Home insurance in Florida isn't easy, between June 1st and November 30th Floridians are under the constant threat of hurricanes. This is why it is so important that you pick the right home insurer. If a catastrophic storm does strike you don't want to be worried about your insurance company, and if they will be around when you need them most. Pontell Insurance went through the devastating hurricane season of 2004-2005, so we know the value of a strong insurance company.
So what does it really mean when your insurance agent says an insurance company is "A rated"? Are all A-rated companies the same? The short answer is NO. The question you need to ask is your agent is, "is my insurance company an A.M. Best rated company"? A.M. Best ( http://www.ambest.com/) sets the standard for rating insurance companies and is where all insurance professionals turn to judge the strength of an insurance carrier.
Many Florida home insurance companies do not carry an A.M. Best rating. The majority of Florida home insurance companies carry a Demotech Rating.(demotech.com). A Demotech rating of "A" is not nearly the same as an A.M. Best rating of "A". So what does this mean to you as the insured? The good news is Florida does have some very strong A rated Demotech carriers. We recommend that, as always, do your own research and discuss with your agent. Ask your agent if they have an A.M. Best rated carrier available. If they don't or the A.M. Best rated carrier is cost prohibitive in your area, research the Demotech carrier. Make sure they have history insuring in Florida and carrier proper reinsurance. A good agent should be able to provide you with all this information. You can also visit the insurance companies website directly learn more about the company history. A good agent won't just sell you on price they will provide options. Also, use a local agent in your community. They will have your best interest mind and provide honest advice.
Pontell Insurance represents numerous A.M. Best rated home insurance carriers, and most of Florida's strongest Demotech rated carriers. Give us a try today!
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