Home Insurance Buyers Guide, LLC

It’s been very well documented that most of the major Florida homeowner insurance companies are continuing to shed policies in the State of Florida. Allstate, Nationwide, and State Farm Florida are leading the way out of the state, but they have plenty of company.

As this trend continues, Floridians are left with medium and small size companies to consider for their Florida homeowner insurance needs.

While finding a less expensive private Florida home insurance company can save you thousands of dollars, it has to be done with great care. After all, saving a lot of money on your insurance isn’t going to matter if your Florida home insurance company fails during the next major hurricane.

And remember, if you have to file a Florida home insurance claim you’re going to need the claim settled quickly. Who knows what you might be dealing with – a roof leak, broken windows, or even mold.

If your Florida homeowners insurance company is an admitted, licensed, carrier in the State of Florida and it fails, the Florida Insurance Guaranty Association (FIGA) will step in to make you whole, as it is doing for homeowner claims in the Poe liquidation. However, there are limits to how much you will recover through FIGA and there will almost certaintly be delays.

With all of that said, why not try to avoid this in the first place, by checking on the financial ratings of your Florida insurance company before you buy a new Florida homeowners insurance policy.

Florida insurance ratings are letter grades assigned by the rating services to the Florida homeowners insurance companies.  At Home Insurance Buyers Guide, we like A.M. Best because they have been doing this for a very long time. We also like Demotech because their ratings have been effective in assessing medium to smaller size regional insurance companies similar to those we now have in Florida.

Insurance company ratings Florida give you added assurance that you’ll get paid if you have to file a claim.  Florida homeowners insurance ratings take into consideration the following characteristics of your insurance company:

Cash liquidity levels

Extent to which reinsurance has been used to further spread the risk of loss

The reliability of financial reporting.

But enough technical talk. In plain English, these Florida insurance company ratings have demonstrated over time that their ratings are very accurate at predicting survival and failure rates among Florida home insurance companies.

Said another way, companies with very high Florida home insurance ratings have rarely failed, while other companies with very low Florida insurance ratings have indeed failed at much higher rates. In short these ratings matter.

So before you celebrate your new, cheaper insurance policy, check out the Florida insurance company ratings for your Florida home insurance company.

Once you’ve checked your Florida homeowners insurance company ratings you need to do more. Why? Because even with decent ratings from the major rating services, Florida homeowner insurance companies can still fail. That’s why at the Home Insurance Buyers Guide, we’ve taken Florida homeowners insurance ratings to the next level.

Our Buyers Guide Rating gives each insurance company in our guide at rating on a scale from “1-10″. This rating allows you to look at each company still writing new business in your county and decide which ones you would like to obtain a quote from. We’ve done all the research on each company so you don’t have to.

Our Buyers Guide Rating takes the guesswork out of selecting the right Florida home insurance company.

When you use The Home Insurance Buyers Guide, you’ll see very quickly why we are changing the way homeowners shop for insurance.