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Florida Family Insurance

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 after Hurricane Andrew, which caused tremendous devastation. 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.

 

Back then, an insurance executive, Rick Hardy, realized Florida required a different approach. The standard policies around the country were not that relevant in a regularly battered state by natural disasters. Hurricanes and floods have always been the most common vulnerability for residents of the state and all property types. So Rick Hardy came up with a concept that will provide stable and comprehensive insurance policies to state residents 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, primarily due to the ease and promptness with which it settles insured claims.

 

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 economic 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 thoroughly familiar with the pressing challenges. The company has a comprehensive understanding of the state’s insurance industry, 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 offers the correct type of policy to the insured. Sufficient reinsurance ensures that Florida Family Insurance will protect those certified by them, and the coverage will be available when needed. Sound reinsurance 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 to avoid excessive exposure to risks.

 

Products of Florida Family Insurance

 

There are four distinct types of insurance policies. The most commonly opted-for policy is homeowners insurance. The insurer has specific guidelines for primary residences, seasonal homes, and second or subsequent properties. In addition, 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 approach 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 premises’ structures. Personal property or valuables are protected. Most policies offer living expenses if the house is damaged extensively and needs repairs, during which a family needs temporary accommodation. In addition, policies cover personal liability and medical payments.

 

Optional coverage for homeowners typically includes replacement costs for different types of valuable content. In addition, there is a more comprehensive option for coverage for specific high-value items that are otherwise exempted from the standard range 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, value, and scope will be the most influencing factor in determining the approach.

 

The insurer offers multiple discounts based on different criteria. New homes that have been recently constructed qualify for a discount on the annual premium. This is primarily due to adherence to the latest building codes. In addition, there are discounts for retirees or elderly citizens, for properties that have superior construction, are located in a secure community, have fire and burglar alarms,s or have a higher effectiveness grade as per the current building code. Homes with protection against lightning surge, wind mitigation, hip roof, and fire sprinklers qualify for a discount. Other deductibles 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. In addition, the company has master condominium policies appropriate for buildings or associations of residents. For example, residential complexes or societies 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 cooperative insurance policies.

 

There are policies for condos occupied by owners and those being rented out. There are annual policies for perennial residences. Other policies vary 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 explicitly caused by flooding, which may or may not be caused due to a storm, rain, or hurricane. Such range is backed by NFIP or National Flood Insurance Program and administered by FEMA or the Federal Emergency Management Agency.

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