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Home » Homeowners Insurance Companies Rated By Preparedness

Homeowners Insurance Companies Rated By Preparedness

June 22, 2018 | Trey Malowany

Insurance Companies Rated by Preparedness

 

If you’re in one of the many FEMA-declared flood zones that requires insurance in the Tampa Bay or Gulf coast areas you may have wondered which of the major insurers are up to the task to help you when/if you need claim assistance.  Here to help is a Palm Beach Gardens, FL-based company by the name of Weiss Ratings, LLC. A recently release report from Weiss details their findings on the 10 strongest and weakest insurance companies, based on their financial preparedness to fund claims.  Below is their list of findings:

 

Recommended Florida Homeowner Insurers

  •         Amica Mutual Insurance Co. (B+)
  •         Auto Club Insurance Co. of FL (B+)
  •         Castle Key Insurance Co. (B+)
  •         Cincinnati Insurance Co. (A)
  •         Citizens Property Insurance Co. (A+)
  •         Southern Fidelity Insurance Co. (B+)
  •         Southern-Owners Insurance Co. (A)
  •         United Svcs. Automobile Assn. (A-)
  •         USAA Casualty Insurance Co. (A-)
  •         USAA General Indemnity Co. (B+)

(A = excellent; B = good; + or – indicate upper or lower third of grade range. Data: 12/31/17)

 

Weakest Florida Homeowner Insurers

  •         Anchor P&C Insurance Co. (D)
  •         Edison Insurance Co. (D+)
  •         Florida Specialty Insurance Co. (D)
  •         Olympus Insurance Co. (D+)
  •         People’s Trust Insurance Co. (D+)
  •         Prepared Insurance Co. (D)
  •         Tower Hill Preferred Ins. Co. (D)
  •         Tower Hill Prime Insurance Co. (D)
  •         Universal P&C Insurance Co. (D)
  •         White Pine Insurance Co. (D+)

(D = weak; + or – indicate upper or lower third of grade range. Data: 12/31/17)

 

Gavin Magor, Weiss Ratings Director of Research, stated, “In the midst of back-to-back active hurricane seasons, the good news for homeowners is that, over the last few years, several insurers have set aside more reserves and improved their finances.”  The Florida Realtors site found the study to be conducted with “investments, cash reserves, profitability, liquidity/cash flow and years in operation” to be the deciding factors as to each of the insurance companies’ ranking.  Remember to do proper research before choosing your coverage to insure against potential losses, and protect your loved ones and assets.

 

Image courtesy of CityofStPete via Flickr.

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