This review will explain how to evaluate your homeowners insurance company and other homeowners insurance companies insuring homes in Florida, so you don’t regret keeping the company insuring you now when you have a claim, or the company you chose for its lower rate.
If you want to evaluate your current company & coverage compared to other companies, this review will also analyse the largest insurance companies insuring many homes in Florida I have yet to review, including their Florida state complaint record, JD Power claims & customer satisfaction ratings, and AM Best Financial Strength ratings. Some of these companies may not be selling homeowners insurance policies in Florida anymore, so I’ll look at each company’s increase or decrease in their number of homeowners insurance policies in Florida over recent years.
Anyone owning a home in Florida knows homeowners (or condo, renters, mobile, & rental property) insurance is expensive with an ever-changing market, where major Florida property insurance companies become insolvent, stop selling new policies, or cancel all their Florida policies and leave the state. Companies remaining in the state often cancel or non-renew the homeowners insurance policies insuring properties they now consider posing too much risk, due to location or other concerns.
For companies selling new homeowner’s insurance policies in the state, many Floridian’s homes may not qualify for coverage. This is why Citizen’s Property Insurance Corporation, the state’s insurer of last resort, supported by Florida tax payers, is the largest insurer of homes in the state.
In most states, I advise shopping homeowners (and auto) insurance based on price for the same level of coverage (options, limits, & deductibles) then choose the company with best combination of coverage, service, & price. In most states, there is not a big difference in the financial stability or quality of service among many of the major auto & homeowners insurance companies. But in Florida, shopping for homeowners insurance based on price is more likely to result in inferior coverage, poor service, and a financially weak company that may go insolvent during the next hurricane season.
If your property is insured with a financially strong insurance company with pretty good service, it may be a very poor decision to switch to another company just to save money. However, even if you are lucky enough to have your Florida home insured by a major national company like USAA, State Farm, Chubb, or Nationwide, the risks of catastrophic claims costs from insuring property in Florida, means companies may revise the terms, limits, & exclusions of your policy at renewal, so it’s smart to check periodically with other companies, and agents knowledgeable in your local Florida homeowners insurance market, to evaluate your coverage and see if there is a better option for you.
For example, Nationwide Insurance Company of Florida is financially stronger than many Florida home insurers, scores well & rates high by JD Power for homeowners insurance claims nationally, and is no longer selling homeowners insurance policies in Florida. If your Florida home is insured by Nationwide, and you cancel your policy, you may not be able to get the policy reinstated, and Nationwide will not sell you a new policy. But if a Florida Nationwide Insurance homeowners insurance customer qualifies for a homeowner insurance policy with USAA, now that USAA is once again selling new policies in Florida again, USAA may be a much better option for better service, coverage, and/ or price.
However, a Nationwide homeowners insurance customer in Florida may think they are paying too much, so the Nationwide customer shops with other companies, gets a much lower rate & switches coverage to a company like Security First Insurance Company, which due to its lack of an AM Best Financial Strength rating & poor Florida homeowners insurance complaint record, may be a huge mistake.
This review is a companion piece to my review of the AM Best ratings & annual Florida homeowners insurance complaint records (2009-2014) for the insurance companies selling the most residential property insurance (including homeowners, condo, renters, & mobile home insurance) in Florida as of the last quarter of 2014, and my review of the takeout companies having participated in the Citizens Property Insurance Corp. depopulation program since 2010, which you should read after my advice about how to evaluate FL homeowners insurance companies in this review. If you need a new property insurance company, because you are buying a new home or your coverage was cancelled or non-renewed, checking with the companies selling the most homeowners insurance policies is a good place to start.
How to Evaluate Your Florida Homeowners Insurance Company & Shop for Homeowners Insurance in the Sunshine State:
1. Know all the companies willing to insure your property.
If you are trying to evaluate the homeowners insurance company you have now, you can skip to #2. But if you need to buy homeowner’s insurance, you first need to know all the companies in Florida willing to insure your property, and use the information in this review to help you choose the best one for you. It makes no sense to evaluate a company before you know whether it will insure you or not, and many companies have strict eligibility requirements. Don’t let rejection keep you from knowing all your options.
A good place to start to find all the companies willing to insure your Florida home, is my review of the companies selling the most Florida residential property you can see here.
2. Check your homeowners insurance coverage.
All home insurance companies DO NOT necessarily provide the same coverage, so you want to consider the coverage each company provides, in addition to its price, service, & complaint record, when selecting a company. I recommend talking to as many agents and companies as you can, and use their expertise to tell you the pros & cons of any company’s home insurance policy, before deciding on a company. Don’t rely on only one company’s or agent’s opinion. When more than one agent or company is telling you the same thing, the information is more likely to be accurate. When discussing coverage, a good agent can show you the policy language indicating how the coverage works.
Some differences in coverage may not matter much to your needs, but some differences can mean large, uncovered claims. For example, some companies may not cover you for liability if your dog bites someone. If you don’t own pets, this may not be a concern to you. But if you own a large dog, you want to make sure liability for your dog is covered as broadly as available.
3. Check your homeowners insurance company’s financial stability.
Equally important as making sure you have the coverage meeting your needs, is choosing an insurance company with better financial stability, preferably with a company rated by AM Best, with a Financial Strength rating of “A-” or better. This review I wrote can help you evaluate an insurance company’s financial stability & solvency, which you see by clicking here.
4. Check your homeowners insurance company’s customer & claims service.
Most of the companies selling homeowners insurance are not included in any of the JD Power insurance claims or customer satisfaction studies, but a company’s annual complaint record can tell you a lot about a company’s claims service. The most common reasons for people to file complaints with a state insurance department against insurance companies, are for delays in a claim payment, unsatisfactory payment of a claim, and denial of a claim.
My Florida homeowners insurance company reviews compiles & ranks each company’s annual homeowners insurance record for at least the last three years, so my reviews can help evaluate each company’s customer & claims service. The Florida Office of Insurance Regulation website is the source of my information about the home insurance companies in this review, and each company’s complaint statistics.
To adjust for different size companies, Florida provides the number of policies per complaint. This is because a company insuring twice as many Florida homes as another company, is more likely to have more complaints than a smaller company, due to its larger customer base, but its number of policies per complaint may be lower than the company with less policies.
For example, Company X (600,000 policies) has twice as many home insurance policies as Company Y (300,000 policies). Company X has 200 home insurance complaints and Company Y had 150 home insurance complaints in 2013. Although Company X has a higher number of complaints, it has 1 complaint per 3,000 policies (1:3,000) and Company Y has 1 complaint per 2,000 policies (1:2,000), giving Company X the better complaint record. In reviewing these home insurance complaint statistics, the higher the number of policies per complaint, the better the complaint record is for the company. Don’t worry about keeping track of the math, because I rank the companies from best to worst complaint record, and I’ll point out which companies are performing much better or much worse than the other companies.
5. How to save money in spite of high homeowners insurance rates.
You can save money by checking the rates of as many insurance companies willing to insure your property, then choose a company based the best combination of coverage, financial stability, customer service, and price — but even with the lowest rates you can find, Florida property insurance is expensive.
You may have to pay a lot for your Florida homeowners insurance, but you may be able to save $100s a year on other types of insurance you need, like auto insurance or medicare supplement policies. Some insurance companies charge twice as much as others for the same coverage. But no single company has low rates for everyone. You have to shop with all the leading companies, to find the company with the best coverage and best price for you.
Shopping your auto insurance, to find & choose a company with lower rates, can take the sting out of the cost of home insurance. Many people pay too much for their insurance because they never shop for better rates, or if they do shop, they don’t check the rates of enough companies. For a lot of people, the best auto & home insurance companies are the ones with the coverage they need at a lower price. With auto & home insurance, you don’t get better service or coverage because you pay more. Some of the best companies have competitive rates.
Moreover, the product does not cause any side effects and also in addition to the intended purpose of providing anti-aging effect, these capsules can bring the situation back to Order Page generic viagra wholesale controlled phase through its chemical impacts. In fact, ED could be caused due to insufficient blood circulation to the cheapest levitra genital areas. However, if you stay open-minded and patient, for sure there will be a nice and ethical Chinese that will understand the way you feel about things. http://abacojet.com/hello-world/ order generic viagra If you are suffering from low energy levels, fatigue, mental and physical weakness, you need to consume viagra italy this herbal pill daily two times for three to four months.
Annual homeowners insurance complaint records (2009-2014) for major home insurance companies in Florida
Insurance companies often have several subsidiary companies insuring homes in Florida, with different rates & eligibility requirements to qualify for each subsidiary, if the subsidiary is still selling new home insurance policies. Tower Hill, American Strategic Insurance (ASI), & Castle Key each have two or more of their subsidiaries ranked in my reviews. Be sure to know the exact name of the company quoting or insuring your property, so you can check its correct home insurance complaint record. For example, Castle Key Indemnity Company has a different complaint record than Castle Key Insurance Company.
Some of the companies reviewed below are most useful to current homeowners insurance customers of these companies, since many of them are not selling new homeowners insurance policies. If you are shopping for a new homeowners insurance company, my review of the companies selling the most Florida residential property here can help you find the best company for you. Between that review and this review, I review all the major insurers of homes in Florida, including these 15 largest insurers of homes in Florida, as determined in the 2014 Florida Office of Insurance Regulation Annual Report
:
1. CITIZENS PROPERTY INSURANCE CORPORATION 10064 with 14.5% of the Florida homeowners insurance market.
2. UNIVERSAL PROPERTY & CASUALTY INSURANCE COMPANY with 7.8% of the Florida homeowners insurance market.
3. STATE FARM FLORIDA INSURANCE COMPANY with 7.4% of the Florida homeowners insurance market.
4. HOMEOWNERS CHOICE PROPERTY & CASUALTY INSURANCE COMPANY, INC. with 3.6% of the Florida homeowners insurance market.
5. FLORIDA PENINSULA INSURANCE COMPANY with 3.5% of the Florida homeowners insurance market.
6. UNITED SERVICES AUTOMOBILE ASSOCIATION with 3.2% of the Florida homeowners insurance market.
7. UNITED PROPERTY & CASUALTY INSURANCE COMPANY with 3.0% of the Florida homeowners insurance market.
8. ST. JOHNS INSURANCE COMPANY, INC. with 2.9% of the Florida homeowners insurance market.
9. FEDERATED NATIONAL INSURANCE COMPANY with 2.5% of the Florida homeowners insurance market.
10. PEOPLE’S TRUST INSURANCE COMPANY with 2.3% of the Florida homeowners insurance market.
11. SECURITY FIRST INSURANCE COMPANY with 2.1% of the Florida homeowners insurance market.
12. TOWER HILL PRIME INSURANCE COMPANY with 2.1% of the Florida homeowners insurance market.
13. FEDERAL INSURANCE COMPANY with 1.8% of the Florida homeowners insurance market.
14. USAA CASUALTY INSURANCE COMPANY with 1.7% of the Florida homeowners insurance market.
15. AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA with 1.6% of the Florida homeowners insurance market.
Rating Major Florida Homeowners Insurance Companies from Best to Worst by Complaints
Here are my reviews of the remaining major home insurance companies in FL, listed alphabetically:
1. ASI ASSURANCE CORP.
2014 Florida Home Insurance Complaint Ratio = 1:2,822
2013 Florida Home Insurance Complaint Ratio = 1:1,744
2012 Florida Home Insurance Complaint Ratio = 1:4,119
2011 Florida Home Insurance Complaint Ratio = 1:3,744
2010 Florida Home Insurance Complaint Ratio = 1:3,364
2009 Florida Home Insurance Complaint Ratio = 1:4,262
ASI Assurance Corp. is one of the two ASI subsidiaries insuring homes in Florida. ASI is a group of insurance companies selling property insurance across the USA, and is available through Progressive, which recently became the majority stockholder of ASI companies. The FL homeowners policy count for ASI Assurance Corp. has steadily dropped each year, from 129,179 Florida home insurance policies in 2009 to 76,206 Florida home insurance policies in 2014, which may mean ASI Assurance Corp. no longer sells new home insurance policies in the state of Florida.
If the 2009-2014 complaint record for ASI Assurance Corp. was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 7th & 8th best complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
ASI Assurance Corp. is rated A (Excellent) for financial strength by AM Best on 12/18/2014, currently under review (because Progressive is now its majority stockholder) with positive implications (a ratings upgrade is possible in the near future). There are two AM best ratings higher than A (A++ and A+). I prefer companies with at least an A- financial strength rating by AM Best, particularly over companies not rated by AM Best, even if they have a high financial stability rating from Demotech, Inc.
ASI Assurance Corp. has a strong financial strength rating from AM Best, with a Florida home insurance complaint record better than many Florida property insurers, and you may not be able to reinstate your coverage if you change to another company, so be careful about canceling your policy.
2. AMERICAN STRATEGIC INSURANCE CORP. (ASI)
2014 Florida Home Insurance Complaint Ratio = 1:1,356
2013 Florida Home Insurance Complaint Ratio = 1:1,517
2012 Florida Home Insurance Complaint Ratio = 1:2,281
2011 Florida Home Insurance Complaint Ratio = 1:2,100
2010 Florida Home Insurance Complaint Ratio = 1:2,002
2009 Florida Home Insurance Complaint Ratio = 1:1,933
American Strategic Insurance Corp. is one of the two ASI subsidiaries insuring homes in Florida. ASI is a group of insurance companies selling property insurance across the USA, and is available through Progressive, which recently became the majority stockholder of ASI companies. The FL homeowners policy count for American Strategic Insurance Corp. has steadily dropped each year, from 86,997 Florida home insurance policies in 2009 to 62,378 Florida home insurance policies in 2014, which may mean American Strategic Insurance Corp. no longer sells new home insurance policies in the state of Florida.
If the 2009-2014 complaint record for was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 10th & 11th best complaint records, and be in tier 4 (tiers 1 through 8 are from best to worst).
American Strategic Insurance Corp. is rated A (Excellent) for financial strength by AM Best on 12/18/2014, currently under review (because Progressive is now its majority stockholder) with positive implications (a ratings upgrade is possible in the near future). There are two AM best ratings higher than A (A++ and A+). I prefer companies with at least an A- financial strength rating by AM Best, particularly over companies not rated by AM Best, even if they have a high financial stability rating from Demotech, Inc.
American Strategic Insurance Corp. has a strong financial strength rating from AM Best, with a Florida home insurance complaint record better than many Florida property insurers, and you may not be able to reinstate your coverage if you change to another company, so be careful about canceling your policy.
3. AMERICAN TRADITIONS INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:1,535
2013 Florida Home Insurance Complaint Ratio = 1:726
2012 Florida Home Insurance Complaint Ratio = 1:1,280
2011 Florida Home Insurance Complaint Ratio = 1:1,522
2010 Florida Home Insurance Complaint Ratio = 1:1,951
2009 Florida Home Insurance Complaint Ratio = 1:2,084
The Jerger Holding Corporation formed American Traditions Insurance Company (ATIC) in 2005 and owns another company included in this review, Modern USA Insurance Company. American Traditions Insurance Company provides a voluntary market for residential property insurance coverage (homeowners and mobile home policies) in Florida only.
The Florida homeowners policy count for American Traditions Insurance Company has steadily increased each year since the end of 2012 through the first quarter of 2015, from 48,637 Florida home insurance policies to 54,549 Florida home insurance policies, which may mean American Traditions Insurance Company now has more competitive homeowners insurance rates in the state of Florida.
If the 2009-2014 complaint record for American Traditions Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 14th & 15th best to worst complaint records, and be in tier 5 (tiers 1 through 8 are from best to worst).
American Traditions Insurance Company is not rated for financial strength by AM Best.
4. AMICA MUTUAL INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:2,010
2013 Florida Home Insurance Complaint Ratio = 1:1,834
2012 Florida Home Insurance Complaint Ratio = 1:1,839
2011 Florida Home Insurance Complaint Ratio = 1:4,622
2010 Florida Home Insurance Complaint Ratio = 1:2,425
2009 Florida Home Insurance Complaint Ratio = 1:2,120
Amica Mutual Insurance Company is a large national insurer of autos & homes, and consistently receives high scores and top ratings in annual JD Power auto & homeowners insurance studies. Unlike many large national insurers, Amica Mutual Insurance Company insures homes in many US states including Florida, instead of having a separate subsidiary company to insure homes in Florida only.
If the 2009-2014 complaint record for Amica Mutual Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 8th & 9th best to worst complaint records, and be in tier 4 (tiers 1 through 8 are from best to worst).
The number of Florida homeowners insurance policies insured by Amica Mutual Insurance Company decreased slightly each year, dropping from 25,435 policies in 2009 to 22,111 policies by the end of 2014. Amica, like many of the large national companies, may no longer sell new homeowners insurance policies, or it may very hard to qualify for coverage with the company.
If you are insured with Amica Mutual Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind, or want to insure again with Amica Mutual Insurance Company.
Amica Mutual Insurance Company is rated A++ (Superior) for financial strength by AM Best, which is the highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 1/12/2015.
Amica Mutual Insurance Company has the strongest financial strength rating from AM Best, with a Florida home insurance complaint record better than many Florida property insurers, and performed above average in the recent 2015 JD Power US property claims satisfaction study and the 2014 JD Power US homeowners insurance customer satisfaction study, so you may have a hard time finding a better company, although you may be able to find a lower price.
5. AUTO CLUB INSURANCE COMPANY OF FLORIDA (AAA)
2014 Florida Home Insurance Complaint Ratio = 1:2,708
2013 Florida Home Insurance Complaint Ratio = 1:3,229
2012 Florida Home Insurance Complaint Ratio = 1:4,775
2011 Florida Home Insurance Complaint Ratio = 1:5,656
2010 Florida Home Insurance Complaint Ratio = 1:3,792
2009 Florida Home Insurance Complaint Ratio = 1:6,620
Auto Club Insurance Company of Florida is one of the insurance companies owned by the American Automobile Association (AAA) well known for its towing & travel services, and operates only in Florida. Auto Club Insurance Company of Florida can be purchased through independent insurance agencies appointed to represent the company, and many AAA offices operate independent insurance agencies.
The number of Florida homeowners insurance policies insured by Auto Club Insurance Company of Florida has increased each year, growing from 13,240 policies in 2009 to 62.282 policies by the end of 2014. Unlike some major insurance companies, Auto Club Insurance Company of Florida seems to be selling homeowners insurance, at least in some parts of Florida.
If the 2009-2014 complaint record for Auto Club Insurance Company of Florida was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 7th & 8th best to worst complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
Auto Club Insurance Company of Florida is one of the few Florida property insurance companies rated by AM Best for financial strength. Auto Club Insurance Company of Florida had its AM Best Financial Strength Rating of “B++” (Fair) last affirmed on 11/03/2014, with a stable outlook, meaning no rating upgrade or downgrade for the company is expected in the near future. Auto Club Insurance Company of Florida was initially rated for financial strength by AM Best in November 2013.
“B++” is the fifth highest AM Best financial strength rating. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-,” but I still prefer a company with a lower rating from AM Best than Florida homeowners insurance companies not rated by AM Best.
6. CASTLE KEY INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:789
2013 Florida Home Insurance Complaint Ratio = 1:493
2012 Florida Home Insurance Complaint Ratio = 1:773
2011 Florida Home Insurance Complaint Ratio = 1:1,114
2010 Florida Home Insurance Complaint Ratio = 1:1,353
2009 Florida Home Insurance Complaint Ratio = 1:1,770
Castle Key Insurance Company, and its sister company, Castle Key Indemnity Company, are subsidiaries owned by Allstate Insurance, but the Castle Key companies are not underwritten or reinsured by any other company in the Allstate group.
The number of Florida homeowners insurance policies insured by Castle Key Insurance Company has decreased greatly each year, dropping from 150,071 policies in 2009 to 89,165 policies by the end of 2014. It’s likely Castle Key Insurance Company has not been selling new policies for some time now, and at least some of its customers may have been switched to its sister company, Castle Key Indemnity Company, which is one of the companies currently selling the most homeowners insurance policies in Florida.
If the 2009-2014 complaint record for Castle Key Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 23rd & 24th best complaint records, and be in tier 7 (tiers 1 through 8 are from best to worst).
However, its sister company still selling homeowners insurance policies in Florida, Castle Key Indemnity Company, has a much better complaint record, and ranked #8 among the 28 companies in my review of the companies selling the most Florida homeowners insurance.
Castle Key Insurance Company is represented through Florida Allstate agents, and used to be called Allstate Floridian Insurance Company, until its name change in 2009 after Hurricane Andrew. Florida residents can find an Allstate agent also representing the Castle Key companies by contacting Allstate (see the ads at the top & bottom of this review to get quotes).
Castle Key Insurance Company is one of the few Florida property insurance companies rated by AM Best for financial strength. Castle Key Insurance Company had its AM Best Financial Strength Rating of “B-” (Fair) last affirmed on 08/01/2014, with a negative outlook, meaning there may be a possible ratings downgrade for the company in the near future.
“B-” is the eighth highest AM Best financial strength rating, and a rating low enough to be placed in the “Vulnerable” category, as classified by AM Best. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-,” but I still prefer a company with a lower rating from AM Best than Florida homeowners insurance companies not rated by AM Best.
7. FEDERAL INSURANCE COMPANY (CHUBB)
2014 Florida Home Insurance Complaint Ratio = 1:4,010
2013 Florida Home Insurance Complaint Ratio = 1:7,896
2012 Florida Home Insurance Complaint Ratio = No complaints
2011 Florida Home Insurance Complaint Ratio = 1:28,586
2010 Florida Home Insurance Complaint Ratio = 1:6,769
2009 Florida Home Insurance Complaint Ratio = 1:13,378
Federal Insurance Company is a subsidiary of Chubb, a major insurer of high value homes across the country. Chubb is in the process of being acquired by ACE Insurance Group, and the deal should close in 2016.
Federal Insurance Company has 1.8% of the Florida home insurance market, and its Florida homeowners policy count has increased slightly each year, up from 26,756 Florida home insurance policies in 2009 to 32,076 Florida home insurance policies by 2014, which means Federal Insurance Company may likely be selling new homeowners insurance policies in Florida. However, it may be hard to qualify for coverage, and your home may need to be a high value home worth one million dollars or more.
If the 2009-2014 complaint record for Federal Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 3rd & 4th best complaint records, and be in tier 2 (tiers 1 through 8 are from best to worst).
Federal Insurance Company is rated A++ (Superior) for financial strength by AM Best, which is the highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 4/16/2015.
Federal Insurance Company has the strongest financial strength rating from AM Best, with a Florida home insurance complaint record better than most Florida property insurers, and performed above average in the recent 2015 JD Power property claims satisfaction study, so you may have a hard time finding a better company, although you may be able to find a lower price.
8. FIDELITY FIRE & CASUALTY COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:1,589
2013 Florida Home Insurance Complaint Ratio = 1:799
2012 Florida Home Insurance Complaint Ratio = 1:1,164
2011 Florida Home Insurance Complaint Ratio = 1:819
2010 Florida Home Insurance Complaint Ratio = 1:2,060
2009 Florida Home Insurance Complaint Ratio = 1:2,623
Fidelity Fire & Casualty Company, marketed under the name of Frontline Insurance, is merging with First Protective Insurance Company (a company also included in this review) effective 4/1/2015, and will operate under the name of First Protective Insurance Company. First Protective Insurance Company & Fidelity Fire & Casualty Company have been operating for over 15 years and specialize in insuring coastal properties.
Fidelity Fire & Casualty Company sells homeowners, high value homeowners, condo, rental property, flood, and umbrella liability insurance in the states of Alabama, Florida, North Carolina, and South Carolina, through independent agencies located or licensed to operate in these states. You can request a price quote through the company website or locate an agent appointed to represent the company.
The Florida homeowners policy count for Fidelity Fire & Casualty Company increased each year from 2009 to 2013, but is now decreasing as of the second quarter of 2014 through the first quarter of 2015, from 30,314 Florida home insurance policies to 29,686 Florida home insurance policies, which may mean Fidelity Fire & Casualty Company is no longer selling new policies since its merger with its sister company, First Protective Insurance Company.
If the 2009-2014 complaint record for Fidelity Fire & Casualty Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 12th & 13th best to worst complaint records, and be in tier 5 (tiers 1 through 8 are from best to worst).
Fidelity Fire & Casualty Company is not rated for financial strength by AM Best.
9. FIRST LIBERTY INSURANCE CORPORATION
2014 Florida Home Insurance Complaint Ratio = 1:3,014
2013 Florida Home Insurance Complaint Ratio = 1:1,634
2012 Florida Home Insurance Complaint Ratio = 1:2,289
2011 Florida Home Insurance Complaint Ratio = 1:2,037
2010 Florida Home Insurance Complaint Ratio = 1:1572
2009 Florida Home Insurance Complaint Ratio = 1:3,116
First Liberty Insurance Corporation is a part of the large insurer of autos & homes across the USA, Liberty Mutual Group, and one of two Liberty Mutual subsidiaries included in this review. Unlike many national insurance companies, this subsidiary company, First Liberty Insurance Corporation, is one of the Liberty Mutual subsidiaries insuring autos & homes nationwide, and not a subsidiary created to provide insurance in the state of Florida only.
The number of Florida homeowners insurance policies insured by First Liberty Insurance Corporation has decreased each year from 2009 to 2014, from 31,165 policies in 2009 to 21,097 policies by the end of 2014. First Liberty Insurance Corporation is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time.
If you are insured with First Liberty Insurance Corporation, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with First Liberty Insurance Corporation.
Liberty Mutual consistently scores below average in the annual JD Power US Homeowners Insurance Customer Satisfaction studies from 2012 to 2014, but scores closer to the average in the 2013 – 2015 JD Power Property Claims Satisfaction studies.
If the 2009-2014 complaint record for First Liberty Insurance Corporation was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 7th & 8th best to worst complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
First Liberty Insurance Corporation is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 9/24/2014. First Liberty Insurance Corporation has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
10. FIRST PROTECTIVE INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:807
2013 Florida Home Insurance Complaint Ratio = 1:649
2012 Florida Home Insurance Complaint Ratio = 1:878
2011 Florida Home Insurance Complaint Ratio = 1:839
2010 Florida Home Insurance Complaint Ratio = 1:1,613
2009 Florida Home Insurance Complaint Ratio = 1:1,203
First Protective Insurance Company, marketed under the name of Frontline Insurance, is merging with Fidelity Fire & Casualty Company (a company also included in this review) effective 4/1/2015, and will operate under the name of First Protective Insurance Company. First Protective Insurance Company & Fidelity Fire & Casualty Company have been operating for over 15 years and specialize in insuring coastal properties.
First Protective Insurance Company sells homeowners, high value homeowners, condo, rental property, flood, and umbrella liability insurance in the states of Alabama, Florida, North Carolina, and South Carolina, through independent agencies located or licensed to operate in these states. You can request a price quote through the company website or locate an agent appointed to represent the company.
The Florida homeowners policy count for First Protective Insurance Company decreased each year from 2009 to 2013, but is now increasing as of the second quarter of 2014 through the first quarter of 2015, from 37,267 Florida home insurance policies to 39,289 Florida home insurance policies, which may mean First Protective Insurance Company now has more competitive homeowners insurance rates and/or a willingness to insure more Florida homes.
If the 2009-2014 complaint record for First Protective Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 23rd & 24th best to worst complaint records, and be in tier 7 (tiers 1 through 8 are from best to worst).
First Protective Insurance Company is not rated for financial strength by AM Best.
11. FLORIDA FARM BUREAU CASUALTY INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:3,118
2013 Florida Home Insurance Complaint Ratio = 1:1,511
2012 Florida Home Insurance Complaint Ratio = 1:2,062
2011 Florida Home Insurance Complaint Ratio = 1:1,410
2010 Florida Home Insurance Complaint Ratio = 1:1,518
2009 Florida Home Insurance Complaint Ratio = 1:3,838
Florida Farm Bureau Casualty Insurance Company is one of two Florida Farm Bureau insurance subsidiaries insuring homes in Florida, eligible only to members of the Florida Farm Bureau.
If the 2009-2014 complaint record for Florida Farm Bureau Casualty Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 7th & 8th best to worst complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
The number of Florida homeowners insurance policies insured by Florida Farm Bureau Casualty Insurance Company has decreased steadily each year from 2009 to 2014, from 53,738 policies in 2009 to 43,655 policies by the end of 2014. Florida Farm Bureau Casualty Insurance Company is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time. If you are insured with Florida Farm Bureau Casualty Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Florida Farm Bureau Casualty Insurance Company.
Florida Farm Bureau Casualty Insurance Company is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 7/02/2014. Florida Farm Bureau Casualty Insurance Company has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
12. FLORIDA FARM BUREAU GENERAL INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:3,503
2013 Florida Home Insurance Complaint Ratio = 1:1,646
2012 Florida Home Insurance Complaint Ratio = 1:2,570
2011 Florida Home Insurance Complaint Ratio = 1:1,761
2010 Florida Home Insurance Complaint Ratio = 1:2,216
2009 Florida Home Insurance Complaint Ratio = 1:3,203
Florida Farm Bureau General Insurance Company is the other subsidiary of the two Florida Farm Bureau insurance subsidiaries insuring homes in Florida, eligible only to members of the Florida Farm Bureau.
If the 2009-2014 complaint record for Florida Farm Bureau General Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 7th & 8th best to worst complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
The number of Florida homeowners insurance policies insured by Florida Farm Bureau General Insurance Company has decreased slightly each year from 2009 to 2014, from 44,840 policies in 2009 to 42,031 policies by the end of 2014. Florida Farm Bureau General Insurance Company may not be selling new policies at this time.
If you are insured with Florida Farm Bureau General Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Florida Farm Bureau General Insurance Company.
Florida Farm Bureau General Insurance Company is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 7/02/2014. Florida Farm Bureau General Insurance Company has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
13. FOREMOST INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:2,104
2013 Florida Home Insurance Complaint Ratio = 1:1,196
2012 Florida Home Insurance Complaint Ratio = 1:1,808
2011 Florida Home Insurance Complaint Ratio = 1:1,827
2010 Florida Home Insurance Complaint Ratio = 1:2,387
2009 Florida Home Insurance Complaint Ratio = 1:2,131
Foremost Insurance Company is a part of the large insurer of autos & homes across the USA, Foremost Insurance Group (owned by the larger international company, Zurich Insurance Group, like Farmers Insurance Group), and one of two Foremost subsidiaries included in this review. Unlike many national insurance companies, this subsidiary company, Foremost Insurance Company (actually Foremost Insurance Company of Grand Rapids, Michigan), is the largest Foremost subsidiary, insuring homes in many U.S. states, and not a subsidiary created to provide property insurance in the state of Florida only.
If the 2009-2014 complaint record for Foremost Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 8th & 9th best to worst complaint records, and be in tier 4 (tiers 1 through 8 are from best to worst).
The number of Florida homeowners insurance policies insured by Foremost Insurance Company has decreased each year from 2009 to 2014, from 46,889 policies in 2009 to 31,563 policies by the end of 2014. Foremost Insurance Company is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time. If you are insured with Foremost Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Foremost Insurance Company.
Foremost Insurance Company is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 8/21/2014. Foremost Insurance Company has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
14. FOREMOST PROPERTY AND CASUALTY INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:4,968
2013 Florida Home Insurance Complaint Ratio = 1:2,163
2012 Florida Home Insurance Complaint Ratio = 1:2,300
2011 Florida Home Insurance Complaint Ratio = 1:2,912
2010 Florida Home Insurance Complaint Ratio = 1:3,018
2009 Florida Home Insurance Complaint Ratio = 1:3,358
Foremost Property & Casualty Insurance Company is a part of the large insurer of autos & homes across the USA, Foremost Insurance Group (owned by the larger international company, Zurich Insurance Group, like Farmers Insurance Group), and one of two Foremost subsidiaries included in this review. Unlike many national insurance companies, this subsidiary company, Foremost Property & Casualty Insurance Company, is one of the larger Foremost subsidiaries insuring homes in many U.S. states, and not a subsidiary created to provide property insurance in the state of Florida only.
If the 2009-2014 complaint record for Foremost Property & Casualty Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 5th & 6th best to worst complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
The number of Florida homeowners insurance policies insured by Foremost Property & Casualty Insurance Company has decreased steadily each year from 2009 to 2014, from 33,575 policies in 2009 to 19,872 policies by the end of 2014. Foremost Property & Casualty Insurance Company is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time. If you are insured with Foremost Property & Casualty Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Foremost Property & Casualty Insurance Company.
Foremost Property & Casualty Insurance Company is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 8/21/2014. Foremost Property & Casualty Insurance Company has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
15. HARTFORD INSURANCE COMPANY OF THE MIDWEST
2014 Florida Home Insurance Complaint Ratio = 1:920
2013 Florida Home Insurance Complaint Ratio = 1:878
2012 Florida Home Insurance Complaint Ratio = 1:768
2011 Florida Home Insurance Complaint Ratio = 1:396
2010 Florida Home Insurance Complaint Ratio = 1:436
2009 Florida Home Insurance Complaint Ratio = 1:429
Hartford Insurance Company of the Midwest is a part of the large insurer of autos & homes across the USA, Hartford Insurance Group. Unlike many national insurance companies, this subsidiary company, Hartford Insurance Company of the Midwest, insures homes in many U.S. states, and is not a subsidiary created to provide property insurance in the state of Florida only.
If the 2009-2014 complaint record for Hartford Insurance Company of the Midwest was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 22nd & 23rd best to worst complaint records, and be in tier 7 (tiers 1 through 8 are from best to worst), which is a pretty poor complaint record.
The number of Florida homeowners insurance policies insured by Hartford Insurance Company of the Midwest has decreased steadily each year from 2009 to 2014, losing about half its Florida homeowners customers, from 55,399 policies in 2009 to 28,528 policies by the end of 2014. Hartford Insurance Company of the Midwest is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time. If you are insured with Hartford Insurance Company of the Midwest, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Hartford Insurance Company of the Midwest.
Hartford Insurance Company of the Midwest is rated A+ (Superior) for financial strength by AM Best (the second highest AM Best rating) with a stable outlook (no ratings upgrade of downgrade is expected in the near future), upgraded from A on 5/01/2015. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
16. LIBERTY MUTUAL FIRE INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:1,442
2013 Florida Home Insurance Complaint Ratio = 1:600
2012 Florida Home Insurance Complaint Ratio = 1:1,077
2011 Florida Home Insurance Complaint Ratio = 1:1,019
2010 Florida Home Insurance Complaint Ratio = 1:1,139
2009 Florida Home Insurance Complaint Ratio = 1:1,558
Liberty Mutual Fire Insurance Company is a part of the large insurer of autos & homes across the USA, Liberty Mutual Group, and one of two Liberty Mutual subsidiaries included in this review. Unlike many national insurance companies, its subsidiary company, Liberty Mutual Fire Insurance Company, is one of the largest Liberty Mutual subsidiaries insuring autos & homes nationwide, and not a subsidiary created to provide insurance in the state of Florida only.
The number of Florida homeowners insurance policies insured by Liberty Mutual Fire Insurance Company has decreased each year from 2009 to 2014, dropping more than fifty percent, from 88,792 policies in 2009 to 37,488 policies by the end of 2014. Liberty Mutual Fire Insurance Company is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time.
If you are insured with Liberty Mutual Fire Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Liberty Mutual Fire Insurance Company.
Liberty Mutual consistently scores below average in the annual JD Power US Homeowners Insurance Customer Satisfaction studies from 2012 to 2014, but scores closer to the average in the 2013 – 2015 JD Power Property Claims Satisfaction studies.
If the 2009-2014 complaint record for Liberty Mutual Fire Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 15th & 16th best to worst complaint records, and be in tier 6 (tiers 1 through 8 are from best to worst).
Liberty Mutual Fire Insurance Company is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 9/24/2014. Liberty Mutual Fire Insurance Company has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
17. METROPOLITAN CASUALTY INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:2,360
2013 Florida Home Insurance Complaint Ratio = 1:1,026
2012 Florida Home Insurance Complaint Ratio = 1:2,250
2011 Florida Home Insurance Complaint Ratio = 1:4,051
2010 Florida Home Insurance Complaint Ratio = 1:1,504
2009 Florida Home Insurance Complaint Ratio = 1:2,144
Metropolitan Casualty Insurance Company is a part of the large insurer of autos & homes across the USA, Metropolitan Insurance Group, best known as Metlife Auto & Home. Unlike many national insurance companies, this subsidiary company, Metropolitan Casualty Insurance Company, insures autos & homes in many U.S. states, and is not a subsidiary created to provide insurance in the state of Florida only.
Metropolitan Casualty Insurance Company has the smallest number of Florida homeowners insurance policies compared to other companies in this review, but is still fairly large in Florida residential property market share, compared to most of the subsidiaries of companies with better-known brands operating in Florida.
The number of Florida homeowners insurance policies insured by Metropolitan Casualty Insurance Company has decreased each year from 2009 to 2014, from 12,867 policies in 2009 to 9,438 policies by the end of 2014. Metropolitan Casualty Insurance Company is not likely to be selling new policies now or in the recent past, and may be non-renewing its “higher risk” Florida homeowners insurance customers over time.
If you are insured with Metropolitan Casualty Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Metropolitan Casualty Insurance Company.
Metlife consistently scores below average in the annual JD Power US Homeowners Insurance Customer Satisfaction studies from 2012 to 2014.
If the 2009-2014 complaint record for Metropolitan Casualty Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 8th & 9th best to worst complaint records, and be in tier 4 (tiers 1 through 8 are from best to worst).
Metropolitan Casualty Insurance Company is rated A (Excellent) for financial strength by AM Best, which is the third highest AM Best rating, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 12/04/2014. Metropolitan Casualty Insurance Company has maintained this rating since 2010 or longer. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-.”
18. MODERN USA INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:1,298
2013 Florida Home Insurance Complaint Ratio = 1:1,478
2012 Florida Home Insurance Complaint Ratio = 1:1,573
2011 Florida Home Insurance Complaint Ratio = 1:1,361
2010 Florida Home Insurance Complaint Ratio = 1:1,846
2009 Florida Home Insurance Complaint Ratio = 1:2,039
The Jerger Holding Corporation formed Modern USA Insurance Company in 2007 and owns another company included in this review, American Traditions Insurance Company. Modern USA Insurance Company provides a voluntary market for residential property insurance coverage (homeowners and mobile home policies) in the state of Florida only.
The Florida homeowners policy count for Modern USA Insurance Company has steadily increased each year since the end of 2009 through the first quarter of 2015, from 30,589 Florida home insurance policies to 44,110 Florida home insurance policies, which may mean Modern USA Insurance Company has a long history of competitive homeowners insurance rates in the state of Florida.
If the 2009-2014 complaint record for Modern USA Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 12th & 13th best to worst complaint records, and be in tier 5 (tiers 1 through 8 are from best to worst).
Modern USA Insurance Company is not rated for financial strength by AM Best.
19. NATIONWIDE INSURANCE COMPANY OF FLORIDA
2014 Florida Home Insurance Complaint Ratio = 1:1,352
2013 Florida Home Insurance Complaint Ratio = 1:586
2012 Florida Home Insurance Complaint Ratio = 1:1,054
2011 Florida Home Insurance Complaint Ratio = 1:414
2010 Florida Home Insurance Complaint Ratio = 1:543
2009 Florida Home Insurance Complaint Ratio = 1:609
Nationwide Insurance Company of Florida is a part of the large insurer of autos & homes across the USA, Nationwide Insurance Group, but Nationwide Insurance Company of Florida is a separate subsidiary, and the financial strength of its parent company or other subsidiaries should not be used for evaluating the financial strength of Nationwide Insurance Company of Florida.
The number of Florida homeowners insurance policies insured by Nationwide Insurance Company of Florida decreased substantially each year from 2009 to 2011, and continued to decrease each year until the present, dropping from 112,738 policies in 2009 to 33,788 policies by the end of 2014. Nationwide Insurance Company of Florida is not likely to be selling new policies now or in the recent past, and may have non-renewed many of its Florida homeowners insurance policies between 2009 and 2011.
If you are insured with Nationwide Insurance Company of Florida, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Nationwide Insurance Company of Florida.
Nationwide received the lowest rating for overall auto insurance customer satisfaction in the Florida region for the latest 2015 US JD Power Auto Insurance Customer Satisfaction Study, but Nationwide usually scores above average nationally in the annual JD Power US Property Claims Satisfaction Study, although it usually scores somewhat below average nationally in the annual JD Power US Homeowners Insurance Customer Satisfaction Study.
If the 2009-2014 complaint record for Nationwide Insurance Company of Florida was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 14th & 15th best to worst complaint records, and be in tier 5 (tiers 1 through 8 are from best to worst).
Nationwide Insurance Company of Florida is one of the few Florida property insurance companies rated by AM Best for financial strength. Nationwide Insurance Company of Florida had its AM Best Financial Strength Rating of “B” (Fair) last affirmed on 07/31/2014, with a positive outlook, meaning there may be a possible ratings upgrade for the company in the near future. The financial strength rating for Nationwide Insurance Company of Florida was last upgraded by AM Best in July 2013, from B- to B.
“B” is the ninth highest AM Best financial strength rating, and a rating low enough to be placed in the “Vulnerable” category, as classified by AM Best. I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-,” but I still prefer a company with a lower rating from AM Best than Florida homeowners insurance companies not rated by AM Best.
20. SAFEWAY PROPERTY INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:4,416
2013 Florida Home Insurance Complaint Ratio = 1:1,549
2012 Florida Home Insurance Complaint Ratio = 1:1,806
2011 Florida Home Insurance Complaint Ratio = 1:2,220
2010 Florida Home Insurance Complaint Ratio = 1:2,536
2009 Florida Home Insurance Complaint Ratio = 1:2,076
Safeway Property Insurance Company has been the Florida subsidiary of the Safeway group of insurance companies, owned by Safeway Financial Holding Company, but it was announced in February 2015 that Florida Specialty Holdings has entered into an agreement to acquire 100% of the stock in Safeway Property Insurance Company, which will be re-branded as Florida Specialty Insurance Company once the acquisition is complete. As of the date of this review, the acquisition has not been completed yet.
If the 2009-2014 complaint record for Safeway Property Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 7th & 8th best to worst complaint records, and be in tier 3 (tiers 1 through 8 are from best to worst).
The Florida homeowners policy count for Safeway Property Insurance Company increased each year from 2010 to 2012, but has decreased since the end of 2012 through the first quarter of 2015, from 34,306 Florida home insurance policies to 30,621 Florida home insurance policies, which may mean Safeway Property Insurance Company no longer has competitive homeowners insurance rates, may be non-renewing customer policies, or may no longer be selling new policies.
If you are insured with Safeway Property Insurance Company, be careful about canceling your policy and switching companies, because you may not be able to reinstate your coverage or apply for a new policy if you change you mind or want to insure again with Safeway Property Insurance Company.
Safeway Property Insurance Company is rated B (Fair) for financial strength by AM Best, downgraded from B+ on 2/19/2015, and is currently under review (because of the Florida Specialty Holdings acquisition of the company) with negative implications (another ratings downgrade is possible in the near future). “B” is the ninth highest AM Best financial strength rating, and a rating low enough to be placed in the “Vulnerable” category, as classified by AM Best.
I become concerned about any company not rated by AM Best for financial strength, or receiving an AM Best Financial Strength Rating lower than “A-,” but I still prefer a company with a lower rating from AM Best than Florida homeowners insurance companies not rated by AM Best, even if they have a high financial stability rating from Demotech, Inc.
However, if you are thinking of insuring with Safeway Property Insurance Company, I’d hold off (if you can) until the acquisition is complete, to confirm its AM Best rating, and if the company continues to have an AM Best rating, since companies with low and downgraded AM Best ratings sometimes stop participating in the AM Best rating program.
21. SAWGRASS MUTUAL INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = 1:536
2013 Florida Home Insurance Complaint Ratio = 1:460
2012 Florida Home Insurance Complaint Ratio = 1:814
2011 Florida Home Insurance Complaint Ratio = 1:710
2010 Florida Home Insurance Complaint Ratio = 1:772
2009 Florida Home Insurance Complaint Ratio = 1:2828
Sawgrass Mutual Insurance Company started in 2009, and sells homeowners and flood insurance in the state of Florida only, through independent insurance agencies appointed to represent the company.
The Florida homeowners policy count for Sawgrass Mutual Insurance Company has steadily increased each year since the end of 2009 through the end of 2014, from 2,828 Florida home insurance policies to 27,360 Florida home insurance policies, which may mean Sawgrass Mutual Insurance Company has a long history of competitive homeowners insurance rates in the state of Florida.
However, if the 2009-2014 complaint record for Sawgrass Mutual Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 25th & 26th best to worst complaint records, and be in tier 8 (tiers 1 through 8 are from best to worst).
Sawgrass Mutual Insurance Company is not rated by AM Best.
22. STATE FARM FLORIDA INSURANCE COMPANY
2014 Florida Home Insurance Complaint Ratio = Data no longer provided for State Farm
2013 Florida Home Insurance Complaint Ratio = 1:724
2012 Florida Home Insurance Complaint Ratio = 1:944
2011 Florida Home Insurance Complaint Ratio = 1:1,116
2010 Florida Home Insurance Complaint Ratio = 1:1,372
2009 Florida Home Insurance Complaint Ratio = 1:1,241
State Farm Florida Insurance Company has 7.4% of the Florida home insurance market. Although this State Farm subsidiary is the company with the third largest Florida home insurance market share, it is my understanding it is not selling new home insurance policies. Beginning with the first quarter of 2014, State Farm Florida Insurance Company is filing reports with the state of Florida as Trade Secret, so State Farm’s Florida complaint data will no longer be available.
The FL homeowners policy count for State Farm Florida Insurance Company has decreased greatly each year, with the steepest drop from 2009 through 2012, dropping from 705,077 Florida home insurance policies in 2009 to 387,970 Florida home insurance policies by 2012, which is likely to mean State Farm non-renewed or canceled many of its Florida property insurance customers during that period.
If the 2009-2013 complaint record for State Farm Florida Insurance Company was ranked among the 28 companies in my review of the companies selling the most Florida homeowners insurance, it would rank approximately between the companies with the 20th & 21st best complaint records, and be in tier 6 (tiers 1 through 8 are from best to worst).
State Farm Florida Insurance Company is rated B+ (Good) for financial strength by AM Best, last affirmed with a stable outlook (no ratings upgrade of downgrade is expected in the near future) on 8/08/2014. There are five AM best ratings higher than B+ (A++, A+, A, A-, B++), but I’d prefer a company rated B+ by AM Best, over a company with no AM Best rating, even if it has a high rating from Demotech, Inc.
State Farm performs well in the recent JD Power homeowners insurance customer satisfaction studies, its Florida subsidiary is rated by AM Best (unlike many Florida homeowners insurance companies), with a Florida home insurance complaint record about the same or better than some Florida property insurers, and you may not be able to reinstate your coverage if you change to another company, so be careful about canceling your policy.
How to Get the Best Homeowners Insurance You Can & Save Money!
I hope this Florida home insurance review, in addition to my other reviews, helps you choose a better Florida home insurance company. Although the companies in this review are the larger companies insuring homes in Florida, many are not selling new policies, or it may be difficult to qualify for coverage. But there are other companies still selling Florida home insurance, and new companies enter the market on a regular basis. You can save money by checking the rates of as many companies willing to insure your property, then choosing the best policy at the best price. However, even with the lowest rates you can find, Florida home insurance is expensive.
What do you think about the Florida home insurance companies included in this review? Did this review help you, or is there a way you think I can improve my reviews of Florida home insurance? Please comment or ask me questions on my facebook page.Or, you can e-mail me at help@smartshopyourcarinsurance.com if you have questions and would like my help. Follow me on Twitter for important insurance consumer news and new reviews & blog posts at CarInsWatch.