All Florida homeowners with policies from Anchor Property and Casualty Insurance Company will be migrated to a new insurance company, the Florida Insurance Commissioner has announced.
According to a recent statement, the commissioner David Altmaier has approved a plan for Homeowners Choice Property and Casualty Insurance Company to provide replacement policies for Anchor policyholders. The plan provides these homeowners guaranteed access to insurance coverage from HCI.
The plan comes after it was announced that Anchor P&C’s rating would be downgraded and that HCI had entered into a preliminary agreement to acquire its policies.
“OIR thoughtfully and carefully reviews these agreements to ensure policyholders are protected. I am committed to ensuring policyholders have continuous coverage throughout this process and have directed insurers to communicate clearly and use every resource to help them navigate this change,” said Altmaier.
All Anchor policyholders will receive a notice from Anchor cancelling their current policy effective April 1, 2020. That cancellation notice will be accompanied by an offer letter and Declarations Page from HCI, outlining their replacement policy, also effective April 1, 2020. The HCI replacement policy will cover the remainder of the original Anchor policy term with identical rates and coverage.
No action will be required from policyholders for the replacement HCI policy to take effect, other than to pay premiums, if any, that may be due. Premiums already paid to Anchor will be transferred to HCI.
Policyholders wishing to decline the replacement policy by HCI should contact their agent by March 31, 2020, to find alternate coverage and request a return of unearned premium.
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