The sheer number of disastrous natural weather events that occur in Florida annually has caused many insurance companies to not offer home insurance in the state. Currently, multiple small companies have bridged the gap, but many of the companies are new without discernible records to assess their performance. This is the primary problem in Florida. Recently, the state has instituted some online tools to assist in the hunt, but the lack of experience for many of the companies make it impossible to completely be sure of their services. The available insurance is sometimes government subsidized in various forms, but the companies run the gamut.
Florida Peninsula Insurance was established in 2005. It serves a small fraction of the total Florida insurance buying population, but it is rated as a top performing insurance company. Because they are small, they are able to focus much better than larger companies. They also offer a lot of information. This may seem a given, but the heavy proliferation of small companies makes seeking pertinent information a hard task. Their standard coverage protects dwellings and other insurable structures like pools, as well as, personal property and loss of use coverage. Florida Peninsula does have a discount program. In markets like Florida, insurance companies do not have to incentive their products because without major companies, there is a high demand for coverage.
Citizens Property insurance is a not for profit company. This means that the corporation has a tax exempt status. They cover most domestic dwellings, as well as, business entities. In addition, Citizens Property covers sinkhole damage. Sinkholes are a problem that is common to Florida because Florida’s bedrock is made of limestone in many places. They offer discounts, but it is contingent upon the homeowner mitigating certain damage with home upgrades that comply with the storm related building codes of Florida. Using market share as a matrix, Citizens Property is considered the largest firm in Florida.
Universal Property and Casualty focuses solely on homeowners insurance. They also have the standard coverage, but they do offer a personal liability policy. Universal does not offer discounts in any form, but they keep premiums low by not having a heavy proliferation of various other types of insurance policies. They cover fire, home and personal property. Universal offers online claims, as well as, an online claim center that can also assist by phone and fax. Universal Property services customers of Citizens Property who do not want to be involved with a government assisted insurance company. However, because they are smaller, they do offer a faster attention to claims.