Home Owners in FL. What Companies Write It?

[jwoo689]

I have a 200k home in 33442 broward county. With American heritage just received $1000 increase to $2900. Built in 1989. Can anyone tell me a carrier that will take it?

 

[USF3983]

When was the roof redone? And is it your primary, seasonal, or secondary home? Or will it be rented out (not including to your parents or children)?

 

[fearsback]

I have a 200k home in 33442 broward county. With American heritage just received $1000 increase to $2900. Built in 1989. Can anyone tell me a carrier that will take it?

Prepared, sawgrass, federated, heritage, and people's trust. If the roof has been redone and primary residence.

 

[jwoo689]

Sorry it was 1979. Roof is like 2006 or so. It is my primary residence. When I initially bought the house only citizens would insure it. Then it transitioned to this American heritage and now I get this rate up.

 

[USF3983]

Yeah that's been a problem for us. What happens is you have to opt out of the take out offer and it sounds good because Citizens doesn't cover certain things like screen enclosures but what happens is, is that Citizens is rate capped at like 10% a year. Your premium can't go up by more than that while you are with them. We thought the take outs were supposed to be offering something competitive with the take out but people get taken out during the middle of their Citizens policies. When the renewal for the take outs came along the rates were much higher than previously with Citizens. It turns out that they were offering competitive rates with Citizens normal uncapped rates. So while someone could have been with Citizens for say 3 years and only received 10% increases each year, Citizens actual rates may have been going up 20% a year for new business people. The sad part is that some of the take outs aren't much different than Citizens coverage wise. The main thing is that Citizens policyholders will be the first to receive an assessment and at a much larger percent the next time a major storm season comes around. I think Heritage is one of the companies similar to Citizens coverage-wise.

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We recently got word that there will be a system to help better assess how the new take outs rates might compare to Citizens at renewal. The old way would have been been to requote the person an uncapped Citizens rate and then add 10% but that is too time consuming.

Assuming your property is at SW 4th, I checked my private carriers and the rates were pretty astronomical as is expected for south Florida. Do you know if you had a wind mitigation inspection done after the roof was redone? Are you receiving any wind mitigation credits on your policy that you can tell?

 

[Matt B]

Maybe someone could offer up some advice plz? Been in the insurance biz 15 yrs. on the agent side up north but am now looking at opportunities in S. Florida. I read the post on homeowner's carriers and am curious if this CHOICES website CHOICES - Auto and Homeowners developed by the Insurance Regulation Office are accurate. Specifically the Home/Auto carriers shown in Broward County and the rates?

I see Florida Farm bureau listed as the best in Home/Auto markets. Following them are :

HOME: AUTO

Florida FarmBureau Liberty Mutual
Federated – check commercial GL too Southern Owners
American Traditions Geico
Fidelity National Depositors
Castle Key/Tower Hill USAA
First Protective/Frontline
Florida Family
Sunshine State

Anyone confirm/deny this? Is Allstate a good carrier in Miami Dade or Broward? Thanks to all responses.

 

[USF3983]

I'm confused. None of those carriers offer auto insurance. I'm not an agency owner, but I don't know if you'll be able to contract with whomever you want.

Do you currently have any home carriers?

As far as I'm aware, Allstate isn't really interested in writing business. Castle Key is their product, but they only wrote what the state required them to in order to maintain their auto binding authority and then they pretty much shut it down. The Allstate agent I know writes through Universal P & C, United P & C, Tower Hill, St Johns, Security First, Federated National, and Cabrillo.

 

[Matt B]

No carriers currently. Have agency in PA and looking for a move into S. Florida and doing some due diligence on the Florida marketplace. It could be the purchase of a small independent agency or getting involved in a captive situation. Asking for help with the pros/cons to each situation. Any feedback would be appreciated.

 

[USF3983]

Ah. Gotcha. I thought you meant you had experience "up north" in Florida, like Jacksonville, lol.

I'm not too familiar with south Florida specifically. Our agency is based in Tampa and we will target stuff around the state although a more significant portion comes from our area. Our carriers (Universal P & C, United P & C, Security First, Homeowner's Choice and Federated National have been pretty restricted in our area. We don't see too much hurricane activity but we are surrounded by sinkholes. Citizens is the state-backed insurer of last resort that we go to when something doesn't qualify but they won't coverage pool enclosures. There are tougher building codes in south Florida. I believe new construction requires hurricane shutters. You won't find major auto insurance companies writing any new business in Florida or at least with competitive rates. I'm not sure if Allstate writes only Allstate home insurance outside of Florida in the captive sense but they are contracted with various other carriers in Florida. They have other production requirements (i.e. life).

 

[fearsback]

Ah. Gotcha. I thought you meant you had experience "up north" in Florida, like Jacksonville, lol.

I'm not too familiar with south Florida specifically. Our agency is based in Tampa and we will target stuff around the state although a more significant portion comes from our area. Our carriers (Universal P & C, United P & C, Security First, Homeowner's Choice and Federated National have been pretty restricted in our area. We don't see too much hurricane activity but we are surrounded by sinkholes. Citizens is the state-backed insurer of last resort that we go to when something doesn't qualify but they won't coverage pool enclosures. There are tougher building codes in south Florida. I believe new construction requires hurricane shutters. You won't find major auto insurance companies writing any new business in Florida or at least with competitive rates. I'm not sure if Allstate writes only Allstate home insurance outside of Florida in the captive sense but they are contracted with various other carriers in Florida. They have other production requirements (i.e. life).

South Florida is a different world in regards to insurance. It is impossible to get appointments, tons of fraud, ridiculously high rates. I would highly recommend independent over captive down here. The options you have are to by a small agency but that will probably give you limited my appointments. My recommendation would be to join a franchise, cluster, or partner with an independent office. If you need additional info pm me. Good luck.