This review analyzes the four-year home insurance complaint record (2010, 2011, 2012, & 2013) for Olympus Insurance, one of the twenty-five largest sellers of home insurance in Florida, and discusses its financial strength ratings. Many insurance policyholders make the mistake of failing to check the complaint record of their insurance company. For auto & home insurance, people should avoid companies with a recent history of higher than average number of complaints filed with a state’s regulatory authority, whenever possible. The majority of these complaints are usually regarding denial, delay, or inadequate payment of a claim. This review rates the recent home insurance complaint history (reliable data for 2014 is not available yet) for Olympus Insurance Company, to let you know if Olympus is performing worse than average, average, or better than average, for home insurance complaints, compared to the industry average. Another great concern, particularly for people residing in hurricane or disaster-prone states, is the financial strength of their home insurance companies, to be able to promptly & fully pay the claims of all its customers. In Florida, most of the companies insuring homes in the state are not the large national companies, but smaller companies not rated by AM Best, the best-known rating agency of insurance companies. This review will explore how Olympus Insurance Company is rated for financial strength and claims-paying ability. The final part of this review will discuss how Olympic Insurance Company’s complaint record compares to other major Florida home insurance companies.

This Olympus Insurance Company review is divided into four sections, consisting of: 1. a company overview, 2. its financial stability ratings, 3. its home insurance customer complaint ratings, and 4. information about competing home insurance companies, and how their complaint records compare to the Olympus Insurance Company.

1. Olympus Insurance Company Overview

Olympus Insurance Company was incorporated May 31, 2007, to underwrite homeowners and related insurance lines in Florida. Olympus Insurance Company commenced business on August 8, 2007. Per the Olympus Website, Olympus currently underwrites more than 60,000 policies, generating over $100,000,000 in premiums. Olympus sells its insurance coverage through independent insurance agencies appointed to represent the company. You can locate agents representing Olympus in your area, or request a property insurance quote, at the Olympus Insurance Company Website. If your property is insured with Citizens Property Insurance Corporation, Olympus Insurance Company is one of the companies participating in the Citizens Property Insurance Corporation Depopulation program.

2. Demotech, Inc. Financial Stability Rating & Weiss Financial Strength Rating for Olympus Insurance Company

Olympus Insurance Company had its A (Exceptional) Demotech financial stability rating affirmed on 11/22/2014. A is the third highest Demotech rating. AM Best, the best-known insurance company rating agency, does not rate Olympic Insurance Company. AM Best does not rate many of the regional Florida home insurance companies. The lack of an AM Best rating is neither good or bad. Insurance companies pay AM Best to rate them, and many smaller, regional, or specialty insurance companies do not seek to be rated by AM Best, choosing Demotech, Inc., instead.

You may remember from the 2007-2008 financial crisis, there was a lot of default of “A” rated debt, rated by companies, like Moody’s and Standard & Poor, paid by the companies they rate to rate them, resulting in concerns of biased judgment. Using the ratings of the rigorously conservative rating company, Weiss Ratings, may be more objective, because Weiss is not paid by the companies it rates. I encourage all my readers to sign up and use the information at the Weiss Ratings Website. It’s a great source for objective information about banks, credit unions, investments, and insurance companies. There is a lot of useful free information, if you decide you don’t need unlimited access to all its reports.

As of 2/1/2014, the original date of this review, Weiss rates Olympus Insurance Company as “D” (weak) for financial strength. This normally should be a cause of great concern. But in Florida, it’s hard to find an home insurance company with strong financial stability. Even the Florida subsidiary of State Farm (the largest home & auto insurer in the USA by far), State Farm Florida Insurance Company, is rated “C-” (fair) by Weiss, recently upgraded from “D+”. When choosing a Florida home insurance company, there may be little difference in the financial strength of the insurance companies available to you.

3. Olympus Insurance Company Home Insurance Complaint Statistics & Ratings

The complaint statistics used in this Olympus insurance review are the number of upheld complaints filed against Olympus Insurance Company with a state’s insurance regulatory authority, adjusted for the company’s market share, as determined by the National Association of Insurance Commissioners. Complaint ratios lower than “1” have less complaints than average, and complaint ratios over “1” have more complaints than average. The lower the complaint ratio, the less complaints against the company. The higher the complaint ratio, the more complaints against the company. For example, an home insurance complaint ratio of 1.00 would be exactly equal to the industry average. A complaint ratio of 1.25 means 25% more complaints than the industry average. An home insurance complaint ratio of .50 means half (50%) the number of complaints as the industry average.

I developed a simple rating system, based on complaint ratios, to help you decide if Olympus Insurance Company is best for you. By choosing a company with a better-than-average complaint history, or at least avoiding companies with consistent, worse-than-average complaint records, you decrease the likelihood you will have a negative experience, when you need your home insurance company.

Here’s how I establish my home insurance complaint ratings:

B = Better than average. Insurance companies with complaint ratios less than 75% of the average insurance company.

C = Average. Insurance companies with complaint ratios from 75% to 125% of the average insurance company.

W = Worse than average. Insurance companies with complaint ratios more than 125% of the average insurance company.

Olympus Insurance Company has a lower than average number of annual home insurance complaints in the most recent three of the last four years, with its number of home insurance complaints, in its worst year during the 2010-2013 period, at 8% more than the average of all home insurance companies nationally.

4. Olympus Insurance Company’s Home Insurance Complaint Record Compared to Other Major Florida Home Insurers.

The complaint statistics in section 3 of this review show how the home insurance complaint record for Olympus Insurance Company compare to other home insurance companies nationally. This is useful, because the home insurance complaint average for all Florida home insurance companies is likely to be higher than the national average, at least in some years, since most complaints are claims related, and Florida is prone to a large number of home insurance claims due to hurricanes. If a Florida home insurance company has a better than average complaint record when compared nationally, it has a good complaint record overall, not just a good complaint record compared to Florida home insurance companies.

However, if you live in Florida, you also want to compare Olympus Insurance Company to other Florida home insurance companies. I’ve recently written comprehensive reviews of the companies in the Florida home insurance market, comparing the Florida home insurance complaint records of the major Florida home insurance companies (including Olympus Insurance Company), using the latest data from the Florida Office of Insurance Regulation, from 2009 to 2013 (2014 data will most likely be available later in 2015). See my reviews of the 2009-2013 complaint record for the 25 largest home insurance companies in Florida, and for the 25 companies selling the most new home insurance policies in Florida, so you can compare the Florida home insurance complaint record of Olympus Insurance Company, with all the other major home insurance companies in Florida.

I’m writing individual reviews, like this one for Olympus Insurance Company, for each of the 25 largest home insurance companies in Florida, as well as each of the 25 companies selling the most new home insurance policies. Bookmark or favorite this page or my site, to check out my future reviews.

Florida home insurance is expensive. 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 auto, home or life 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 insurance company is the one with the level of coverage & service they need, at the best price.

Thanks for reading this review about Olympus Insurance Company home insurance complaints & its financial strength ratings. You can find other reviews of leading auto, home, & life insurance companies on my website & blog. What do you think of Olympus Insurance Company? Did you find this review useful? Comment on my facebook page. If you have questions, you can reach me at help@smartshopyourcarinsurance.com. Follow me on Twitter for important insurance consumer news & new blog entries at CarInsWatch.