Avatar Property and Casualty Insurance Company Ordered into Liquidation on March 14, 2022

Avatar Property and Casualty Insurance Company Ordered into Liquidation on March 14, 2022

Avatar Property and Casualty Insurance Company Ordered into Liquidation on March 14, 2022

On March 14, 2022 Avatar Property and Casualty Insurance Company ("Avatar") was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida.  The Florida Department of Financial Services ("Department") is the court appointed Receiver of Avatar. A copy of the liquidation order for Avatar is available on the Department's website, www.myfloridacfo.com/division/receiver.

With the entry of the liquidation order, the Florida Insurance Guaranty Association (“FIGA”) was activated to respond to and oversee the liquidation proceedings of Avatar.

If you are currently a Avatar Property and Casualty Insurance Company Policyholder, make note of the following:

  • Avatar's insurance policies are cancelled effective 12:01 a.m. on April 13, 2022, unless otherwise terminated prior to that date.
  • Your current agent was made aware of the liquidation on March 15, 2022 and they were instructed by the Florida Department of Financial Services to work hard to find replacement coverage for you in the private market.
  • If your agent cannot find replacement coverage for you in the private market, Citizens Property Insurance Company ("Citizens") may be able to provide you with a guaranteed offer of coverage.
  • The Florida Insurance Guaranty Association ("FIGA") is designed to offer protections for policyholders insured by an insolvent insurer who is/was authorized and admitted by the Florida Department of Financial Services prior to insolvency. FIGA will help pay outstanding claims for Avatar policies as well as issue unearned premium refunds to policyholders who have pre-paid portions of their insurance premiums.  
    • The processing and payment of pending covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA's maximum cap).  The maximum amount FIGA will cover is $300,000, with special limits applying to (1) damages to structure and contents on homeowners' claims and (2) condominium and homeowners' association claims.  For damages to structure and contents on homeowners' claims, the FIGA cap is an additional $200,000.  For condominium and homeowners' association claims the cap will be $100,000 multiplied by the number of units in the association. No claim will be paid more than this cap.   All claims are subject to a $100 statutory deductible over and above any deductible identified in the Avatar policy.  FIGA will not pay any claims occurring after the cancellation of your policy.
    • FIGA  will pay covered unearned premium claims after the Florida Department of Financial Services  completes its processing of the policy records and sends the unearned premium records to FIGA. 
  • If you have further questions regarding the insolvency of Avatar Property & Casualty Insurance Company, please refer to the numbers posted below and reach out to the appropriate department for assistance:
    • Avatar Customer Service: 1-877-233-3238 or 404-465-2814
    • Florida Department of Financial Services: 1-800-882-3054 OR 1-850-413-3081
    • Citizens Property Insurance Corporation: 1-888-685-1555
    • Current clients of Evolve Insurance: 941-244-2760

RELATED: Florida Legislature leaves without addressing property insurance crisis

This is never good news for a Florida resident to hear right before Hurricane Season. Fortunately our agency is prepared and can offer you a quote to replace your current coverage issued by Avatar Property and Casualty Insurance Company. Our agency has relationships with multiple admitted and authorized insurance carriers who are financially stable and ready to provide you with the peace of mind you need and deserve. To stay covered and protected, start by visiting us online at evolveins.com or call our office at 941-244-2760 and ask to speak with an agent today.

Thank You, David Kronk
Principal Agent, Evolve Insurance Agency