Florida homeowners are turning to Citizens in droves as private insurers go under, exit the market or stop selling policies.
Among the carriers that remain, State Farm leads the industry in customer satisfaction and claims handling. Tower Hill Exchange, which offers a Florida-specific reciprocal policy, is another standout option.
Allstate
While Allstate is most famous for its auto insurance commercials featuring actor Dean Winters, the company offers a range of home and life insurance products. Its customers can expect a balance of personal service from an agent and online management of their policies. Allstate also provides a number of discounts, including its Drivewise(r) program that rewards safe drivers.
Allstate has a solid reputation for paying out claims and maintains an A+ financial strength rating from independent insurance credit agency AM Best. However, it is not without its critics, especially when it comes to pricing and customer service.
Florida’s homeowners insurance market has been struggling for years, due to high litigation costs and frequent natural disasters. As a result, many insurers have left the state, leaving customers with fewer choices and higher premiums. Legislative changes and new market entrants, like Tailrow Insurance Company, are being implemented to reduce these costs and stabilize the industry.
State Farm
State Farm has a large market share for auto, home and life insurance. Its auto insurance rates are generally affordable, and it has high customer satisfaction ratings in J.D. Power studies and low complaint ratios with state regulators. State Farm also offers a usage-based program to save drivers up to 30% on car insurance by analyzing driving behavior. Its life insurance offerings are among the best in the industry and earned the company two 2024 Bankrate awards for Best Term Life Insurance and Best Universal Life Insurance.
The company’s website is intuitive and easy to navigate, and its mobile apps let policyholders access their information and make payments anywhere. They can also find a nearby agent or manage claims via the app. It also has a deductible savings bank and rewards for safe driving.
Universal Property & Casualty
Universal Property and Casualty Insurance Company is one of the three leading writers of homeowners insurance in Florida. Its functional structure affords it the ability to execute policy underwriting, marketing and claims with speed and efficiency. It has been in business since 1997 and is servicing over 600,000 policies.
The company offers a range of homeowner’s insurance plans, including dwelling coverage, other structures, personal possessions, loss of use, and personal liability. It also provides landlord insurance for apartment and condo owners. The company also offers a free mobile app for its customers to track and manage their policies.
MoneyGeek’s analysis of the insurance provider found it scored well in several categories, including customer satisfaction and affordability. The website makes it easy to get quotes from multiple companies and compare rates. It also includes a list of discounts available to homeowners. The company also has an A financial stability rating from Demotech, a ratings firm.
Citizens Property Insurance Corporation
Citizens Property Insurance Corporation provides home insurance to residents of Florida who can’t find coverage in the private market. Whether you own a site-built or manufactured home, condo, or commercial property, Citizens can help. Citizens doesn’t have the best customer reviews, but it is a great option for Florida homeowners who can’t get private-market coverage.
They all offer comprehensive policies, competitive pricing, and bundling options. They also have high customer satisfaction ratings and financial stability ratings. In addition, they are backed by large parent companies with global reach. This gives them a distinct advantage over smaller, regional insurers. This allows them to better manage risks and keep premiums low. However, they do not offer all perils deductible policies.
Florida Peninsula
Florida Peninsula has a high customer service rating and offers a variety of property coverages for homeowners in the state. The company also has a variety of discounts for homeowners, and its claims-handling process is quick and efficient.
Founded in 2005, Florida Peninsula is one of the state’s most popular home insurers. Its customers can choose from a wide range of insurance coverage options, including replacement cost and hurricane deductibles. Its policy also includes valuable endorsements, such as water backup, equipment breakdown, and flood damage.
Despite its lower market share, Florida Peninsula has a strong financial stability rating and is rated by Demotech as an A- (Exceptional). Its financial stability ratings are also recognized by Freddie Mac and Fannie Mae, which makes the company a solid option for homeowners seeking a good home insurer in Florida. Moreover, the company is known for its quick and efficient claims-handling process, offering 24/7 online claims reporting.
Security First Insurance Company
As a regional insurer, Security First has a reputation for affordability and specialized coverage options. Its home insurance policies offer essential coverages like dwelling and personal property, as well as specialties such as identity theft and equipment breakdown. These features set the company apart from competitors in Florida.
In addition, the company offers a number of discounts to help homeowners save money on their premiums.
The company also has a strong focus on hurricane protection, which is important in the state of Florida. It is rated “A” by Demotech, which indicates financial stability and ensures that the company can pay claims even in a worst-case scenario. This gives customers peace of mind that their policy will not be voided by a hurricane.
