![]() ![]() If you live in a high-risk flood zone, you are likely required to maintain flood insurance by your mortgage company. We were quoted discounts from $700 to more than $1,800 for a $300,000 home. Based on this inspection, you could qualify for a wind mitigation discount on your homeowners insurance premiums. The inspector looks at parts of your home like the roof, doors, and window coverings, and checks whether your roof has a secondary water barrier to prevent leaks. In a wind mitigation inspection, an insurer sends a certified inspector to check how well your home resists wind damage. Some mortgage lenders might not accept property insurance from insurers with a score below A because of the added risk. Independent rating agencies like AM Best and Demotech review the finances of insurance companies and give those companies a letter grade based on their ability to pay claims. This is particularly important in Florida, where multiple property insurers have undergone liquidation in the last few years. If an insurance company does not have the resources, it might not be able to pay for damages covered by its policies, especially after a major event like a hurricane. The quote provided offered the least amount of coverage for the price, relative to other company quotes collected.įlorida Homeowners Insurance Basics Why a Homeowners Insurance Company’s Financial Strength MattersĪ homeowner’s insurance company’s ability to pay out claims depends on its financial strength. We went through Allstate’s online quote system and received a quote from Security First (a company with a complaint rate that was 13 times higher than expected, according to the NAIC). Progressive has an A+ (Superior) rating from AM Best for financial stability, and an expected number of complaints for a company of its size, according to the NAIC. We filled out Progressive’s online quote form and were referred to Kin. It has a low number of NAIC complaints for a company of its size and an A+ (Superior) AM Best rating, making it one of the more financially secure homeowners insurance companies in Florida. If you can get a quote from Nationwide, the company could be a good fit. We went through Nationwide’s online quote system, but the company wasn’t able to provide a quote for our property. It offers online quotes, has an A++ (Superior) AM Best rating, and could be worth a look if your home was built less than 21 years ago. State Farm is among the largest homeowners companies in Florida. However, the company was able to provide a quote from Citizens. When we reached out to State Farm for a quote, the agent let us know it couldn’t insure our house because it was more than 21 years old. There are several well-known companies with solid reputations that could be a good fit for you if they offer a quote for a home. Not every company we analyzed made our list. It does get an A (Exceptional) rating from Demotech, a financial-stability ratings company that focuses on ratings for insurance companies in coastal states.Īdditional Florida Homeowners Insurance Companies to Consider However, you can’t meet with an agent in person and Kin does not yet have an AM Best financial strength rating. ![]() Also, Kin has a relatively low NAIC complaint index for home insurers in Florida. Its quoted policies provided more coverage than the competition for loss of use (when you’re temporarily displaced while your home undergoes repairs). If we passed the wind mitigation inspection, our premium would have been the most affordable of all insurers we reviewed.Īdditionally, Kin offers discounts for fire mitigation, secure communities, and fire/security alarms. However, it offered the largest wind mitigation discount. The quote we got from Kin was initially the most expensive relative to other insurers. It uses a fully digital process for homeowners insurance, which made it easy for us to get an online quote. Kin is a relatively new insurer that launched in 2016. ![]()
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