FLORIDA’S 10 STRONGEST HOME INSURERS WELL PREPARED FOR HURRICANE SEASON
By Gavin Magor On June 14, 201807:55 AM Eastern
FOR IMMEDIATE RELEASE
FLORIDA’S 10 STRONGEST HOME INSURERS WELL PREPARED FOR HURRICANE SEASON
However, Florida's 10 Weakest May Not Be
However, Florida's 10 Weakest May Not Be
PALM BEACH GARDENS, FL (June 14, 2018) — Weiss Ratings has identified the 10 strongest providers of homeowners insurance doing business in Florida, declaring that they are financially well prepared for the 2018 hurricane season, even as weather experts predict more of the same kind of severe storm activity that struck in 2017.
Among insurers doing $100 million or more of premium business in Florida, the strongest are Auto Club Insurance Co. of Florida (rated B+), Citizens Property Insurance Company (A+), United Services Automobile Association (A-), and USAA Casualty Insurance Company (A-).
Below is the full list of companies recommended by Weiss Ratings:
Recommended Florida Homeowner Insurers
(all companies with a Weiss Rating of B+ or higher)
(all companies with a Weiss Rating of B+ or higher)
|
Florida Homeowner Insurers |
Weiss |
Homeowner Premiums |
|
Amica Mutual Insurance Co. |
B+ |
44.7 |
|
Auto Club Insurance Co. of FL |
B+ |
102.3 |
|
Castle Key Insurance Co. |
B+ |
96.3 |
|
Cincinnati Insurance Co. |
A |
2.6 |
|
Citizens Property Insurance Co |
A+ |
894.1 |
|
Southern Fidelity Insurance Co |
B+ |
59.6 |
|
Southern-Owners Insurance Co. |
A |
7.5 |
|
United Svcs Automobile Assn |
A- |
244.4 |
|
USAA Casualty Insurance Co. |
A- |
124.5 |
|
USAA General Indemnity Co. |
B+ |
17.1 |
A = excellent; B = good; + or - indicate upper or lower third of grade range. Data: 12/31/17
Gavin Magor, Weiss Ratings Director of Research, commented: "In the midst of back-to-back active hurricane seasons, the good news for homeowners is that, over the last few years, several insurers have set aside more reserves and improved their finances." Based on just released, year-end 2017 data, 45% of homeowner insurers doing business in Florida earned a Weiss Safety Rating of B- (good) or higher, compared to only 32% in that category in 2014.
"At the same time," warns Magor, "consumers should remain vigilant regarding insurers with weaker finances." Among carriers with more than $2.5 million in annual homeowners premiums in the state, Weiss Ratings identified ten that merit a grade of D+ or lower:
Weakest Florida Homeowner Insurers
(all companies with premiums of $2.5 million or more and a Weiss Safety Rating of D+ or lower)
(all companies with premiums of $2.5 million or more and a Weiss Safety Rating of D+ or lower)
|
Florida Homeowner Insurers |
Weiss |
Homeowner Premiums |
|
Anchor P&C Insurance Co. |
D |
53.7 |
|
Edison Insurance Co. |
D+ |
68.2 |
|
Florida Specialty Insurance Co |
D |
75.8 |
|
Olympus Insurance Co. |
D+ |
121.5 |
|
People's Trust Insurance Co. |
D+ |
212.2 |
|
Prepared Insurance Co. |
D |
51.5 |
|
Tower Hill Preferred Ins Co. |
D |
104.2 |
|
Tower Hill Prime Insurance Co. |
D |
220.1 |
|
Universal P&C Insurance Co. |
D |
846.1 |
|
White Pine Insurance Co. |
D+ |
6.8 |
D = weak; + or - indicate upper or lower third of grade range. Data: 12/31/17
Magor added: "Many Florida homeowners are still waiting for their insurance claims to come through after a severe hurricane season last year. If the 2018 hurricane season is similar or worse, it could compound the problem, raising questions about the ability of weaker insurers to promptly cover major damages."
Before purchasing homeowners insurance, consumers are advised to make sure they fully understand coverage options and check each company's latest Weiss Safety Rating,
by signing up for free ratings at weissratings.com/account/sign-up.
About Weiss Ratings: Weiss Ratings provides safety ratings on 19,000 insurers, banks and credit unions as well as investment ratings on 34,000 stocks, mutual funds and ETFs. It accepts no compensation of any kind from the companies it rates. Its sole revenue source is from the sale of ratings and research to consumers, investors and other end users. Weiss Ratings has been praised by Members of Congress, the Government Accountability Office (GAO) and news organizations for its objective analysis of financial institutions and investments. Consumers can sign up for free Weiss Ratings and daily updates here.
