When researching the best policies, we take the time to make sure that we match you with a policy that is reputable and long-lasting. Unfortunately, sometimes insurance companies may be ordered into receivership, which will cause your policy to be terminated. According to Investopedia.com, “receivership is a step in which a trustee is legally appointed to act as the custodian of a company's assets or business operations. Receivership is used to restructure a company and avoid bankruptcy, if possible.”
This is the case for a local company, Florida Specialty Insurance Company. They have released the official statement below.
“Liquidation of Florida Specialty Insurance Company
Effective October 2, 2019, Florida Specialty Insurance Company ("FSIC") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in and for Leon County, Florida. The Florida Department of Financial Services ("Department") is the court-appointed Receiver.
FSIC was a property and casualty insurance company located in Sarasota, Florida. The company was licensed in Florida in 1997 and wrote personal property insurance policies for homeowners, condos, renters, and manufactured homes.
All FSIC policies are canceled effective 12:01 a.m. on November 1, 2019, unless otherwise terminated prior to that date. Policyholders are encouraged to discuss options with their agents as they are best able to advise them as to their insurance options.”
We understand how upsetting it is to receive a message that your policy will be canceled in less than 30 days. Nonetheless, here at Harrell Insurance, we are here to help! We will make it our mission to find you an insurance policy that will meet all of your needs and be as comparable in price as we can find.
Do you have questions on how receivership works and the steps you need to take if this happens to you? Reach out to us, and we will help ensure that you have a homeowner’s insurance policy in effect.