Do You Know the Top Rated Home Insurance Companies in Florida?

Once you are ready to start shopping online for home insurance in Florida, you will need to be aware of the best companies out there. By knowing these companies, you can find award winning customer service along with affordable prices. Keep these top rated companies in mind. Based on customer reviews, these companies rank among the top when it comes to customer service and policies provided. Here are the top rated home insurance companies in Florida.



Universal Property


First, Universal Property. This is the largest homeowners insurance company in Florida. Universal Property can provide residents with standard policies that include coverage for dwellings, contents in your home, along with other structures on your property. Universal also allows you to purchase additional coverage. For example, coverage for your personal property at a replacement cost. That way you can be reimbursed for full value.



Tower Hill Insurance


Next, Tower Hill insurance. Tower Hill is the second largest homeowners insurance company for Florida residents. It also boasts great ratings from customers. Tower Hill provides great customer interactions along with a financial stability rating of A. Tower Hill customers experience so many customization options when it comes to policies. For example, an Imperial Shield policy. This can help cover your high-value home by providing higher coverage limits.



State Farm


Who can mention the top rated home insurance companies in Florida without including State Farm? State Farm is well known for their extreme dedication to customers along with adding a professional touch to their policies. It’s important to keep in mind that State Farm does not offer any type of flood insurance. State Farm can be a great company for you if you are looking to buy multiple policies. State Farm has a financial stability rating of A++, which is the highest rating out there.



Federal National


Finally, Federal National. This Florida homeowners insurance company can provide customers with coverage for their home structure, personal belongings, and liability coverage. When it comes to unique benefits provided by Federal National, they include flood insurance coverage. Compared to other insurance companies, Federal Nation has higher than average customer service for the state of Florida. In turn, Federal National has a financial stability rating of A.



Shopping for coverage from the top rated home insurance companies in Florida doesn’t have to be difficult. Begin your search by checking out each company listed above. While one company may be great for one family, that doesn’t mean it will work for you. Be sure to check out each one in order to find the best company for your coverage needs.

The Cost of Bad Credit and Auto Insurance

Over the past few years, auto insurance in the state of Texas has evolved rapidly. With all the changes, insurance carriers are left struggling to keep up while insureds constantly have to deal with rate increases. Finding cheap car insurance in Texas can pose a real challenge, but understanding how insurance companies determine your premium will give you an advantage. Those who are getting the cheapest car insurance rates have good credit.

The formulas that determine your car insurance rate are extremely varied and complex. Most people know that loss history, driving records, vehicles, and age of the driver are important factors; however, one of the most influential factors for cheap car insurance is good credit. Good credit can get you cheap car insurance faster than any of the aforementioned factors, Almost all insurance companies in Texas use what is called the “credit-based” insurance factor, meaning bad credit causes higher premiums and good credit can get you cheap car insurance.

It is important to understand the difference between credit score and credit based-insurance. Actual numerical credit scores are used by banks to determine your ability to repay a loan. They often consider factors that insurance companies do not, like employment, income, or debt-to-income, for example. Insurance companies do not use all the information that is factored into an actual credit score, but they do use your overall credit profile as a rate-determining factor. For example, does your credit report show derogatory credit, delinquencies, or bankruptcies? These negative factors can put you into a higher risk category and prevent you from getting cheap car insurance in Texas.

Insurance companies use credit-based rates because it has been proven that individuals with bad credit are more likely to have claims than individuals with good credit. For example, a study done by the University of Texas surveyed over 175,000 policies from various different insurance companies. These policies were broken down by credit of the insured versus claim activity. It revealed that individuals in the bottom 10% of the credit profile (meaning 90% of the general population had better credit than they did) had 53% more claims than the average person. Also, individuals in the top 10% of the credit profile had 25% less claims than the average person.

When companies started offering cheaper car insurance to people with good credit, the Federal Trade Commission launched its own investigation. They published a report to Congress in 2007, independently determining that credit is a legitimate factor that can be used to predict the likelihood of accidents and to determine insurance rates. Moreover, they also showed that not only do those with good credit have fewer accidents, but claims made by “good-credit drivers” tend to be less costly than claims by “bad-credit drivers”.

In essence, having good credit is imperative if you want cheap car insurance in Texas. Having a long, established credit history with several lines of credit will definitely help you get cheap car insurance, especially when coupled with a good driving history too. On the other hand, a credit history that shows late payments, collections, excessive debt, or lack of credit history can prevent you from getting the cheapest car insurance rates.

Many times young people who try to get their own insurance for the first time discover that rates are extremely high, and a common misconception is that it’s because of their age. Although age certainly has a lot to do with rates, youthful drivers have the disadvantage of not having a long driving history, but they also will typically lack a strong credit history. In Texas, young people are now starting to discover that by establishing a good credit early, it can actually help them to get cheaper care insurance rates.

Another example where credit affects premiums is at renewals. Most auto insurance companies in Texas will review policyholders’ information periodically, and they use these updates to determine your new premium at renewals. Some insureds experience a nasty surprise at renewals: they used to have cheap car insurance, but now their premiums have increased substantially even though they’ve had no accidents or claims. Although this can happen because of a standard or statewide increase, it can also happen if there have been changes to your credit. Good credit will continue to get you cheap car insurance over the longevity of the policy, while bad credit will prevent you from getting cheaper car insurance over the longevity of the policy.

It’s important to discuss with a professional how credit-based insurance can help you get cheap car insurance. Texas is not a state where it’s easy to find cheap car insurance, so understanding the impact credit has on your rates is imperative. Get in touch with an insurance professional to discuss finding cheap auto insurance today.