It doesn’t mean it is permanent, but there is a good likleyhood of this happening.
Are rates going up?
Florida’s four hurricane’s have exceeded the cost of hurricane Andrew. The state of Florida cat fund, coupled with the citizen’s program have taken huge monetary hits. I beleive not only are rates going to increase but also an assesment from the state of Florida to at minimum replenish it’s funds if not make up a deficit.
To simplify matters, I cut and paste this from another article.
“The move essentially gives the state control over the company’s operations as receiver. It does not mean the company will necessarily liquidate, state officials said. If it reaches that point, claims would be paid out of the Florida Insurance Guaranty Association.”
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
It doesn’t mean it is permanent, but there is a good likleyhood of this happening.
Are rates going up?
Florida’s four hurricane’s have exceeded the cost of hurricane Andrew. The state of Florida cat fund, coupled with the citizen’s program have taken huge monetary hits. I beleive not only are rates going to increase but also an assesment from the state of Florida to at minimum replenish it’s funds if not make up a deficit.
Does this mean the company is going belly-up? is it permanent? how long will it last? are rates going to sky rocket?
Now I see Best has given them an R rating.
I assume R is for receivership
To simplify matters, I cut and paste this from another article.
“The move essentially gives the state control over the company’s operations as receiver. It does not mean the company will necessarily liquidate, state officials said. If it reaches that point, claims would be paid out of the Florida Insurance Guaranty Association.”