\" height=\"155\" sizes=\"auto, (max-width: 325px) 100vw, 325px\" src=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/Saint-Johns-Insurance-Company.png\" alt=\"\" class=\"wp-image-21681\" srcset=\"https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/Saint-Johns-Insurance-Company.png 325w, https:\/\/lakelandgazette.info\/news\/wp-content\/uploads\/2022\/04\/Saint-Johns-Insurance-Company-300x143.png 300w\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The state ordered Saint John&#8217;s Insurance Company into liquidation in February.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since 2017, we have found out that a total of six Florida property insurance companies have gone into receivership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Insurance Information Institute&#8217;s Mark Friedlander said it&#8217;s possible that the list could grow by the start of hurricane season.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We&#8217;re being told there are potentially five or six other insurers that are heading towards receivership based on their current financial situation,&#8221; Friedlander said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Roof replacements and litigation have impacted a lot of companies who either pass those rising costs on to their policyholders or stop operating in the state.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If someone is concerned about the financial health of an insurance company, they can ask their agent for the company&#8217;s financial report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just this year, two Florida property insurance companies are liquidating. Florida&#8217;s already shrinking property insurance market is about to get a little smaller, with fewer options for homeowners to insure&hellip; <\/p>\n","protected":false},"author":1,"featured_media":21680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[17],"tags":[2700],"class_list":["post-21679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional-and-world-news","tag-florida-property-insurance-company-goes-under-leaving-policyholders-scrambling-to-find-coverage"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/21679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=21679"}],"version-history":[{"count":0,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/21679\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/21680"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=21679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=21679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=21679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}