[sunrico90]

Originally Posted by ricosan

Has anyone done business with Olympus Insurance out of Orlando? They are one of the five companies listed as doing new business in the state. They just provided an estimate that is 50% less expensive than my current provider is charging (Northern Capital) and I am receiving the same amount of coverage. Go figure!

Your thoughts?

Read the fine print and if this is better, is your call. How much is your insurance and how much is the savings?

[ricosan]

They matched my current coverage which was costing me $3600. The new broker I am working with is saying that Olympus is providing a new wind mitigation credit and that they are one of the first to adopt. (I can't find any press coverage on this new credit). Helps that my house was built in 2002 though. They starting writing policies a month ago and are trying to build some momentum to add clients to their customer base. Sounds too good but I haven't found any obvious caveats so far. Anything I should be looking out for?

http://www.oigfl.com/

FLDFS Press Release - 06/04/2007 - COMMISSIONER WELCOMES EIGHT NEW PROPERTY & CASUALTY INSURERS TO FLORIDA

[Joe Lawrence]

Some of the very newest companies have rates that benefit from the reduced cost of reinsurance from the Florida Hurricane Catasstrophe Fund (thank you Gov Crist), wind mitigation credits and they do not have any utilization of reinsurance to pay back to the reinsurers. Reduced rates could be the real deal, check the fine print and speak to an independent agent who has been in business at least 15 years. They have seen good times and bad.

[Joe Lawrence]

Olympus Insurance seems to be a brand new company, started business in July 2007, so i doubt anyone has much experience with them and how they handle claims. Same with Modern USA, it is brand new.

[UT1998]

You state that you know personally yet 90% of your statements are less than accurate.
While making your statements may make you feel better people that understand the situation realize you do not know what you are talking about. Did you do any research at all before typing your blog?

[BrowardResident]

Originally Posted by ConcernedConsumer

They do not care about homeowners, only about themselves.

Tell me which insurance company cares about its customers. I'd like to know.

[dcu]

Nobody likes to pay BIG BUCKS for homeowners' insurance, but don't let price be your only consideration. Check how well-established the insurers are, their financial strength and their customer satisfaction. The A.M. Best Rating is the most reliable source for this (companies are not even given an A.M. Best rating until they've been in operation for, I think, 5 yrs.). Some of the companies which are new to Florida are "just-hatched" and have little experience (e.g. - first policies in July 2007) and little of their own money.

Personally, after so many new & experienced companies have folded in the last 3 years, my former company among them, I don't want to be on the ground floor of any new venture. I'll play it safe and wait until a company is well-established, then check their reputation.

Sometimes there are no serious problems for the customer when his insurer goes bankrupt, but if you look at the worse case scenario (like we had here in FL in 2004 - 2005), there could be serious delays in return premium ($ you need to start a new policy elsewhere) and claims settlement (despite laws and regulations to the contrary).
---personal FL insurance & claims experience, retired

[ConcernedConsumer]

Originally Posted by Joe Lawrence

Olympus Insurance seems to be a brand new company, started business in July 2007, so i doubt anyone has much experience with them and how they handle claims. Same with Modern USA, it is brand new.

Modern USA is West Point Underwriters, also American Traditions Insurance Company, also The Jerger Holding Corporation (JERGER) etc, all the same company that is Family owned and operated. Although there are other owners within or under the Corporate Umbrella.

Spreading the eggs around in different baskets.

[ConcernedConsumer]

Originally Posted by UT1998

You state that you know personally yet 90% of your statements are less than accurate.
While making your statements may make you feel better people that understand the situation realize you do not know what you are talking about. Did you do any research at all before typing your blog?

It did not make me feel better, my feelings had nothing to do with it. As for "people that understand the situation realize you do not know what you are talking about" who are these people.

Again, no feelings involved, just facts. Take em or leave em, that is your choice, and I am respectful of them.

[Ron Bain]

Originally Posted by sunrico90

This can be good news....the commission want to keep insurance companies in the state. Hope we get lower policies if the competition increases...

Modern USA Insurance Co., Olympus Insurance Co., American Keystone Insurance Co., Homeowners Choice Property & Casualty Insurance Co. and Privilege Underwriters Reciprocal Exchange Inc. all recently received approval from the state Office of Insurance Regulation to do business in the Sunshine State.

American Keystone will sell insurance for homes valued from $250,000 to $3 million, while Homeowners Choice plans to take out 15,000 to 20,000 policies from state-backed Citizens Property Insurance Corp. in July.