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Companies will receive credit for any UPC policies that are taken prior to the approval of incentive program applications.

The insolvent Florida-based insurer has some 200,000 policies nationwide, including 30,000 policies in Louisiana.

United Property & Casualty has faced deep financial problems for months, including announcing in August that it would exit Florida's troubled homeowners' insurance market.

The system will also handle complaints against public adjusters, claims of theft by conversion and identity theft.

According to the complaint, the plaintiff's policy does not allow withholding labor as depreciation.

Funding for the program comes as the state faces one of its toughest home insurance markets in decades.

Insurance reforms passed in 2022 are a 'game changer' for Florida's market and helped move the needle on this deal, Slide CEO tells PC360.

The state is experiencing its toughest home insurance market since hurricanes Katrina and Rita in 2005, according to Insurance Commissioner Jim Donelon.