[pianogal]

We're trying to make a decision which insurance to go with. Have received 2 quotes:

State Farm 1800.00 per year
Rating: A++

American Strategic Insurance $1600.00 per year
Rating: B++

Both have the same coverages and deductables.

We just talked with the State Farm agent (with whom we've had car insurance for 30 years) and he said that although he can write us now...there are no guarantees about continuing coverage in the future. His words "with the change of administration in Florida, the whole insurance industry is up in the air...nervous about what is going to happen". He said the national office had given the Florida office 1 billion dollars to bail them out in '04, loaned them another billion in '05 (what was that for?) and if we have another bad hurricane season anytime soon, they would just pull out of the homeowners insurance business in Florida. They are currently the only large company still writing policies under the parent company.

We have a new home built to the latest hurricane code. When the 3 storms came through Orlando in '04 - not one home in our subdivision had even as much as a shingle missing...while the older homes around us had major roof damage, etc.

Has anyone heard of American Strategic Insurance? Our mortgage company already has the paperwork done for this policy but I'm wondering if we should make the change to State Farm? Any advice, opinions, experiences with either company would be appreciated. Thanks!

[Nomoresubways]

We wrote our policy through ASI. They came recommended from our mortgage company. Although we've only had them for a few months now, I've been happy with the way they've handled everything and my diligence in researching their company and financials shows that they look pretty solid to me.

[Shores9]

Hope this helps. I currently have both companies insuring my homes. One is on the water with State Farm who I’ve had for many years on several homes. Because they are not writing “new” business in most of Florida I had to find another to insure my second home. American Strategic insures my second home and the cost is very resonable

State Farm is not an A rated company not at least State Farm of Florida which is a member of the state farm group

Below is some information from AM Best a company known for rating insurance companies banks etc… Both companies rank basically the same


State Farm Florida Insurance Company
(a member of State Farm Group) A.M.Best #: 12235 Rating:
Rating: B+ (Good)
Financial Size Category: X ($500 million to $750 million)
Outlook: Stable
Action: Affirmed
Effective Date: June 15, 2006


American Strategic Insurance Corp

(a member of American Strategic Insurance Companies) A.M.Best #: 18538
Rating: B++ (Good)
Financial Size Category: VII ($50 million to $100 million)
Outlook: Stable
Action: Affirmed
Effective Date: November 22, 2006

[pianogal]

Thank you for the responses. State Farm will only write for us because we are current customers and are not in South Florida. My concern is that if American Strategic pulls out next year - we may not be able to get on with State Farm as our agent told us that in South Florida they only kept those already on the books, but are not writing any new policies there in the foreseable future. Right now the window is open in Central Florida for automobile customers with homes built since 2002 only.

If you had to choose, which would you go with?

[SunshineState]

Originally Posted by pianogal

We're trying to make a decision which insurance to go with. Have received 2 quotes:

State Farm 1800.00 per year
Rating: A++

American Strategic Insurance $1600.00 per year
Rating: B++

Both have the same coverages and deductables.

We just talked with the State Farm agent (with whom we've had car insurance for 30 years) and he said that although he can write us now...there are no guarantees about continuing coverage in the future. His words "with the change of administration in Florida, the whole insurance industry is up in the air...nervous about what is going to happen". He said the national office had given the Florida office 1 billion dollars to bail them out in '04, loaned them another billion in '05 (what was that for?) and if we have another bad hurricane season anytime soon, they would just pull out of the homeowners insurance business in Florida. They are currently the only large company still writing policies under the parent company.

We have a new home built to the latest hurricane code. When the 3 storms came through Orlando in '04 - not one home in our subdivision had even as much as a shingle missing...while the older homes around us had major roof damage, etc.

Has anyone heard of American Strategic Insurance? Our mortgage company already has the paperwork done for this policy but I'm wondering if we should make the change to State Farm? Any advice, opinions, experiences with either company would be appreciated. Thanks!

You need to check and make sure tha American Strategic is NOT a surplus line of insurance because if they are not regulated under Florida Statue 627 they can offer you very low starting price then at renewal give you the "BAM" I do not know if they are non-regulated I do know USF & G is non regulated and my neighbors ins went from $1800 one year to $5400 the next! She has since had to go on Citizens for $3300
Do your homework!

[Shores9]

Originally Posted by pianogal

Thank you for the responses. State Farm will only write for us because we are current customers and are not in South Florida. My concern is that if American Strategic pulls out next year - we may not be able to get on with State Farm as our agent told us that in South Florida they only kept those already on the books, but are not writing any new policies there in the foreseable future. Right now the window is open in Central Florida for automobile customers with homes built since 2002 only.

If you had to choose, which would you go with?

State farm was willing to write us if we were transferring coverage but not for a new policy. To be honest if they were willing to write the second I probably would have taken them on name alone. It [the name] would have made me feel more comfortable but that’s no guarantee that they will be the better choice.

ASI has been doing business here since 1998 and looks solid to me. I’m quite at ease having them as a second insurer
Here is their web site:
http://www.asilloyds.com/default.html (broken link)

And AM Best’s site (the member login is free)
http://www.ambest.com/ (broken link)

[sunrico90]

I checked My Florida Insurance Look-up and they show registered, see below.

http://www.fldfs.com/Data/CompanySearch/index.asp

[CitySlicker31]

I have had a policy with American Strategic Insurance for three years now. No complaints. I had minor damage for Charley and I was reimbursed for the repairs quickly. I read in the paper that they were the first company to lower rates.

[bigtone]

I've had ASI for going on 3 years now for my rental in Ocala. Haven't had a claim yet (thankfully), but so far they've been good. After the hurricanes in 2004, I was afraid that my premiums were going to go thru the roof, but they only went up a small amount.

[olivia63aruba]

I have previously been insured with ASI and had no problems and also found them reasonable. Are there any other companies out there that have good track records apart from ASI and State Farm?