I never know where my new clients will be coming from until the requests come in through our website. Lately, I’ve been working with many people in south Florida with their home insurance in FL. It’s been a while since I was working with a volume of home owners in Orlando, Florida. I’ve recently started gaining new clients in this area again, and there have been some market changes to speak of. I remember when Security First was the most competitive company there. This is not the case today. In fact, I have heard many homeowners say that their rate increased significantly with this company. What we are finding is there are many companies selling home insurance in FL there right now, with some binding restrictions. A binding restriction makes it more difficult to place the residence of Orlando, Florida a policy.
What a binding restriction means is that a company will take a new applicant if the quote meets their stated criteria. For example, if the Coverage A (Dwelling) limit of an HO-3 home policy is over $150,000, then the risk is AOK to bind with said company. Of course, there are many forms of binding restrictions, but this is the most common of them all. For the most part right now in Orlando, FL, companies are looking for a higher minimum of Coverage A to insure a risk. This kind of hurts the homeowners with less square footage, because they may need to select a less competitive company to get an appropriate limit of coverage for their home. Or, one could increase the limit of coverage just to get with a more competitive company.
Market Access Matters Regarding Home Insurance in FL
We think homeowners insurance companies should not do this, and if a house should be insured at $120,000, then they should take the applicant at this amount. However, we will run into capacity issues. Capacity will be a topic of another article. The good news is that I have many available companies writing insurance in Orlando, FL at this time. And, I’ve been able to save each homeowner a significant amount of premium. Just for the sheer market access we have, and making sure to give all the best discounts, premium reduction has been easy to accomplish. So, if you are in Orlando, FL and are looking for new home insurance in FL, give us a call today at 352-200-2066 and we’ll run you some quotes. We will then email you our findings for your review. I am sure you will be pleased with what we find for you. Right now, Sawgrass Mutual, Federated National and Peoples Trust are looking pretty attractive rate-wise in Orlando, FL. We have 37 companies and I am sure we can find you the best rate for your next home insurance in FL policy.