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Alternative Florida Property Insurance Companies
Insurance Companies taking insurance policies off Citizens. They may do Home insurance quotes.

Having Affordable coverage FL (HAC or H.A.C.)
HAC Formed with the aim of resolving Homeowner's insurance Issues in FL.

Lower Homeowners Insurance Premiums
Tips on getting your homeowner's insurance quotes lower and cheaper policy premiums.

Proposed Solutions to the Florida Insurance Crisis
There are many ideas about resolving the Florida housing insurance coverage problems.

Florida Insurance Broker Problems
There are issues with insurance agents in Fla.

Florida Insurance Broker Windfall Profits
Are Florida Insurance Agents Making More Money From High Homeowner's Insurance Premiums?

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Florida Homeowners' Insurance Takeout Companies (continued)

6. UNIVERSAL INSURANCE CO., GUAYNABO, PUERTO RICO

Takeout policies: 32,951
First licensed in Florida: 2002
Affiliate: Universal Insurance Group of Puerto Rico
Capital and surplus: $167M
Financial status: Strong capital position relative to other takeout companies.

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.

 


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