What is a Florida Assisted Living Facility Surety Bond?
A Florida Assisted Living Facility Bond is one way the AHCA seeks to safeguard residents of an assisted living facility or nursing home. The Florida Assisted Living Facility Surety Bond ensures that the assisted living facility properly handles patient funds and third party payments on behalf of the resident if applicable. Initial surety bond applicants can find information on licensing and the required forms by visiting the Florida Agency for Health Care Administration’s website.
What is the current market for a Florida Assisted Living Facility Bond?
Florida Assisted Living Facility Surety Bonds are widely written by multiple surety bond markets. The respective minimum and maximum bond amounts for the Florida Assisted Living Facility Bond are $5,000 or two times the amount held in trust. The amount of bond needed varies and is dependent on the amounts held in trust covered by the bond. Terms of approval and premium are largely determined by the financial condition of the assisted living facility’s corporate and/or personal net worth, experience, and the needed bond amount. However, most of these bonds can be approved using our online surety bond application which relies solely on the personal credit of the owners.
Can I get a Florida Assisted Living Facility Bond if I have bad credit?
Yes, DBL Surety has the ability to place the Florida Assisted Living Facility Bond for individuals with good and bad credit alike. Individuals with bad credit should expect to pay a higher rate of roughly 4-10% of the bond amount needed compared to 1-3% for individuals with good credit.
How long will it take to receive my Florida Assisted Living Facility Bond?
DBL Surety can have your bond approved in minutes after receiving your application. Once approved, we will send you an invoice along with an agreement specific to the surety company which will need your review and signature. Your surety bond will be shipped immediately after payment and the signed agreement are received. We offer overnight shipping and first class mailing via USPS which allows you to choose how fast you want to receive your bond.
How do I apply for a Florida Assisted Living Facility Bond?
- Complete our online Florida Assisted Living Facility Bond application, or
- Download and complete our printable Florida Assisted Living Facility Bond application, and
- Receive your surety bond quote in minutes!