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Old 08-31-2015, 10:56 PM
 
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Anybody got any opinions on Federated National Insurance for a homeowner policy?
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Old 09-01-2015, 02:20 AM
 
Location: western East Roman Empire
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I do not see a credit rating from AM Best, which specializes in rating insurance companies, or Moody's. It is listed on NASDAQ and pays a small dividend. It is number 4 or 5 in the State of Florida, including Citizens. It focuses on high value properties and it has its own re-insurance company and it is trying to expand into other coastal states.

As with other domestic Florida insurers that have sprung up in the aftermath of the 2004-2005 disasters and the exit from the state of the major national property insurers, the financials look solid, especially after ten years without a major hurricane.

You probably won't know for sure how good the company is until you file a claim and try to collect. Hopefully you'll never have to. You will probably be well served if you ever have a property-specific claim, but may have problems in case of a relatively widespread disaster like in 2004-2005.

Good Luck!
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Old 09-01-2015, 03:30 AM
 
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Honestly they are all more or less on the same footing these days. The multi state companies are all shell corporations for FL so if things go south it won't end up impacting the rest of the country. No joke, if we get a CAT 5 in a major area the state is completely screwed without major federal money. There is a guarantee fund setup but its woefully under funded, assuming its not still in the red from Wilma, Jean and francis. I think it finally went in the black relatively recently so it might have a few billion in in. Which is pennies on a big storm.

In addition to a big boy the other big risk is having another year like 04 where we get hit repeatedly by storms. This is a big deal because many of the reinsurance contracts are written to cover a set number of events.

Single events, any company is probably just fine

Big events, get your claim in early and get the contractors working quickly. You don't want to be the last guy putting his hand in the money bag only to find out its empty.

One other thing, coverage limits. People think they are over insured when the company does the cost estimate to rebuild their house. Just remember something, its one thing when your house burns down (extremely unlikely) and you're the only guy looking to rebuild vs after a hurricane and there are 75k people looking to have work done at the same time. Prices rise.
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