St. Johns Insurance has absorbed 140,000 policyholders.
Florida residents may have heard about the St. Johns Insurance Company’s financial troubles a month ago when it announced it would cease writing new business there. That’s the fifth P/C insurer to belly up in the last three years. Another insurer, Avatar Insurance, announced last week that it would not renew thousands of policies in Florida. In response to these changes, Tampa-based Slide Insurance has stepped in and is now taking over St. Johns’s’s policyholders.
Florida’s Office of Insurance Regulation and Slide Insurance Company declined to comment. The Slide Insurance Company, founded by a former Heritage Insurance executive, will take over St. Johns policies. This means that homeowners won’t have to shop around for new insurance and won’t have to wait for reimbursements from St. Johns. Additionally, Slide is the only property insurer in the state with an excellent financial position and will make the transition seamless for homeowners.
It provides customer service while agents sell individual plans
After almost 20 years, St. Johns Insurance is ending operations, and a new company named Slide will take over as the operating entity for its agents and policyholders. The St. Johns brand will be replaced with the Slide brand on the company’s website, agent portal, and communications. The slide will also start offering a voluntary product very soon.
The new company will be one-quarter the size of Universal and serve about 160,000 policyholders. Demotech’s head says Slide has the potential to save St. Johns, and the Slide CEO, Bruce Lucas, is a former employee of Heritage Insurance. The Florida Insurance Commissioner has written to Slide’s CEO, saying that the company may have saved St. Johns if it had been a smaller, less profitable competitor.
It denies claims if you wait to file.
If you wait too long to file a claim, the insurance company may deny it. Florida has a statute of limitations that applies to property insurance claims. This means you only have a certain number of days to file a claim after a covered incident occurs.
It has a long-standing history.
St. Johns Insurance is a privately held company that offers insurance for homes and condominium complexes. This company primarily serves the Florida area, though it also has branches in South Carolina. This company is highly regarded among financial institutions and is well-known for providing stable access to funds during times of claims. The company sells plans through a network of distributer agents across the state.
The company was founded in 1984 and is owned by the St. James Insurance Group, one of the largest private insurance groups in the South East. The company aims to continue expanding its reach and is committed to maintaining its financial stability. A recent rating by Demotech shows St. Johns has a perfect financial record. This ensures you will not be left with a bill for a large portion of your purchased policy.
It receives mixed reviews.
St. Johns Insurance Company has received mixed reviews from customers. While many have praised the company for its service and low premium prices, some have complained that it hasn’t paid out on all of its claims. In any case, the company is a fast payer of emergency checks and has a reputation for being fair when dealing with claims.
St. Johns Insurance Company is a privately held company specializing in insurance for residential properties and condominium complexes. Its insurance products are sold through independent agents throughout Florida. You can use St. Johns Insurance’s website to find an agent in your area. Once you enter your zip code, an agent will contact you to review your options and price. The company is known for its competitive rates in Florida.