This review analyzes the recent home insurance complaint record (2010, 2011, 2012, & 2013) for American Integrity Insurance Company of Florida, the sixth largest seller of new home insurance policies in Florida, and discusses its financial strength & stability ratings. People often make the mistake of not checking the complaint record of their insurance company. For auto & home insurance, people should avoid companies having a higher than average number of complaints filed with a state’s regulatory authority in recent years, if possible. Home insurance complaints are usually about the denial, delay, or insufficient payment of a claim. This review rates the home insurance complaint history of American Integrity Insurance for the last four years (data for 2014 is not available yet), to let you know if American Integrity is performing worse-than-average, average, or better-than-average, for homeowners insurance complaints, compared to the industry average. Another concern for home owners, particularly for owners 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. This review will explore how American Integrity Insurance Company of Florida is rated for financial strength, stability, and claims-paying ability. Finally, this review will discuss how American Integrity Insurance Company’s complaint record compares to other major Florida home insurance companies.
American Integrity Insurance Company of Florida Complaints & Ratings Review
This American Integrity Insurance Company review is divided into four sections, consisting of: 1. a brief 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 American Integrity Insurance Company of Florida.
1. American Integrity Insurance Company Overview
American Integrity of Florida is a Florida-only residential property insurer, selling Homeowners, Dwelling-Fire (for rental homes), Vacant Home, Manufactured Home, & Flood insurance coverage through independent insurance agencies. American Integrity Insurance Company of Florida is part of American Integrity Insurance Group, headquartered in Tampa, Florida. The Florida Office of Insurance Regulation issued American Integrity’s Certificate of Authority to do business on September 13, 2006. American Integrity of Florida has assumed over 70,000 policies from Citizens Property Insurance Corporation, Florida state’s insurer of last resort. If you are insured with Citizens Property Insurance Corporation, and you have a takeout offer from American Integrity, as part of the Citizens Depopulation program, here is a link to the FAQ on the American Integrity website regarding the offer. You can locate an agent in your area representing American Integrity Insurance Company of Florida at the American Integrity Insurance Company Website.
2. Demotech, Inc. Financial Stability Rating & Weiss Financial Strength Rating for American Integrity Insurance Company of Florida
American Integrity Insurance Company of Florida 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 American Integrity Insurance Company. AM Best does not rate many of the regional Florida home insurance companies. The absence 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.
During the 2007-2008 financial crisis, there was widespread default on highly rated mortgage debt, rated by companies, like Moody’s and Standard & Poor, paid by the companies they rate to rate them, resulting in concerns of bias & unreliable ratings. AM Best & Demotech, Inc. also are paid by the companies they rate, to rate them. This may be why there are so many AM Best & Demotech rating grades using superlatives, like “Excellent,” “Superior,” or “Unsurpassed.” For example, American Integrity Insurance Company of FL has only the third highest Demotech rating, but that rating is labeled as “Exceptional.”
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. I wouldn’t buy a permanent life insurance policy or an annuity, without first checking its Weiss rating.
As of 2/3/2014, the original date of this review, Weiss rates American Integrity Insurance Company of Florida as “D” (weak) for financial strength. Here is a warning, from the Weiss Ratings website, about companies earning their “D” rating: “The current rating is a “red flag” warning. It means the insurer is in a “vulnerable” category, which implies a higher chance of future financial difficulties than most people are comfortable with.” This is a far cry from Demotech’s “Exceptional” rating. However, in Florida, it’s hard to find an homeowners 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. American Integrity Insurance Company of Florida Home Insurance Complaint Statistics & Ratings
The complaint statistics used in this American Integrity Insurance review are the number of upheld complaints filed against American Integrity Insurance Company of Florida, with a state’s insurance regulatory authority, adjusted for the company’s market share, as determined by the National Association of Insurance Commissioners (NAIC). 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 there are complaints against the company. The higher the complaint ratio, the more complaints there are 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 1.35 means 35% 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 devised an easy rating system, based on the NAIC complaint ratios, to help you decide if American Integrity Insurance Company of Florida 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.
B = Better than Average C = Average W = Worse than Average
2013 Home Insurance Complaint Ratio = W (1.25)
2013 US home insurance premium = $141,915,923
2012 Home Insurance Complaint Ratio = W (1.28)
2012 US home insurance premium = $94,824,611
2011 Home Insurance Complaint Ratio = W (1.63)
2011 US home insurance premium = $79,745,519
2010 Home Insurance Complaint Ratio = W (2.59)
2010 US home insurance premium = $70,388,624
American Integrity Insurance Company of Florida has a consistently worse-than-average home insurance complaint record over the last four years, with its number of home insurance complaints, in its worst year during the period, at 159% more than the average of all home insurance companies nationally. However, American Integrity has had a steady increase in home insurance market share each year since 2010, which may be a sign American Integrity Insurance Company of Florida has competitive home insurance rates.
4. American Integrity Insurance Company’s Home Insurance Complaint Record Compared to Other Major Florida Home Insurers.
The complaint statistics in section three of this review show how the home insurance complaint record for American Integrity Insurance Company of FL compares to other home insurance companies nationally. This complaint comparison is useful, because the average number of complaints for the Florida home insurance market 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, than the nation as a whole. 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 other Florida home insurance companies.
However, if you live in Florida, you also want to compare American Integrity Insurance Company of Florida 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 American Integrity Insurance Company), using the latest data from the Florida Office of Insurance Regulation, from 2009 to 2013 (2014 data should be available later in 2015). Read my reviews of the 2009-2013 complaint record for the 25 largest home insurance companies in Florida here, and for the 25 companies selling the most new home insurance policies in Florida here, so you can compare the Florida home insurance complaint record of American Integrity Insurance Company of Florida, with all the other major home insurance companies in Florida.
I’m writing individual reviews, like this one for American Integrity 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.
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