Policyholders will have guaranteed access to insurance coverage from
Homeowners Choice Property and Casualty Insurance Company. ~
TALLAHASSEE, Fla. – On
Thursday, February 13, 2020, Florida Insurance Commissioner David Altmaier
signed a Consent Order approving a plan for Homeowners Choice Property and
Casualty Insurance Company (HCI) to provide replacement policies for Anchor
Property and Casualty Insurance Company (Anchor) policyholders. The approved
plan provides policyholders guaranteed access to insurance coverage from HCI.
“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 Insurance
Commissioner David 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.
At the expiration of the replacement
policy, eligible policyholders will have an opportunity to renew their policy
with HCI. If the renewal policy rate or coverage terms differ from their
current policy, HCI will provide policyholders with a notice of change in
policy terms, detailing those changes.
A copy of the Consent Order can be found here.
Letters and notices to policyholders can be found here.
The Consent Order affects approximately 43,000 policies located throughout
can research homeowners insurance options through the OIR rate comparison tool floir.com/choices
or contact the Florida Market Assistance Plan at fmap.org.