Home Insurance Buyers Guide, LLC

Florida State regulators had good news on Monday, October 29, 2007.

As reported in the Palm Beach Post article “Insurers can tap Citizens clientele” some Florida homeowner insurance customers of Citizen Property Insurance Corporation are going to be receiving an offer letter from one of four private insurance companies offering an chance for the homeowner to move from Citizens coverage to private sector coverage.

The four companies assuming these policies from Citizens Property Insurance are American Integrity Insurance Company, Landmark One Insurance Company, First Home Insurance Company, and Argus Fire and Casualty Company.

On the surface, that’s good news. The fewer policies in Citizens the better it will be for all of us in the long term. Most taxpayers should want this hurricane risk in the private sector.

However, in this article Bob Milligan, Florida’s insurance consumer advocate said: “homeowners must consider the financial health of the takeout companies.” – good advice for all of us coming on the heels of the failure of the Poe Financial Group.

We’ll it turns out that there is good reason to be concerned with the financial health of at least one of the four takeout companies in this latest announcement.

When the Poe Financial Group companies experienced significant losses in the 2004 hurricane season, it was AM Best that moved quickly to downgrade their financial ratings heading into 2005 – a year when hurricane Wilma claims delivered the final knockout punch to Poe’s cash reserves.

What did AM Best do near the end of 2004 with the Poe companies?

It downgraded the ratings of two of the Poe companies to a “C” rating. Before AM Best could do additional work and due dilligence, those two Poe companies became “non-rated” companies in the Best rating system at the request of the Poe Financial Group.

Why does the Poe history matter?

Because it turns out one of the four companies above participating in the take-out program has a current AM Best rating of “C minus” with negative implications! – an AM Best rating that is lower than the ratings the Poe Companies had before they ultimately failed!

Is one of these companies another Poe in the making?

Not necessarily.

But if you are a Florida homeowner insurance customer considering one of these takeout offers, you better check the financial ratings of these companies before accepting this takeout offer.

After you’ve done this research consider whether you want to move to one of these take out companies or whether you would like to find another Florida homeowners insurance company besides the companies being offered.

If you want to expand your options, The Home Insurance Buyers Guide can help!

When you use The Home Insurance Buyers Guide, you gain immediate access to the names of Florida homeowner insurance companies still writing new business in your county.

But you get something more.

You get a Buyers Guide Rating that helps you to further screen and prioritize two companies that might have the exact same AM Best or Demotech rating.

Our Buyers Guide rating is on a scale of “1-10″ and takes a clear position on each and every company in The Buyers Guide and take the financial ratings of each company one step further.

Finding private Florida homeowners insurance is still a good idea!

Use The Home Insurance Buyers Guide to find the best company in the shortest amount of time.

Learn more about Florida Homeowners Insurance and The Home Insurance Buyers Guide!