Selecting A Good Florida Home Insurance Company
Selecting A Good Florida Home Insurance Company
One of the biggest problems confronting homeowners in the state of Florida is the ever increasing cost of insurance for their homes. There are several reasons for this however one of the most prominent reasons is the fact that Florida is the doormat of many of the Atlantic hurricanes that occur every year and because of this many insurance companies have lost quite a bit of money in the past few years. Florida Home Insurance rates skyrocketed every since hurricane Andrew in 1992 and during the years 2004 and 2005 many insurance companies stopped writing policies in the state of Florida, some do not write new policies and others simply left the state.
In fact, there used to be approximately 500 different companies in Florida that you could get home insurance with however this has now been reduced to about 40 companies that are currently active and many of them are new companies that you are probably not familiar with. This leaves many people confused as to which Florida Home Insurance company they should do business with. In order to make this an easier decision there are some criteria that you need to consider before taking out a policy with any company in the state of Florida. Here are a few factors that you could consider in a company before taking a policy with them:
1. Longevity - if at all possible you should select a company that has been around for quite some time and that has experience in writing policies as well as processing claims. They should also have experience in hurricane and flood policies.
2. Financial stability - the company you decide on should have an excellent financial rating, enough capital on hand to pay out any claims that you may submit and also have a relationship with backup companies that can help to ensure that you will be compensated in times of emergency
3. The company you decide to go which should be diverse in his policies, that is to say that the policies that they have in their portfolio should include new homes, homes that are near the water, homes that are inland as well as older homes. This way the company will not be wiped out when emergency situations such as hurricanes and flooding occur because not all of their policyholders will be in one area.
4. Customer service - any company that is providing a public service should have outstanding customer service and be able to process claims quickly and efficiently. In addition, you want to be able to speak to a human being when you call with questions concerning your policy or claim. If you are involved in a hurricane or flood, it is vitally important that you are able to get an adjuster to come to your home as quickly as possible in order to ascertain the damages and compensate you.
Once you decide on a company, you should check with the Better Business Bureau to see whether this company has been practicing good business dealings with others. You should also find out what type of rating they have from the national Association of Insurance Commissioners. You should also find out if they have any complaints filed against their company in the past few years concerning claims that have not been honored or insufficient customer service. Understanding How Claims Will Be Paid On Your Home Insurance Policy Cash and Insurance for Your Home Home Insurance- Inclusions And Exclusions Apartment Building Insurance California, secure your home Cheapest Home Owners Insurance Quotes -- Tips That Will Help You Save Massively Home and Contents Insurance - The Risks of Not Having It For Cheapest Home Owners Insurance Rates? Apply These Tips Obtaining Home Insurance In Orange County Before Escrow Closing Home insurance: Because accidents can never be predicted Home Insurance – Company's True Glance Home Insurance – Stop Nature's Attack Home Insurance – A Boon Or A Curse Home Insurance Florida-5 Tips For Finding The Best Florida Insurance