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2022 Insurance Company Insolvencies
We had an earlier blog post in May regarding the reason for rising insurance rates in the Lowcountry, and one among the many reasons was the number of insurance companies to be declared either Bankrupt or insolvent. So far this year alone we have seen Gulfstream Property and Casualty, St. Johns Insurance Company, Avatar Property and Casualty, Lighthouse Property Insurance Corp, Fed Nat and now Southern Fidelity have all either gone insolvent or are "restructuring". Southern Fidelity has about 69,000 policies between the states of South Carolina, Louisian, and Mississippi and was declared insolvent last week. Southern Fidelity Insurance agreed to an order of liquidation from the Florida Office of Insurance Regulation. As part of the liquidation order, ALL remaining active Southern Fidelity policies will be cancelled effective 12:01 a.m. on 07-15-2022. As of this announcement, there is no indication another carrier will assume the current policies or offer a transition plan. All current Southern Fidelity policies will have to be replaced by 7-15-2022. Conclusion Make sure you reach out to your agent to look for other options if this insolvency affects you to avoid a potential lapse in coverage, which would undoubtedly increase your premiums for some time into the future. Feel free to reach out to GSP Insurance Group if you need help looking for alternative options or have any questions 843.707.4473, email info@gspins.com or visit our website at www.gspins.com.
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Introduction According to the National Oceanic and Atmospheric Administration (NOAA), this hurricane season is expected to be above average with seven to 10 hurricanes. An average year has six hurricanes, three of which are major. Here's what you need to know about hurricane season and your insurance coverage: The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average hurricane season with seven to 10 hurricanes. The National Oceanic and Atmospheric Administration (NOAA) is forecasting an above-average hurricane season with seven to 10 hurricanes. While that may sound worrisome, there’s no need to panic. The NOAA has been predicting an above-average hurricane season for a couple of years now and after taking a deeper look at the data, we think they might be right—at least this year. Let's take a look at why this could be one of those years where we see more hurricanes than usual. First off, they're expecting seven to 10 hurricanes this year and 45% chance of an above-average hurricane season (for reference: last year was considered below average). NOAA’s definition of “above average” is anything over 12 named storms or tropical cyclones (hurricanes), which is exactly what they're forecasting here in 2022. Be prepared for Hurricane Season Have a plan in place. When a hurricane is approaching, you should know where you will go and how you will get there. This can include having a stockpile of supplies such as water and food that you have purchased ahead of time; gas or other fuel so that your car will be ready to evacuate if needed; maps of the area with evacuation routes marked clearly; and any special medications that may need to be taken during an evacuation (or stored safely in a waterproof container). If there are elderly family members or others who cannot evacuate on their own, then someone else must stay behind to assist them until help arrives. If possible, have your family meet at the same location so that everyone knows where they need to go in case, they become separated from one another while trying not only survive but also recover from any damage caused by Hurricane Season. Conclusion It’s imperative to take the time now to prepare your home and family for tropical storms and hurricanes. In addition, it’s a good idea to review your insurance coverage with your agent to make sure you have the right amount of protection before a storm strikes. AuthorTyler Grizzle is a founder and Partner at GSP Insurance Group. IntroductionLife has lots of surprises—some good, some bad, and some downright disastrous. Whether you're a renter or a homeowner, the right insurance can help keep the bad ones from being tragic. Even if you live in the safest neighborhood in town or drive the most reliable car on the road, damage to a property and its contents can be devastating without adequate insurance coverage. The same goes for liability suits against you or your family as a result of bodily injuries to others or even damage to their property caused by an accident on your premises. In other words: Don't take chances with your home and auto insurance policies!
Save money by getting auto and home insurance quotes from several top companiesTo get the best deal, we recommend that you get quotes from several top companies. You can use our tool to see how much you’ll pay for car or home insurance in your state. We’ll connect you with major carriers so that you can compare rates and find the right fit for your needs. There are many factors that affect how much it costs to insure a car or a home, including:
Using this tool is easy! Just enter your zip code and the details of your vehicle and/or home into the fields below. Then click "Get Quotes" button below. You will receive instant quotes from several different insurers that offer coverage in your area. We also have a blog with useful information about auto and homeowners’ insurance as well as a tool that can help you find out if you qualify for any local discounts on these policies. Conclusion: Well, that’s it for this guide to home and car insurance comparison! We hope that you now have a better understanding of these two types of insurance policies, how they are different from each other, what they each cover, etc. By following the tips provided in this article you should be able to find an affordable policy that offers the right coverage for your needs! You can reach us at or 843.707.4473 or 833.414.3040 or email us at info@gspins.com. GSP Insurance Group is headquartered in Bluffton, South Carolina (near Hilton Head & Beaufort) and serve clients in Georgia and South Carolina. |
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