7. HOMEWISE INSURANCE CO., PINELLAS PARK
Takeout policies: 31,654
First licensed in Florida: 2005
Affiliate: N/A
Capital and surplus: $9.5M
Financial status: Strong capital position relative to other takeout
companies.
The thing with homewise is that they offer wind only. You still need
to find another policy to cover fire, theft, etc....
8. FIRST HOME INSURANCE CO., SOUTHFIELD, MICHIGAN
Takeout policies: 29,957
First licensed in Florida: 2005
Affiliate: First Home Financial Corp.
Capital and surplus: $5.2M
Financial status: Meets state requirements.
9. SOUTHERN FIDELITY INSURANCE CO., TALLAHASSEE
Takeout policies: 23,067
First licensed in Florida: 2005
Affiliate: N/A
Capital and surplus: $6.2M
Financial status: Meets state requirements.
10. SECURITY FIRST INSURANCE CO., ORMOND BEACH
Takeout policies: 13,939
First licensed in Florida: 2005
Affiliate: Royal Palm Insurance Co.
Capital and surplus: $4.9M
Financial status: Meets state requirements.
11. FEDERATED NATIONAL INSURANCE CO., LAUDERDALE LAKES
Takeout policies: 13,814
First licensed in Florida: 1992
Affiliate: 21st Century Holding Co.
Capital and surplus: $11.2M
Financial status: Meets state requirements,but submitted action plan
for improving capital position
No A.M Best rating at company request.
12. ARGUS FIRE & CASUALTY INSURANCE CO., NORTH MIAMI BEACH
Takeout policies: 11,622
First licensed in Florida: 1995
Affiliate: United Automobile Insurance Group
Capital and surplus: $6.2M
Financial status: Strong capital position. A.M. Best rating is C+
(marginal).
13. SERVICE INSURANCE CO., BRADENTON
Takeout policies: 457
First licensed in Florida: 1978
Affiliate: Bay Area Insurance Services
Capital and surplus: $10.5M
Financial status: Strong capital position. A.M. Best rating is A-
(excellent).
As usual do your research carefully. Share with us if you find any insurance news. This information was taken from The Lakeland Ledger of May 24, 2006
Many of these companies have trouble getting reinsurance, and that means that they may be in danger of liquidation.
Sometimes a mortgage company or bank will send a letter saying that the insurance company that you have is rated but not accepted. That means that the insurance is not considered good enough by the mortgage holder. They will force place the insurance if you are unable to come up with an acceptable alternative for them. Note that some people have found that force placed insurance can be cheaper than the retail insurance that you can get. Balboa Pacific Insurance is one company that is used by Countrywide Mortgage that has given much cheaper premiums than Citizens.
It has also been suggested that once you cancel with Citizens you cannot go back to them as they are the insurer of last resort.