The Tampa Bay Times reported last summer which insurance companies homeowners insurance rates were being raised in Florida:
On the rise-State Farm is being allowed to raise homeowners insurance rates in Florida 18.8 percent on average. That includes a 20 percent increase for the most common, nontenant homeowners' policies; a 15 percent decrease for renters; and a 3 percent decrease for condominium unit owners. Here's a sampling of some of the steepest rate increases approved by Florida regulators since early 2010.
Insurer | Rate increase |
State Farm | 18.8 percent |
Allstate (Castle Key Indemnity) | 17.8 percent |
American Mercury Insurance | 24.8 percent |
Hartford Insurance | 24 percent |
Homewise Insurance Co. | 28.8 percent |
Northern Capital Insurance | 29 percent |
Florida Peninsula Insurance | 19.8 percent |
Tower Hill Preferred Insurance | 21.3 percent |
That leaves many of us to shop for affordable but good and reliable homeowners insurance. And while there might be some relatively cheap insurance for us Floridians (relative being the key word), what you don't want to do is purchase insurance from companies that are not poised to handle a large scale risk event like we had back in 2004.
This weekend, I did some research to find reliable online tools and information to help homeowners like me, and Orlando area home buyers like my clients, choose wisely when shopping for home owners insurance. Here is what I found and you can access this information to make a smart choice on buying home owners insurance in Florida.
Homeowners Insurers' Risk of Ruin-The Herald-Tribune obtained copies of confidential documents filed in June by Florida property insurers with the Office of Insurance Regulation. These records and ratings show how well homeowners insurance carriers are prepared to withstand a 100-year loss. The site also provides information on financial strength and premiums.
The ones to avoid- The article allows you to see portions of the actual filings from Florida's six riskiest property insurers, including Universal Property and State Farm. In each case, read the notes to understand what these reports mean.
Search by County-See who is writing new homeowners insurance policies, who is dropping policies, top property insurers and information about hurricane risk by Florida county. Changes are from June 2010 to January 2011.
No red flags list- The Herald-Tribune also published a list of Florida home insurers with no red flags. They provide company details, such as year the company was formed, who owns it and where the company is located, funds set aside, numbered of polcies. Based on this report, the one that stands out is Florida Farm Bureau Casualty, the Gainseville-based Florida Farm Bureau Casualty member of the Southern Farm Bureau family. It is considered one of the most stable and well-capitalized Florida-only insurance companies, according to the Herald Tribune.
No red flags list- The Herald-Tribune also published a list of Florida home insurers with no red flags. They provide company details, such as year the company was formed, who owns it and where the company is located, funds set aside, numbered of polcies. Based on this report, the one that stands out is Florida Farm Bureau Casualty, the Gainseville-based Florida Farm Bureau Casualty member of the Southern Farm Bureau family. It is considered one of the most stable and well-capitalized Florida-only insurance companies, according to the Herald Tribune.
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