As a homeowner, you may be aware that United Property and Casualty Insurance Company (UPCIC) was recently placed into receivership by the Florida Office of Insurance Regulation (OIR) due to insolvency. This means that the company is no longer able to pay its claims and policyholders are left wondering what will happen to their pending insurance claims.
Fortunately, in Florida, there is a safety net in place to protect policyholders in the event that their insurance company becomes insolvent. This safety net is called the Florida Insurance Guaranty Association (FIGA).
FIGA is a non-profit organization that was created by the Florida Legislature to protect policyholders when an insurance company is unable to pay its claims due to insolvency. FIGA is funded by assessments on all insurance companies authorized to do business in Florida.
When an insurance company becomes insolvent, FIGA steps in to pay outstanding claims that were not covered by the insolvent company. FIGA’s coverage is limited to certain types of claims and certain dollar amounts. For example, FIGA’s coverage for property damage claims is limited to $300,000 per claim, while its coverage for personal injury claims is limited to $300,000 per claim and $100,000 per policy.
If you have a pending insurance claim with UPCIC, it will likely be transferred to FIGA for processing. This can take anywhere from 30-120 days from the date of insolvency. FIGA will then review your claim and determine if it is covered under their coverage limits. If your claim is covered, FIGA will pay you directly for the covered amount of your claim. However, if your claim exceeds FIGA’s coverage limits, you may need to seek additional coverage from other sources, such as your own insurance policy.
It’s important to note that FIGA’s coverage limits are lower than the coverage limits of many insurance policies, so policyholders may not receive full reimbursement for their claims. However, FIGA is an important safety net that can help policyholders get some relief during a difficult time.
That’s where a public adjuster like Your Claim Hero can help. A public adjuster is a licensed professional who works on behalf of policyholders to help them get the maximum amount of compensation they are entitled to under their insurance policy. While FIGA will review and process your claim, a public adjuster can help you navigate the claims process, gather evidence to support your claim, and negotiate with FIGA to ensure that you receive the full amount of compensation you are entitled to under their coverage limits.
Here are some of the ways a public adjuster can help with claims with FIGA:
1. Review your insurance policy: A public adjuster can review your insurance policy to ensure that you are getting the maximum coverage available to you under your policy and under FIGA’s coverage limits.
2. Document the damage: A public adjuster can document the damage to your property and gather evidence to support your claim. This can include taking photos and videos of the damage, collecting receipts for repairs or replacements, and obtaining estimates from contractors.
3. Prepare and submit your claim: A public adjuster can prepare and submit your claim to FIGA, ensuring that all necessary information is included and that the claim is submitted in a timely manner.
4. Negotiate with FIGA: A public adjuster can negotiate with FIGA on your behalf to ensure that you receive the full amount of compensation you are entitled to under their coverage limits.
5. Provide expert advice: A public adjuster can provide expert advice on the claims process, your insurance policy, and your rights as a policyholder.
In conclusion, if you have a pending insurance claim with FIGA, working with a public adjuster can help you get the maximum amount of compensation you are entitled to under their coverage limits. A public adjuster can help you navigate the claims process, gather evidence to support your claim, and negotiate with FIGA to ensure that you receive the full amount of compensation you are entitled to. As always, it’s important to work with a licensed and experienced public adjuster who understands the claims process and can advocate for your rights as a policyholder.
You can find out more information about UPC’s insolvency at https://figafacts.com/2023/02/27/united-property-casualty-insurance-company/