It is important to know some of the basic information on the Florida homeowners insurance companies that write property insurance in Florida for those who are shopping for coverage. Some details of six of the largest property insurers follow below.
Citizens Property Insurance Corporation is an insurer fully owned and operated by the State of Florida, and was formed by the State Legislature in 2002. The company was formed as a non-profit, tax-exempt government corporation. The company was formed primarily to provide coverage to properties that could not otherwise be insured in the standard market.
HomeWise Preferred Insurance Company entered the Florida insurance market after the 2004 and 2005 hurricane seasons. The state was struck very hard by these storms and many companies promptly left the state after sustaining substantial losses. HomeWise is a highly rated property insurer that offers competitive rates. The company offers a variety of tips for homeowners facing a hurricane season.
St. Johns Insurance Company was formed in 2003 and the company is very highly rated. The Orlando based company specializes in homeowner's insurance products. St. Johns is a young company, but the company is expanding rapidly throughout the state and is rated “A” exceptional by the Demotech company.
State Farm Florida Insurance Company is a subsidiary of State Farm Mutual Insurance Company, which is the largest property and casualty insurer in the U.S. for homeowner's insurance. Due to recent storm losses, State Farm Florida requested a rate increase that was denied by state insurance regulators. As a result, the insurer had expressed a desire to leave the state. State Farm Florida Insurance Company has announced that it will remain in Florida after reaching an agreement with state regulators.
Tower Hill Insurance Group has been in operation for over 30 years and is located in Fort Lauderdale. The company currently maintains an “A” exceptional rating from Demotech and provides property and casualty insurance for homeowners across Florida.
Finally, Universal Property & Casualty Insurance Company (UPCIC) is a subsidiary of Universal Insurance Holding Company, which is wholly owned by Universal Insurance Holdings, Inc. The company maintains a website that allows customers to log in to handle premium payments or report claims. The company is an “A” exceptional rated company by Demotech.
When choosing a homeowner's insurance company, your choices are plentiful. Whether you choose a carrier that specializes in homeowner's insurance, or a company that writes other lines of business as well, you will find that many options exist. In order to find the best value for your insurance dollar, be sure to obtain competitive quotes from several carriers. A qualified insurance agent or broker can assist you in your search by offering expertise and advice.