Florida Home Insurance Company Magnolia Has now been placed under State Supervision.
This Process is 120 ays and began on 12/14/2009 after they lost their rating from DemoTech. This loss of a rating will affect mortgage companies since a non A rated carrier is not acceptable by them.We do not know when the mortgage companies will eventually figure this out. As if the Insurance issues are not bad enough already, now this happens and just after State Farm announnced it was going to drop 125K people. Their are several solutions for this problem including another company buying out Magnolia, but time will tell.Insuring your home w/ Magnolia is not safe currently, but Citizens will not accept them unless it qualifies under their normal guidelines which most will not. Please read the full story below or contact us at L & S Insurance for more info.
http://www.insurancejournal.com/news/southeast/2009/12/28/106249.htm
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Actual Cash Value:
You’ll see this term a lot in auto insurance policies or if you ever have to file an auto insurance claim. That’s because most auto insurance coverage reimburses you only for the actual cash value of your car. Your car’s actual cash value is calculated by determining its original value, minus the amount your car has depreciated since you bought it.