Localized Homeowners' Insurance

[fe2o3ez]

As you may see in my other threads, we are purchasing a new home. Great. Now we need insurance for said home. In Florida? Not so great. I have always had the big dogs - AllState, LibMutual, etc. - but none of them will insure new homes in Florida. So, I am left to work through a localized writer of insurance.

What should I watch for? How will I know if they will have the stability to handle a claim if we were to have a natural disaster come through? Are there ratings someplace to help?

Thanks, in advance, for the advice.

[terces]

This might be a good place to start to gather info. Office of Insurance Regulation

I used a similar agency/website in Texas when researching homeowners insurance for us.

[Robert742]

Originally Posted by fe2o3ez

As you may see in my other threads, we are purchasing a new home. Great. Now we need insurance for said home. In Florida? Not so great. I have always had the big dogs - AllState, LibMutual, etc. - but none of them will insure new homes in Florida. So, I am left to work through a localized writer of insurance.

What should I watch for? How will I know if they will have the stability to handle a claim if we were to have a natural disaster come through? Are there ratings someplace to help?

Thanks, in advance, for the advice.

Most people use AM Best financial strength ratings, but I like Weiss ratings, at

Weiss Ratings

You can find out the strongest & weakest home insurers for free, but you have to pay to subscribe for info on a specific company.

I would contact several independent insurance agents for quotes, and tell them your concerns with financial stability.

If you are military, or have an honorable discharge, USAA is a great company, if they are still insuring homes in Florida.

From the Florida insurance department -- see the link in terces post -- here are the insurance companies selling residential/commercial property insurance in Florida, as of 3rd quarter, 2011:

1 CITIZENS PROPERTY INSURANCE CORPORATION
2 UNIVERSAL PROPERTY & CASUALTY INSURANCE COMPANY 35,769
3 AMERICAN BANKERS INSURANCE COMPANY OF FLORIDA 19,101
4 SECURITY FIRST INSURANCE COMPANY 16,409
5 CASTLE KEY INDEMNITY COMPANY 13,090
6 AMERICAN MODERN INSURANCE COMPANY OF FLORIDA, INC. 10,665
7 ASI PREFERRED INSURANCE CORP. 8,333
8 AMERICAN INTEGRITY INSURANCE COMPANY OF FLORIDA 8,268
9 UNITED PROPERTY & CASUALTY INSURANCE COMPANY, INC. 8,107
10 ST. JOHNS INSURANCE COMPANY, INC. 8,090

[Robert742]

I checked out the Weiss website, and they have changed things a bit since the last time I visited. Free registration allows you to check insurance company ratings. For example:

Citizens Property Insurance Corporation has an "A+" financial rating with Weiss, but American Modern Insurance Company of Florida has a "C" rating.

[Robert742]

I found this link today which should be important to Florida home owners:

Weiss gives low ratings to 29 Florida property insurers - South Florida Business Journal