Heritage Insurance Holdings announced that it reached an agreement to offer coverage for the policies of Sunshine State Property & Casualty Insurance Company, pending court approval. If approved by the court, the policies will be offered coverage by Heritage’s wholly-owned subsidiary, Heritage Property & Casualty Insurance Company.
On June 3, 2014, SSIC was placed into receivership and a court-ordered its liquidation. SSIC has approximately $60 million in premium on 35,000 policies covering homes, condominiums and commercial residential buildings. Under the terms of the agreement, Heritage will have the right to offer coverage to all policies on or before June 27, 2014 and issue bridge coverage until the policy renews. All policies issued by Heritage will use SSIC’s current rates and forms during the transition period. Upon renewal, SSIC policies will receive the lower of SSIC’s rates or Heritage’s rates and many consumers will receive rate decreases.
The Florida Insurance Guaranty Association (“FIGA”) is required to collect a $100 deductible to all SSIC policyholders.
Source: Heritage Insurance Holdings, Inc.
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