Florida Family Insurance is based at Suite 100, 27599 Riverview Center Boulevard in Bonita Springs and has several offices across the state. The insurer has an A+ rating from the Better Business Bureau. It primarily offers homeowners insurance. It also provides flood insurance and policies for condos and rental properties. The toll-free number of the company is (888) 850-4663. Its mailing address is P.O. Box 136001, Bonita Springs, FL 34136-6001. Its second corporate office is at Suite 300, 12574 Flagler Center Boulevard in Jacksonville, FL 32258.
History of Florida Family Insurance
Florida Family Insurance was founded in the aftermath of Hurricane Andrew that caused tremendous devastation across the state. The category five hurricane ripped through most parts of the state on the 24th of August in 1992. Southern Florida endured catastrophic damage. There was an unprecedented number of claims following the natural disaster. Many insurance companies could not survive the fallout. Most of them stopped operating in the state. The insurance industry has not been the same ever since.
An insurance executive back then, Rick Hardy realized Florida required a different approach and the standard policies in force around the country were not that relevant in a state that is regularly battered by natural disasters. Hurricanes and floods have always been the most common vulnerability for residents of the state and all types of property. Rick Hardy came up with a concept that will provide stable and comprehensive insurance policies to residents of the state while protecting the insurer. This principle led to the founding of Florida Family Insurance. The company has been serving citizens of the state for nearly three decades now. It has an average rating of more than for out of five, mostly due to the ease and promptness with which it settles claims of the insured.
The insurance company is known for its customer service, its financial foundation and the spectrum of customizable policies. The insurer has an A- rating for its financial strength from A.M. Best Company. An A- implies that the financial foundation is excellent. Very few insurance companies in the state have such a distinct rating. The insurer has two corporate offices but has adjusters based throughout the state. It is a local company and is hence fully familiar with the pressing challenges. The company not only has a comprehensive understanding of the insurance industry in the state but also has sound reinsurance and is conservatively invested at all times.
The insurer has an A Prime rating from Demotech. It is well regarded and rated for its meticulously calibrated approach. The company is just as efficient at settling claims as it is in offering the right type of policy to the insured. Sufficient reinsurance for the company ensures that those insured by them will be protected and the coverage will be available when needed. The sound reinsurance put in place enables the insurer to provide comprehensive coverage against storms, hurricanes, winds, and floods. The insurer is appropriately capitalized and diversified. Its conservative investments serve as another protective measure so as to avoid excessive exposure to risks.
Products of Florida Family Insurance
There are four distinct types of insurance policies. The most commonly opted for a policy is homeowners insurance. The insurer has specific policies for primary residences, seasonal homes, and second or subsequent properties. There are policies for owners of rental properties. The policies have standard coverage. There is optional coverage as well. Owners have the liberty to choose and the policy is customized accordingly.
Standard coverage for homeowners includes damage caused by theft, lightning, windstorms, and fire. The policy covers the primary building or the house and other structures on the premise. Personal property or valuables are protected. Most policies offer living expenses in case the house is damaged extensively and needs repairs during which time a family needs temporary accommodation. Policies cover personal liability and medical payments.
Optional coverage for homeowners typically includes replacement costs for different types of valuable contents. There is a more comprehensive option to get coverage for specific high-value items that are otherwise exempted from the standard coverage in typical policies. Optional coverage includes water backup & overflow and more. Any homeowner can discuss their specific needs to choose a suitable policy. The coverage, its value, and scope will be the most influencing factor in determining the policy.
The insurer offers multiple discounts on the basis of different criteria. New homes that have been recently constructed qualify for a discount on the annual premium. This is largely due to adherence to the latest building codes. There are discounts for retirees or elderly citizens, for properties that have superior construction, are located in a secure community, have fire and burglar alarm or have a higher effectiveness grade as per the current building code. Homes with protection against the lightning surge, wind mitigation, hip roof, and fire sprinklers qualify for a discount. There are other deductibles that can reduce the annual cost of homeowners insurance.
Standard and optional coverage along with discounts and deductibles are relevant for other insurance policies as well, such as those for rental property owners, condominiums and others seeking coverage for only flood damage. The company has master condominium policies that are appropriate for buildings or association of residents. Residential complexes or a society having several buildings housing condominiums can opt for collective coverage. Property management companies and a group of investors or owners of rental condos can choose such collective insurance policies.
There are policies for condos occupied by owners and those being rented out. There are annual policies for perennial residences. Other policies come with terms varying from weekly to monthly and quarterly to half yearly coverage. Anyone can opt for customized insurance for their property and choose the scope of coverage as per their needs and preferences. The standalone flood insurance policy provides coverage for damages caused specifically by flooding, which may or may not be caused due to a storm, rain or hurricane. Such coverage is backed by NFIP or National Flood Insurance Program and administered by FEMA or the Federal Emergency Management Agency.