Hollywood-based Coral Insurance Co., which has about 11,750 homeowners policies in Florida, was placed into receivership Thursday by a Leon County Circuit Court judge. Florida's Department of Financial Services was named as the receiver. Under an agreement with Coral, policyholders with homes valued at under $1 million have the option to get replacement coverage from Security First Insurance Co. while those with homes valued at more than $1 million will have the option of coverage through the MacNeill Group, Inc. Coral stopped writing new coverage in early March and stopped writing renewal coverage after March 29. Florida Chief Financial Officer Alex Sink urged policyholders to contact their agents to discuss options. For coverage issues, policyholders should contact Coral at 1-800-875-8330, option 4. For claim issues, call 1-866-478-2379.
Coral Insurance Co. placed into receivership
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