The safety net when a Florida property insurer fails, with caps every policyholder should know.
When a Florida property insurer is ordered liquidated, FIGA assumes its covered claims — the homeowner doesn't chase a bankruptcy estate. The association handled waves of such claims during the market's distressed years; the recent stabilization (new carriers entering, rate filings falling) is the other side of that history.
Statute caps FIGA's payment per covered claim, with distinct treatment for certain categories (like unearned premium). A large loss can exceed the cap — the gap doesn't disappear; it becomes a claim against the insolvent estate with uncertain recovery. Knowing your carrier's financial ratings and the cap structure is prudent, particularly at high dwelling values.
FIGA funds itself through assessments on member insurers, which carriers may recoup via policy surcharges — the 'FIGA assessment' line seen on Florida policies in recent years. Assessment levels change as insolvency costs are paid down; they are set in public orders, not by your carrier.
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