Evolve Insurance Agency has learned that on May 16, 2022, the Florida Office of Insurance Regulation ("OFFICE") issued a FedNat Holdings Company (parent company of FedNat Insurance Company, Monarch National Insurance Company, and Maison Insurance Company) consent order, outlining a plan to cancel over 68,000 policies with as little as a 45-day notice. FedNat Insurance Company was founded in 1992 and until just a few years ago was listed as the fourth-largest P&C carrier in Florida. It will now stop writing new policies and will move to wind down operations, the consent order notes. Monarch National Insurance Company will continue to operate and will assume FedNat's remaining policies.
FedNat Holdings is the parent company of 3 domestic property and casualty insurers authorized to transact business in the state of Florida (among other states). Monarch National Insurance Company, FedNat Insurance Company, and Maison Insurance Company are all owned and operated by FedNat Holdings Company. Combined, they offer homeowners, condo unit owners, dwelling fire (rental homes), and tenants (renters) insurance policies. FedNat 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.
If you are currently insured with one of these companies, and your policy is one designated to be cancelled, you will soon receive a notice of cancellation by U.S. Mail. FedNat notified the office that it would 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 your insurance company directly:
FedNat Holdings Customer Service: 1-800-293-2532
FedNat website: https://www.fednat.com/
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 before the start of Hurricane Season. With the current homeowners insurance market in chaos, news like this is reaching our desk frequently. Fortunately, our agency is prepared and can offer you a quote to replace your current coverage issued by FedNat, Monarch National, or Maison 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.