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Are there limits on the amount that FIGA will pay?

Yes.

If your insurance company has been declared insolvent, covered claims will be paid by FIGA.  The maximum amount FIGA will cover is $300,000 with special limits applying to (1) damages to structure and contents on homeowners’ claims and (2) on condominium and homeowners’ association claims.  For damages to structure and contents on homeowners’ claims the FIGA cap is an additional $200,000.  For condominium and homeowners’ association claims the cap will be the lessor of policy limits or $100,000 multiplied by the number of units in the association.  No claim will be paid in excess of this cap. All claims are subject to a $100 FIGA deductible in addition to any deductible identified in your policy.  You may file a claim against the assets of the insurance company estate for the $100 deductible and for amounts over the cap.  The Receiver will send proof of claim forms and instructions for filing a claim.
 
Claims not covered by FIGA may be claims against the remaining assets (estate) of the insurance company and will be considered after all covered claims have been processed.