Homeowners coverage in Florida is complicated to say the least. In a State surrounded by water, placing your business with a carrier who will see you through before, during, and after a loss can be difficult. In 2021 alone, we have witnessed several insurance companies exit our State or in some cases, close their doors all together.
For the vast majority of Florida residents with mortgages, the question is not “Is it worth it to purchase homeowners coverage?”, but is the lender requiring homeowners coverage to be placed on the property to secure their asset until the home is paid off? The majority of the time, lenders leave Florida residents with no choice, but to purchase a homeowners policy to secure a mortgage prior to closing and to avoid future penalties.
As a Florida resident, it is important you do your research and heed the advice of your agent when insuring your home. Having the backing of a reliable and dedicated carrier can make the difference when a loss occurs. Here are a few items to consider when purchasing homeowners coverage.
Financial Stability Ratings®
Most homeowners insurance companies undergo a comprehensive evaluation performed by an independent, objective third party to obtain a financial rating. A company's financial stability and capability to fulfill their financial obligations to their policyholders determines their rating. The greater their rating the greater their financial stability. Companies such as Demotech, Inc. use their own criteria to analyze a company's balance sheet strength, operating performance, and business profile. A Financial Stability Ratings® (FSRs) of A or better, is typically accepted by mortgage companies, Fannie Mae, Freddie Mac, and HUD. Florida Peninsula is pleased to be rated "A Exceptional" by Demotech, Inc.
Seek out carriers who provide more than just one service or product to capture additional savings and security. For instance, flood coverage can be purchased at reduced rates from some approved private carriers at discounted rates. Capitalize on the partnerships your carrier has formed with other businesses to pass along additional security to your family. Florida Peninsula offers Flood coverage (with no waiting period and no Elevation Certificate requirement), ID Theft coverage, Animal liability, and increased furs, jewelry, medical and liability coverages to policyholders.
Quality Customer Service In The Wake of a Storm
Prior to the start of each storm season most insurance companies secure off-site resources to answer claims inquiries and assist with emergency restoration and claims processing in the wake of a storm. When selecting a carrier, ask how they handle a catastrophe should one or more occur in a season. Our team of licensed, experienced, and efficient claim adjusters are ready when policyholders require assistance. In addition, policyholders have access to additional resources such as emergency water restoration services, roof tarping, and escalated claims processing.
Partner with homeowners companies who offer products and services which are quick and easy to use when an emergency presents. Homeowners insurance is designed to provide peace of mind in the event of a loss. Searching for phone numbers and documents during a loss is the last thing anyone wants to do in a crisis. Florida Peninsula makes it easy to view documents and report a claim online via our website without the need for physical documents which may become damaged or misplaced during a storm. In addition, policyholders may stay informed of policy payments, documents, mortgagee changes, and track any open claims at any time by creating their online profile.
When securing homeowners coverage in Florida do your research and select a carrier which meets the requirements you seek. Also, consider the advice of your agent and their recommendations for coverage.
As a leader in Florida’s homeowners insurance marketplace, we have weathered seasons with multiple storms successfully and have overseen thousands of covered claims through to settlement. We believe our proven track record and industry experience make our family the perfect fit for yours. To find an agent near you for a quote, or to learn more about our company visit us at www.floridapeninsula.com.