What is the Florida insurance guaranty association?

The Florida Insurance Guaranty Association (FIGA) is a state-established organization that provides a safety net for policyholders in the event that an insurance company becomes insolvent. It ensures that claims are paid and policies are honored up to certain limits, protecting consumers from financial loss due to insurer failure. FIGA covers various types of insurance, including property and casualty, and operates under Florida law to promote stability in the insurance market.