On November 18, 2011, HomeWise Insurance Company was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of HomeWise Insurance Company.
HomeWise Insurance Company ("HomeWise") is a property and casualty insurance company located in Tampa, Florida. It was licensed in Florida in 2005. The company was licensed in two states - Florida and Louisiana - and primarily wrote homeowners' insurance coverage.
HomeWise had approximately 77,500 active policies as of October 31, 2011, including 62,500 policies in Florida and 15,000 policies in Louisiana. Prior to the liquidation, the company arranged for these policies to be transitioned to other insurance carriers. Effective November 1, 2011 at 12:01 a.m., all Louisiana policies were assumed by Lighthouse Property Insurance Corporation. At the same date/time, all Florida policies were assumed by Homeowners' Choice Property & Casualty Insurance Company ("Homeowners’ Choice"). Although all Florida policies were assumed by Homeowners' Choice, the policyholders were given the option of opting out of the assumption and remaining with HomeWise. The deadline for opting out is December 7, 2011 at 11:59 p.m. All policyholders were mailed notices from the assuming companies regarding these assumption agreements and any action(s) they needed to take to confirm their continued coverage.
Claims Filing Deadline: Under the liquidation order, the deadline for filing claims in the HomeWise Receivership is 11:59:59 p.m. on November 18, 2012
Information regarding the method for filing claims in the liquidation proceeding will be available on the Receiver’s website at www.myfloridacfo.com/Division/Receiver in the near future. In accordance with Section 631.68, Florida Statutes, the deadline for settling a claim or filing suit against the Florida Insurance Guaranty Association ("FIGA") will be November 18, 2013 (i.e., one year after the Receiver’s claims filing deadline). A different deadline may apply to policyholders in Louisiana based on their state's statutes.
For Property and Casualty Claims of Florida Policyholders: With the entry of the liquidation order, the Florida Insurance Guaranty Association ("FIGA") was activated to help pay outstanding claims for property and casualty policies. 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 in excess of this cap. All claims are subject to a $100 deductible over and above any deductible identified in the HomeWise policy. A policyholder may file a claim in the HomeWise receivership for the $100 deductible, for amounts over the cap, or for other claims not covered by FIGA. The Receiver will provide instructions for filing a claim in the liquidation proceeding. For additional general information regarding FIGA, please visit the guaranty association’s website at www.figafacts.com PLEASE NOTE: Until further notice, consumers with claims questions should continue to contact HomeWise directly for assistance.
Until further notice, consumers with questions regarding HomeWise should visit the company’s website at http://www.homewiseinsco.com/ or contact the company directly as follows:
HomeWise Insurance Company – Direct Contact Information:
General Information: 813-418-5570
Claims (all States): HomeWise Claim Services: 1-866-496-1782
CONTACTING THE RECEIVER:
For non-claims related questions regarding the receivership, consumers are asked to contact the Receiver by using the “Contact Us” form at the Receiver’s website, www.myfloridacfo.com/Division/Receiver, or call the Florida Department of Financial Services, as Receiver, at 1-800-882-3054 (in Florida only) or (850) 413-3081. Copies of the November 18, 2011 Liquidation Order and other relevant information will be available on the Receiver’s website, www.myfloridacfo.com/Division/Receiver in the near future.
Additional Background Information:
HomeWise Insurance Company is an affiliated company of HomeWise Preferred Insurance Company, an insurance company which is also in receivership.