Choosing a Homeowners Insurance Carrier

June signifies the start of Hurricane Season, and for Florida homeowners, it is essential you are covered should catastrophe strike. This is why we would like to turn your attention to choosing a dependable homeowners insurance carrier. Your home is one of your largest investments, and protecting it should be a top priority. Choosing a homeowners carrier can be a difficult decision, as there are many factors you want to consider. During your decision-making process, it is important to keep a few things in mind to ask your agent:

Years in business: Do a little research on the company and find out how many years they have been in business. Some people feel more comfortable than others when it comes to investing in a newer business. Although a newer business isn’t necessarily better than an older one, you may be able to get a better idea of their track record. Florida Peninsula Insurance Company has been a trusted homeowners carrier in Florida for the past 15 years.

Financial Stability: Financial Stability Ratings® (FSRs) are useful when comparing insurers - the higher the rating, the greater the company's financial stability and capability to fulfill their financial obligations to you - the policyholder.

Insurance Companies must go through a comprehensive evaluation performed by an independent, objective third party such as Demotech Inc, A.M. Best, Fitch, Moody's, or Standard & Poor's, among others, in order to obtain a financial rating. Rating agencies use their own scale and criteria to analyze each company's balance sheet strength, operating performance, and business profile. A company's Financial Stability Ratings® (FSRs) of A or better, are typically accepted by mortgage companies, Fannie Mae, Freddie Mac, and HUD. Companies with below a B+ or B++ Financial ratings have a high risk of underwriting guideline changes and could become insolvent under adverse economic conditions. Florida Peninsula is rated "A Exceptional" by Demotech, Inc.

Educating yourself about a company’s financial strength is very important since this will be the company in which you are placing your trust.

Surplus: The state of Florida requires homeowners insurance companies to maintain a sufficient amount of funds in reserve to conduct daily business and pay claims. Any funds exceeding the amount required is considered a surplus. Insurance carriers possessing an ample surplus are considered to be in good financial health. To learn more about surplus, and Florida Peninsula’s financial health, please watch the video from Penny below.

The most important thing is to do your research. Choosing a homeowners insurance carrier based on popularity or what you’ve heard on TV or the radio isn’t the best idea. You deserve the peace of mind which only comes from knowing your biggest investment is protected by a strong, solid carrier like Florida Peninsula Insurance Company. To learn more about us, visit our website or give us a call at 877-229-2244 for a quote.

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