Updating a prior blog post about one (of the several) insurance carriers in Florida that are expected to be downgraded by Demotech, Anchor Property & Casualty Insurance Company (Anchor) was acquired by Homeowners Choice Property and Casualty Insurance Company (HCI). The state of Florida has approved the process of how Anchor policies will transition to Homeowners Choice (HCI).
On or before April 1st, 2020 every Anchor policy will cancel. If the policy was eligible to continue coverage, a replacement HCI policy will take its place with the same coverage, premium, and expiration date. When the expiration date comes, an HCI policy will be offered.
Have you ever heard the expression "buyer beware!"?
The renewal offer may have different coverage limits, different policy language, additional or removed endorsements, and the premium will be at whatever the rates were filed with the state of Florida for HCI. The new policy may have a premium and coverage very different than what was originally purchased through Anchor. This is a good opportunity to review your coverages with your agent. At the time of this post Homeowners Choice was rated A by Demotech for financial stability.
If you would like to see how your Homeowners Choice policy compares with other insurance carriers, click here to get started.