want to take a minute and talk to you about the financial stability of homeowners insurance companies rating in Florida. For the longest time, that really wasn’t a big concern of the citizens of Florida because the insurance companies that did business in Florida were big stable financially solid companies. There’s a rating guide that really is kind of the Bible of insurance companies as far as their financial stability and it’s called A.M. BEST.
An A.M. BEST ranks insurance companies financial stability from A very much like being in school. A is good and it goes all the way down to E, you don’t want E, you don’t want D. Amazingly in these days and times, B’s and C’s sometimes are something that has to be considered depending on where your home is and the conditions around it. But primarily, you’d like to be with an A company. Nut in this day and time, those are rarer, and it has everything to do with wind and the Hurricanes of the past particularly in the last eight to ten years.
It’s spooked a lot of insurance companies and caused them to leave the state of Florida. So, with all that said why is the financial stability of a company so important to you as a consumer? And the reason is, if something happens to your home which is for most people, your largest financial investment, if something were to happen to it as far as a fire or a wind, storm or hurricane, or a sinkhole or whatever, it might be you need to make sure that insurance company is financially strong enough to pay that claim. Especially if there’s a catastrophic loss like hurricanes present, is that insurance company going to be able to pay your plane.
Another rating service that you should be aware of is called Demotech. Demotech involves insurance companies or homeowners insurance companies that had been in business five years or least in the state of Florida, which obviously those companies aren’t as long-established is the A.M. BEST companies. So this Demotech rating service speaks to those companies and their financial stability. It doesn’t mean that these companies aren’t good or viable, and the reason so many of these smaller companies have emerged is as I’ve explained, the larger more established companies many of them have left the state of Florida. So it’s been an opportunity for new companies to come in to get themselves established.
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I will tell you again if you have a chance to get with a highly rated A.M. BEST company, that’s the better choice if it’s available to you. But in my opinion, the Demotech reading is another gauge about the financial stability of those younger companies. So when checking out, who you want to do business with? Of course, you have to consider the price. But you also really need to seriously consider the financial stability of that insurance company, so that it’s there for you when you really need it.