Evolve Insurance Agency has learned that on April 28, 2021, the Florida Office of Insurance Regulation ("OFFICE") issued a Southern Fidelity approval, outlining a plan to non-renew nearly 2,300 policies with as little as a 45-day notice - and then another 17,000 policies with as little as 120-day notice. This follows similar, earlier, announcements and consent orders outlining other steps taken to preserve the finanical solvency of Southern Fidelity Insurance Company. In September of 2020, Southern Fidelity Insurance Company merged with Capitol Preferred Insurance Company (their sister company at the time) to imrpove it's portfolio and consolidate risk. This was part of a larger, broader restructuring plan designed to remediate the financial condition of Southern Fidelity.
Southern Fidelity Insurance Company is a domestic property and casualty insurer authorized to transact business in the state of Florida. They offer homeowners, condo unit owners, dwelling fire (rental homes), and tenants (renters) insurance policies. Southern Fidelity provided documentation to the OFFICE which reflects that without approval of this plan, the company could not satisy the surplus requirements of Section 624.408, Florida Statutes, nor to complete its long-term restructuring plan.
If you are currently insured with Southern Fidelity Insurance Company, and your policy is one designated to be cancelled, you will soon receive a notice of cancellation by U.S. Mail. Southern Fidelity was ordered to provide at least 45 days’ notice of cancellation, so although you have time, it's important to act quickly.
If you have further questions regarding this, and how it may pertain to your policy, we suggest you contact Southern Fidelity Insurance Company or your agent directly. Please refer to the numbers posted below to reach Southern Fidelity directly:
Southern Fidelity Insurance Company Customer Service: 866-874-7342
Current clients of Evolve Insurance: 941-244-2760 (Looking for a new quote? We'd love to help!) Click here and we'll start on your quote right away!
This is never good news for a Florida resident to hear right at the start of Hurricane Season. With the current homeowners insurance market in chaos, news like this is reaching our desk almost weekly. Fortunately, our agency is prepared and can offer you a quote to replace your current coverage issued by Southern Fidelity Insurance Company. Our agency has relationships with multiple 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.
This information was obtained directly from the Florida Office of Insurance Regulation (FL OIR), OIR Order 280009-21. https://floir.com
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