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Press Release

OIR Approves Plan to Provide Seamless Coverage for Anchor Property and Casualty Insurance Company Policyholders
Monday, February 17, 2020

~ 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 Florida.

Policyholders can research homeowners insurance options through the OIR rate comparison tool floir.com/choices or contact the Florida Market Assistance Plan at fmap.org.​



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About the OIR

The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about OIR, please visit our website or follow us on Twitter @FLOIR_comm.

 

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