Evolve Insurance Agency has learned that on May 6, 2021, the Florida Office of Insurance Regulation ("OFFICE") issued a Universal North America Insurance Company (aka. Universal NA) consent order, outlining a plan to cancel over 13,000 policies with as little as a 45-day notice. As of March 1, 2021, Universal North America had approximately 57,000 policies in force covering risks in the state of Florida. Universal North America also stated that without the authorization to cancel these policies with as little notice as possible, the Company's financial situation would deterioate to an unsustainable level by the end of 2021.
Universal North America Insurance Company is a domestic property and casualty insurer authorized to transact business in the state of Florida and 17 other states. They offer homeowners, condo unit owners, dwelling fire (rental homes), business owners', and tenants (renters) insurance policies. Universal North America 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.
Of these 13,000 plus policies Universal North America intends to cancel, the breakdown is as follows:
- Approximately 9,300 policies are HO3 policies (Homeowners')
- Approximately 3,900 policies are DP3 policies (Dwelling Fire - Rental Home)
If you are currently insured with Universal North America Insurance Company, and your policy is one designated to be cancelled, you will soon receive a notice of cancellation by U.S. Mail. Universal North America 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 Gulfstream Property and Casualty Insurance Company or your agent directly. Please refer to the numbers posted below to reach Gulfstream directly:
Gulfstream Insurance Company Customer Service: 866-458-4262
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 almost weekly - in fact we expect to publish another, similar announcement within the coming days. Fortunately, our agency is prepared and can offer you a quote to replace your current coverage issued by Universal North America 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 280396-21-CO. https://floir.com
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