tEAL iNSURANCE mANAGEMENT
United Property and Casualty ( UPC ) has filed a plan with the Florida Office of Insurance Regulation ( OIR ) to withdraw from the state of Florida. The plan calls for an orderly withdrawal meaning policies will be cancelled at renewal beginning January 1, 2002. However, once UPC filed their withdrawal plan, Demotech withdrew their financial rating. This means that insureds with a mortgage may get a letter from their mortgage company requiring them to find new insurance before their renewal or face being force placed by their mortgage company. It is my opinion UPC insureds should begin looking for new insurance now and not wait for their renewal due to the following; 1) the Florida home insurance market is in crisis and it may take some time to find replacement coverage, 2) the new insurance company may require repairs or updates to meet their underwriting requirements, 3) once UPC lost their financial stability rating their ability to pay claims is in question, and 4) force placed insurance is less than attractive from both a coverage and price standpoint. We recommend you reach out to your current agent in addition to shopping the broader market to see what your options are.
Tony Prete, Owner and Managing Agent
Phone: (954) 678-2658
Text: (954) 678-2658