Prepared Insurance Company is based at 4224 Henderson Boulevard in Tampa, FL 33629. Its phone and fax numbers are 877.313.1824 and 813.286.3737 respectively. Homeowners looking for insurance can write to [email protected] Prepared Insurance Company has an A+ rating from the Better Business Bureau. It has an A rating for financial stability from Demotech.
History of Prepared Insurance
The company was founded in 2009. The insurer has an unwavering commitment to homeowners insurance in the state of Florida. The company practices a philosophy of being prepared for anything so as to assure homeowners of adequate coverage in times of distress. The insurer uses extensive data research and has expertise in construction. Its understanding of building codes in the state and decades of experience of the management team in handling claims provide the foundation to develop appropriate policies for homeowners in Florida. It has custom underwriting criteria that make it more suited for the diverse needs of homeowners.
Prepared Insurance has a network of independent agents. These insurance agents are based throughout the state. The company also operates in Louisiana. Patrick White is the current president and chief executive officer, Scot Moore is the chief financial officer, Eric Gobble is the chief risk officer and Bruce Bessire is the director of sales. The company has robust reinsurance coverage. Its reinsurance programs provide the sound footing to deal with the common risks in the state. Florida is one of the riskiest states in the country for homeowners and insurers due to the vulnerability to hurricanes, storms, rains, and flooding among other perils.
The company is teamed up with a renowned reinsurance brokerage company in the world, TigerRisk Partners that assesses its annual Catastrophe Loss Reinsurance Program. The insurer has multiple insurance carriers across the world providing reinsurance to cover multiple minor and major events every year. Some of these are American Agricultural Insurance Company, Everest Reinsurance Company, Odyssey Reinsurance Company, Quantedge, Transatlantic Reinsurance Company, Chubb Tempest Reinsurance Company Ltd., DaVinci Reinsurance Ltd., Elementum Re Ltd., Endurance Specialty Insurance Limited, Greenlight Reinsurance, Ltd., Renaissance Reinsurance Ltd., Securis ILS Management Ltd., Ascot Underwriting BDA and CATCo Re Ltd.
Products of Prepared Insurance
The company offers homeowners insurance, flood insurance, condo insurance, renters insurance and dwelling fire insurance. It provides many discounts to reduce the premium without adversely affecting the coverage. There is a five percent discount for homeowners who do not file any claim for at least three consecutive years. There is a twenty percent deductible on claims exempting damage caused by storms and wind or hail. An electronic discount of ten dollars is applicable to those who opt out of the bill. There is a multi-policy discount. Adding flood insurance coverage can reduce the premium by as much as two and a half percent.
Installing protective devices against theft and fire, alarms and sprinklers, a residence in a secured community or gated complex, single entry and exit, presence of security guard or patrol round the clock and other factors qualify for discounts. There is a senior or retiree discount as well. Consulting with one of the experts or independent agents can help homeowners find the right kind of policy, choose the best coverage and yet pay a reasonable premium. All deductibles and discounts should be fully explored to have the best coverage while not bearing an exorbitant premium.
They have HO-3 homeowners insurance policy that provides comprehensive coverage for personal property, liability, and medical expenses. There is optional coverage that can be completely customized. The insurer provides coverage for dwelling worth up to two million dollars. Optional coverage includes valuables, flood damage, equipment, sinkhole, animal liability, water backup, sump overflow, service line, special appliances, personal injury, structures leased or rented out and golf cart among others.
The insurer recommends flood Insurance, in addition to normal homeowners insurance. A standard policy does not provide coverage for flood damage. Homeowners have the option of choosing a standalone flood insurance policy. Those who opt for both standard policy and flood insurance from the company get a discount. The policies available for flood damage are in accordance with the provisions of the National Flood Insurance Program. Those who live in a complex or neighborhood that is a participant of the Community Rating System get an additional discount on the insurance premium.
Condo insurance at Prepared is available for owner-occupied units and rented units. The standard policy is HO-6. This serves as the individual policy for an owner in addition to the master policy for the association or the entire building. This policy provides coverage for most contents inside a condominium, from kitchen cabinets to carpets, installed appliances to personal valuables. Condo insurance has optional coverage such as animal liability, water backup and scheduled personal property. Owners and those renting out should also consider personal injury protection, loss assessment and coverage for legal expenses in the event of a lawsuit.
Renters insurance from Prepared is for the unique needs of tenants. This is usually in addition to the insurance policy a landlord has. While the landlord will have the unit protected, renters or tenants should protect the values of their assets. Renters insurance is an HO-4 policy that covers loss caused by theft, water or fire damage. There is coverage for personal liability and temporary living expenses. There is optional coverage as well such as replacement cost for personal property, reimbursement for personal injury and medical expenses, animal liability and scheduled or special items.
Dwelling fire insurance is essential for homeowners and renters. If landlords have a DP3 policy, then renters do not need one. Prepared offers a standalone dwelling fire insurance policy and homeowners can choose to include it as an optional coverage with other policies. As a standalone policy, dwelling fire insurance has optional coverage for limited theft, sinkhole, carport and screen enclosure, law or ordinance, loss of personal property, personal liability and medical expenses. Loss of rental income or loss of use during repair and restoration can also be covered with dwelling fire insurance from Prepared Insurance Company.