Since I have always only written commercial coverages, could someone advise me if there are ANY AM Best rated standard markets for homeowners coverage for the state of Florida? I personally have had no choice other than Citizens for my own home.
Depends on the location and age of the home. But ASI is A-Rated by AM Best, Bankers is B, and Florida Family is B++. I think Florida Farm Bureau still writes selectively.
Thanks Hillsb Agent and Spongenotbob – Since my home is old and less than 5 miles from the Gulf I guess I’m basically a Citizens customer – I have received a take out letter from from HCI but am now leary!
really depends on how old and age of updates. With a 4-point inspection there are admitted carriers who will write it. Florida Peninsula, UPCIC (depending on the zip), and a few others will look at it.
It’s worth exploring. Although, sometimes on the older homes, Citizens can be the least expensive option – believe it or not.
I am like you. Stuck with Citizens. My house is 6 years old but I am also too close to the water.
However I don’t worry about the fact I am with Citizens, because after all both Commissioner McCarty and Gov. Christ did say they are there to protect me, right? (pun intended).
Spongenotbob, there’s no excuse for you to be in Citizens regardless of distance to coast in all but a few counties.
FL Agent, I don’t support these takeout only carriers, but I really don’t support Citizens either. I would need to know how old older is before I could say one way or the other. Florida Peninsula is a great choice for older homes with proper updates…
thanks for all the input – my home was built in the 40’s JM updated electric and plumbing in 2003 (roof is older) got a 4 point inspection but it didn’t knock much off – I’m in Pinellas County and I HATE being in Citizens but again am so concerned about HCI because I’m afraid I’ll get another Ins Journal “breaking news” bulletin –
I keep hearing you talk about the financial condition of these start up carriers in Florida and how some are fine. Are you worried yet that these companies operating in Florida are not going to be around much longer.
Every day there is another Florida Startup carrier going out of business. I think it is time to let the big boys come back in and charge whatever they want before it is too late.
Maybe if rates were where they were supposed to be, none of this would be happening to gein with! Little guys benefit from proper rates more than larger insurers.
Operating in Florida alone is not reason enough to fail. I’ve commented previously on some fairly stable carriers. Many of them are regionals as opposed to Florida only. A few are Florida only. As I said, I’m EXTREMELY picky when it comes to company representation.
Thanks to the Florida OIR another one bites the dust and Crist still states he will Veto any insurance bill that raises rates.
Citizens better hire more staff.
Hmm….
This agent will stop writing home insurance if Citizens is the only option.
Latest report was that the insurer was below the minimum capital and surplus but was positive. Should be a soft landing for all concerned.
If we rewrite our Northern Capital customers prior to the 5/30 deadline, are they still subject to the $100 FIGA deductible for liquidated carriers?
You can count on it. Same was true when Keystone failed.
Since I have always only written commercial coverages, could someone advise me if there are ANY AM Best rated standard markets for homeowners coverage for the state of Florida? I personally have had no choice other than Citizens for my own home.
who audited these companies?
Ok, so rewriting them all right now will not save them the $100?
We didn’t have many American Keystone policies so I wasn’t sure. Fortunately, we have less than two dozen Northern Capital policies.
Now if Olympus goes down….boom goes the dynamite.
Depends on the location and age of the home. But ASI is A-Rated by AM Best, Bankers is B, and Florida Family is B++. I think Florida Farm Bureau still writes selectively.
Don’t forget Chubb, Firemans Fund and PURE.
Thanks Hillsb Agent and Spongenotbob – Since my home is old and less than 5 miles from the Gulf I guess I’m basically a Citizens customer – I have received a take out letter from from HCI but am now leary!
really depends on how old and age of updates. With a 4-point inspection there are admitted carriers who will write it. Florida Peninsula, UPCIC (depending on the zip), and a few others will look at it.
It’s worth exploring. Although, sometimes on the older homes, Citizens can be the least expensive option – believe it or not.
I am like you. Stuck with Citizens. My house is 6 years old but I am also too close to the water.
However I don’t worry about the fact I am with Citizens, because after all both Commissioner McCarty and Gov. Christ did say they are there to protect me, right? (pun intended).
Spongenotbob, there’s no excuse for you to be in Citizens regardless of distance to coast in all but a few counties.
FL Agent, I don’t support these takeout only carriers, but I really don’t support Citizens either. I would need to know how old older is before I could say one way or the other. Florida Peninsula is a great choice for older homes with proper updates…
thanks for all the input – my home was built in the 40’s JM updated electric and plumbing in 2003 (roof is older) got a 4 point inspection but it didn’t knock much off – I’m in Pinellas County and I HATE being in Citizens but again am so concerned about HCI because I’m afraid I’ll get another Ins Journal “breaking news” bulletin –
At least HCI is a publicly traded company. You can have a closer look at their financial picture compared to a private company.
That said, I would actively seek coverage in the voluntary market.
Any ideas?
No shortage of IM carriers. Travelers has a nice program for personal and commercial.
Mr. Solvent is correct, on a 6-year old house, you should definitely have options other than Citizens. Probably some really good options.
On a completely unrelated not, am I the only one who hates the way we have to click on each post to read them? Hard to have a discussion this way.
I keep hearing you talk about the financial condition of these start up carriers in Florida and how some are fine. Are you worried yet that these companies operating in Florida are not going to be around much longer.
Every day there is another Florida Startup carrier going out of business. I think it is time to let the big boys come back in and charge whatever they want before it is too late.
Maybe if rates were where they were supposed to be, none of this would be happening to gein with! Little guys benefit from proper rates more than larger insurers.
Operating in Florida alone is not reason enough to fail. I’ve commented previously on some fairly stable carriers. Many of them are regionals as opposed to Florida only. A few are Florida only. As I said, I’m EXTREMELY picky when it comes to company representation.