Navigating Through the Storm: Expert Guidance for South Florida Families on Bankrupt Insurance Claims

By: fullhouse January 2, 2024 2:07 am

Navigating Through the Storm: Expert Guidance for South Florida Families on Bankrupt Insurance Claims

When South Florida families are hit by storms, the aftermath, and the challenge of claiming insurance can be as daunting as the weather event itself. Navigating bankrupt insurance claims is especially complex, yet it is a crucial step in rebuilding lives and homes. This is where we, Full House Public Adjusters, come into play. Our role is to guide families through the often convoluted claim process when an insurer becomes insolvent, ensuring they have professional support every step of the way.

Our expertise lies in understanding the challenges policyholders face, including working with the Florida Insurance Guaranty Association (FIGA) when an insurer cannot fulfill its obligations. With our help, families can confidently address the hurdles of the claims process, from initial filing to final settlement.

In Florida, while only about 9% of homeowner property claims across the country are submitted, a staggering 79% of property claim lawsuits are filed in the state. This resulted in insurance companies spending over $3 billion in 2019 just on legal expenses to combat these lawsuits. These costs are inevitably transferred to homeowners, leading to increased expenses.

Key Takeaways

Overview of the Current Situation in South Florida Regarding Bankrupt Insurance Companies

In recent years, our region has seen a troubling rise in the number of insurance companies declaring bankruptcy. These are often smaller, local firms specializing in home insurance policies that have found themselves unable to cover the surge of claims following natural disasters. The reality in South Florida is that this leaves many policyholders in a precarious situation; although they’ve consistently paid premiums, they now face the possibility of losing their coverage when they need it most.

Explanation of the Emotional and Financial Impact on Families

The collapse of an insurance company is more than a financial setback; it creates a ripple effect of stress and uncertainty for families. Without the expected support from their insurers, homeowners are often left with the daunting task of repairing property damage out-of-pocket. This challenge is intensified by the fact that, for many, their homes are their largest investment. The anxiety of losing not only one’s home but also financial stability can take a considerable emotional toll on individuals and their loved ones.

Florida Insurance Guaranty Association and Its Role

It’s important to note the Florida Insurance Guaranty Association (FIGA) and its role in providing a level of protection for policyholders of insolvent insurance companies. FIGA steps in to cover outstanding claims, up to a certain limit, ensuring that not all is lost for the insured.

 However, this safety net has its bounds, and the coverage provided may not fully match the original policy’s terms. Therefore, awareness and understanding of FIGA’s mechanisms are essential for affected families navigating these turbulent times.

Since early 2020, approximately a dozen insurance companies have either become insolvent or exited the market. In this year alone, at least six companies have ceased operations

The Role of Full House Public Adjusters

At Full House Public Adjusters, we specialize in navigating the complex landscape of South Florida’s insurance claims process, particularly when it comes to handling claims with bankrupt insurers. Our expertise allows us to effectively advocate for families, ensuring they receive the settlement they deserve.

Services and Expertise Offered by Full House Public Adjusters

Our public adjusters bring a comprehensive suite of services to the table. We meticulously analyze insurance policies to truly understand coverage details, and we’re adept at optimizing coverage to best suit the individual needs of our clients.

When it comes to claims, we excel in the claims process, from initial damage assessment to the final settlement. Our detailed understanding of the intricacies of the insurance world ensures that we can navigate even the most challenging claims, including those involving bankrupt insurers.

How a Public Adjuster Can Advocate for Families in These Situations?

Our role is to ensure families are not left at a disadvantage during the claims process. As your public adjuster, we take charge by handling all documentation and communication with the insurance company. This advocacy is critical, especially when insurance providers are experiencing bankruptcy and may not be as responsive or cooperative. We negotiate tirelessly on your behalf to secure a fair settlement that reflects the true impact and cost of your damages.

The Claim Process with an Insolvent Insurer

When facing an insolvent insurer, policyholders must navigate a claim process that’s markedly different from standard procedures. We’ll guide you through each step to ensure that you seek a fair settlement for your losses. Full House Public Adjusters will stand beside you, providing professional guidance to enhance your chance of receiving maximum compensation.

Step-by-Step Guide on What to Do When Your Insurer Goes Bankrupt

Step-by-Step Guide on What to Do When Your Insurer Goes Bankrupt

  1. Identify the Regulator: Determine which state insurance regulator has taken over the failed company.
  2. Proof of Claim Submission: Fill out a Proof of Claim form with thorough documentation of your losses.
  3. Review the Policy: Analyze your insurance policy for coverage details that will be pertinent in your claim.

Full House Public Adjusters will provide assistance by:

  • Liaising with regulators to stay informed about the status of your claim.
  • Helping compile and submit detailed documentation of losses.
  • Examining the policy terms to gauge the coverage of your claim.

How Full House Public Adjusters Can Assist in Each Step

  • Navigating the Claims Process: Our team simplifies this complicated journey, making sure every detail is addressed.
  • Advocating for Policyholders: We represent your interests vigorously, aiming for the fullest compensation allowable under the law.
  • Strategic Negotiations: Our adjusters bring seasoned negotiation skills to the table, a crucial factor in bankruptcy proceedings.

In each step, our expertise shines through as we strive to avoid potential pitfalls and pursue a fair settlement on your behalf. We ensure all documentation is meticulously reviewed and prepared, while pre-emptively tackling issues that might arise during negotiations.

Importance of Professional Guidance in Navigating the Complexities

Expertise matters. Bankrupt insurance claims are fraught with complexities that require an in-depth understanding not just of the claims process, but also of insolvency law.

By engaging with Full House Public Adjusters, you’re equipped with a team that:

  • Understands the intricacies of the system and utilizes this knowledge for your advantage.
  • Maintains a network of relevant contacts which can be crucial for negotiating a fair settlement.
  • Employs strategic insights to ensure policyholders are positioned for the best possible compensation outcome.

Bear in mind that the goal is to achieve the maximum compensation despite the financial difficulties of the insurer, and professional guidance is vital in making this a reality.

Working with FIGA- How FIGA Fits into the Claim Process?

When a Florida insurer goes bankrupt, the Florida Insurance Guaranty Association (FIGA) steps in.

FIGA acts as a safety net for policyholders of insolvent insurance companies, covering specific lines of business including property and auto insurance.

When an insurance company is liquidated, FIGA is responsible for settling covered claims up to certain limits, ensuring that families aren’t left unprotected. It’s vital to submit claims and documentation promptly, as FIGA will only cover claims filed within the specified deadline after an insurer’s liquidation.

How Full House Public Adjusters Can Help Ensure Compliance with FIGA Requirements?

Our team at Full House Public Adjusters excels in managing documentation and communication with FIGA. We can review your insurance policy to determine coverage eligibility, aid in the detailed inventory of losses, and ensure all claim filing requirements are met. Adherence to FIGA’s guidelines is critical, and we help streamline the process to maximize your potential settlement.

Tips for Families to Understand Their Rights and What to Expect

Comprehensive Policy Review: Take the time to thoroughly review and understand your insurance policy. This includes knowing what types of damage and incidents are covered, as well as any coverage limits and exclusions. Familiarize yourself with terms and conditions to ensure you’re aware of what your policy entails and your entitlements in case of a claim.

Meticulous Record-Keeping: Maintain a detailed and organized record of all damages, repairs, and related expenses. This should include photographs of the damage, receipts for any repair work or replacements, and a log of all communications related to your claim. Keeping these records comprehensive and up-to-date will support your claim and help avoid potential disputes.

Active Communication: Regularly communicate with both the Florida Insurance Guaranty Association (FIGA) and your public adjusters at Full House. This ensures you are always informed about the progress of your claim and any required actions on your part. Prompt responses to their inquiries and providing necessary documentation swiftly can help expedite your claim process.

Realistic Settlement Expectations: Understand that FIGA may have maximum payout limits which might not fully match the amount of your original policy. Be prepared for this possibility and manage your expectations accordingly. It’s important to know the financial limits of the compensation you can receive and plan your recovery strategy with this in mind. If necessary, discuss with your public adjuster how to maximize your claim within these constraints.

Why Choose Full House Public Adjusters

Why Choose Full House Public Adjusters

When you’re facing property damage, choosing Full House Public Adjusters means you’re opting for a partner who brings expertise, integrity, and commitment to every case.


 With years of experience in handling a myriad of claims—from water damage and mold to the devastation caused by fires and hurricanes—we’re fully equipped to ensure that your claim is accurately represented. Our team excels in identifying evidence that maximizes claim benefits. For example, we are adept at spotting exclusions in policies that could be detrimental to your case.

Specialized Knowledge:

We understand the ins and outs of natural disasters, including the nuances of damages such as smoke and fire damage. Our thorough estimates consider the reality of damage to properties, including additional living expenses and business interruption costs that are commonly overlooked.

Integrity & Empathy:

We handle each case with the utmost integrity and empathy. When disaster strikes, we stand by you, ensuring that your claim covers all forms of property damage, including wind damage and vandalism.

Licensed Professionals:

Our team consists of licensed professionals who not only advocate for you but also bring a level of detailed care to the process. We always aim to uphold our reputation as an ethical and client-focused firm.


In our role as experienced public adjusters, we withstand the complexities of the insurance claim landscape to shield South Florida families from the financial squalls that follow catastrophic events. We stand by our clients through every phase of the claims process, ensuring that coverage details are clearly understood and maximally leveraged for the benefit of policyholders.

Our chief goal is to negotiate a fair settlement, one that reflects the true scope of the damage sustained. Remember, we navigate the complexities of the claims process as your ally. With us, families can expect a steadfast partner—diligent in pursuit of the compensation they rightfully deserve. By entrusting Full House Public Adjusters with your claim, rest assured that our expertise is your gain.

Full House Public Adjusters: Turning Adversity into Assurance

At Full House Public Adjusters, we understand that property damage can be more than just physical—it’s personal. Dealing with the aftermath of a storm, fire, or water damage is stressful enough without the added burden of insurance claims.

That’s where we step in. Our expertise lies in not only managing but mastering the claims process for you. We champion your cause, ensuring you receive the settlement you deserve.

Don’t let a disaster destroy your peace of mind. With Full House Public Adjusters, claim the support and success you need. Discover how we can assist you at Full House Public Adjusters.

Frequently Asked Questions

Frequently Asked Questions

What are the legal limits on public adjuster fees in the State of Florida?

In Florida, we ensure compliance with legal statutes that cap public adjuster fees at 20% of the claim payout for standard claims, and 10% for declared state of emergency claims. These caps protect homeowners from excessive charges.

In what ways can a public adjuster reduce overall costs in the insurance claim process?

By meticulously evaluating and documenting damages, we can identify costs that might be overlooked, ensuring a comprehensive claim. This attention to detail can prevent future out-of-pocket expenses for undisclosed damages.

Can you describe the role of a public adjuster in the Florida insurance claims process?

Our role involves assessing property damage, preparing claim documentation, and negotiating with insurance companies on behalf of homeowners. We specialize in maximizing claim payouts in a manner that’s equitable and just.

What responsibilities does an insurance adjuster have when dealing with post-hurricane claims?

An insurance adjuster is responsible for investigating the claim, assessing damage, and providing a fair estimation of repair costs, especially after hurricanes, which are common in South Florida. Our responsibility is to ensure claims reflect the true extent of the damage.

How can Full House Public Adjusters assist homeowners with denied or underpaid claims in South Florida?

We rigorously review denied or underpaid claims, searching for inaccuracies or underestimations, and re-negotiate with insurers to obtain a fair settlement for homeowners, reflecting the actual cost of damages incurred.

What steps do public adjusters take to help policyholders with bankrupt insurers?

We guide homeowners through the process of filing a claim with the Florida Insurance Guaranty Association (FIGA) in case of a bankrupt insurer, helping to recover the compensation they’re entitled to within the limits of FIGA’s obligations.