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Need help with home insurance

Discussion in 'Off Topic Threads' started by Pull & Mark, Jul 12, 2010.

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  1. Pull & Mark

    Pull & Mark Well-Known Member

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    My insurance is being changed out again and my present company is dropping me due to haserdous area. I have only two choices to choose from. The main one is citizens insurance, they used to be so-so but have gotten better so I have heard??? The other is about $600 a year cheaper and is Called Federated National Insurance company!!! So naterally I am leaning toward Federated but would like to know how strong the company is, and if they can be trusted to stay in business if we get hurricane claim. Many companies went belly up after the last 3 (hurricanes) have come though here and many families (homes) never got any reinburssment at all or maybe 30 cents on dollar type pay-out. Any info would be helpful. Frances,Jeanne,Wilma have taken there toll on insurance around here!!! Thanks. Break-em all. Jeff
     
  2. Royce10

    Royce10 TS Member

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    Jeff, go here and sign up, they will give you their ratings for your companies.
     
  3. bhuber

    bhuber TS Member

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    Jeff, here is what AM Best has for Federated National Insurance Company. It appears they are not rated. Usually this means that the insurance company doesn't want to give information to AM Best for the fear that they will get a low rating such as a C. At our agency in MS we try to only use A rated carriers by AM Best, on occassion we will use a B+ rated carrier. I would be very hesitant to use this company especially if their rates are that cheap, you may be buying a headache or a claim problem. The biggest question I would have is are they an admitted carrier in your state? If so does your state have a guarantee fund in place for carriers that become insolvent? Let me know if I can be of any more help.

    Federated National Insurance Company
    A.M. Best #: 011420 NAIC #: 27980 FEIN #: 650248867

    Best's Ratings
    Rating: NR-1 (Insufficient Data)
    Outlook: Not Applicable
    Action: Affirmed
    Effective Date: June 17, 2010

    Best Regards,
    Brent Huber
     
  4. Pull & Mark

    Pull & Mark Well-Known Member

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    Brent, is there any way to find out more about Federated??? What about Citizens??? I've had no luck trying to find out much about either of these two companies. Thanks for the help. I'll call the company above and see. Break-em all. Jeff
     
  5. Dougbbbb

    Dougbbbb TS Supporters TS Supporters

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    Federated web site..

    http://www.myfnic.com/
     
  6. GBatch_25

    GBatch_25 Active Member

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    Location:
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    A call to your state insurance commissioner should reveal how the state thinks they are doing.

    Gene Batchelar
    Wheaton, IL
     
  7. BIGDON

    BIGDON Well-Known Member

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    Citizens is the state run company.

    Don
     
  8. bhuber

    bhuber TS Member

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    There are alot of Citizens insurance companies. Is it just Citizens Insurance Company or Citizens of something?

    I agree with Gene you can always call your State Insurance Department. I am sure they have a department that can tell you about both companies.

    What state do you live in? Also in the city or out? Ill see what I can find out for you.
     
  9. BIGDON

    BIGDON Well-Known Member

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    In Florida you have two choices slim and none. Most Homeowners companies have pulled out you have limited left and state run Citizens.

    Don
     
  10. Pull & Mark

    Pull & Mark Well-Known Member

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    Yes, I am in Florida and have very limited companies I can deal with. As said 99% of companies have completely pulled out of here. Citizens is the state run (pool insurance). I have been in the state pool since I bought my home (they keep you for 3-4 years and drop you and you just switch to another company in the pool). I called Unloaders choice and talked to mary and she was terrific in helping me alot. She has heard of Federated and thinks that they are good and well known. She was also nice enought to call back and give me a website to help me out as well. I'll get to look at it later. Maybe Federated will be a way out of the pool per say. We'll see. Any other input would be helpfull, so thanks again. I'm still inexperianced in the ways of computers. Break-em all. Jeff
     
  11. Pull & Mark

    Pull & Mark Well-Known Member

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    OK, I now have a new company I would like to find out about. I tried the link above from Royce 10 and did not find out anything about the company. The name of the new company is PEOPLES TRUST INSURANCE. Does anyone know or have heard anything about this company. Thank you in advance for any and all info. Break-em all. Jeff
     
  12. tom berry

    tom berry Active Member

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    Looks like a new company in 2008. Currently has a Best's rating of NR-1.

    they write about $26,000,000 in annualized premium.

    Can't offer much more than that. Maybe some INS guys from FL can offer more insight.
     
  13. spitter

    spitter Well-Known Member TS Supporters

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    As Gene mentioned, contact the Department of Insurance and ask about "complaint ratios", that may give you some insight to an insurance company's operation...

    regards,

    Jay
     
  14. cafowler

    cafowler Member

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    NorCal
    There may be some resources available to you at your state's Dept of Insurance website. Looks like finding homeowners insurance has been a problem for FL residents for quite a few years. There's also a list of the top 25 carriers by number of policies. This might be a good place to start your search.
     
  15. Pull & Mark

    Pull & Mark Well-Known Member

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    A Big Thank You for all who helped me. Now I know who I will go with this week. Yes insurance has been a nightmare ever since Andrew came by to say Hi back in 91 or was that 92!!! Now get out there and break-em all. Jeff
     
  16. Fast Oil

    Fast Oil TS Member

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    Jeff, good luck, as a former Floridian, it seemed like a full time job staying on top of (at that time) Florida Windstorm Pool. I was on a first name basis with one of the girls in that office. Every year they would drop the coverage from my garage because they would claim it was "detached" from the house even though they had a shared roof. I would call my StateFarm agent and we would have to supply current pictures. Don't miss it at all.

    Scott
     
  17. Dahaub

    Dahaub Active Member

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    I know your plight, one wonders why those companies didn't pull out of Florida sooner. That state is a 600? mile long finger of sand sticking out of America and it's a wonder we don't have three to five hurricans a season tearing hell out of the place. They are getting tired of paying the bills with their policies and how can one blame them. The rest of America has been paying larger premiiums so Floridians and Texans can live along the coast and have cheap insurance. It's about time those that live in the pristine climates pay their fain share of premiums. I know it's gonna be a burden for a lot of folks but fair is fair and you will have to suck it up and pay the piper for your premiums. The state run policies should offer the best coverage. I suggest that a good look-see with a computer on the companies backgrounds before singing on the line is a must and hopefully you won't get hit with one of these big storms.dDan
     
  18. Fast Oil

    Fast Oil TS Member

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    Dahaub,
    "The state run policies should offer the best coverage"

    NOW that's funny!

    What most do not know or understand about state "pool" insurance (FL)is that it is underfunded and if another major huricane hits, after the state pays a percentage then your standard carrier is on the hook.
     
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