Be wary of unregulated property insurance companies (FL)
There is a dangerous trend in the property insurance market affecting commercial residential condos. Associations are increasingly becoming insured by unregulated or “surplus lines” companies. By doing so, they risk forfeiting consumer protections against excessive rate hikes, reduced coverage levels and good-faith claims handling. They are also left without the back-up protections provided by the Florida Insurance Guarantee Association if the carrier is financially unable to pay claims. Read the article………….
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