Another Florida insurer folds: HomeWise in Tampa

HomeWise Insurance, which merged with First Home Insurance in June, is going out of business and its policies will be transferred to Homeowner’s Choice Property & Casualty Insurance, a third Florida-based insurer.

A Leon County court ordered Tampa-based HomeWise to fold just over a week ago, according to the state's Division of Rehabilitation and Liquidation.

Earlier this year, the insurer had more than 76,000 policies in the state, including about 28,000 in Broward, Palm Beach and Miami-Dade counties.

In August, it lost its financial health rating, sending some policyholders scrambling for coverage because most mortgage lenders require insurance from a rated company.

The insurer had about 62,500 policies in Florida as of last month, according to Professional Insurance Agents of Florida. The remaining policies will be canceled by Dec. 18.

Policyholders with claims for damage that happened before Nov. 1, should contact HomeWise with questions at 866-496-1782, according to the state. The Florida insurance Guaranty Association, a state fund that handles claims of defunct insurers, will take over those claims.

For claims for damage that happened on or after Nov. 1, policyholders can contact Homeowners' Choice at 866-324-3138. The status of those claims can be checked by calling 877-235-5076.

Policyholders with other questions can call HomeWise's main customer service line during regular business hours at 813-202-8600.

Since 2006, eight property insurance companies have gone under in Florida.

 

The author of this article is: Julie Patel 

 See the original post at: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/11/another_florida_insurer_folds.html

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