- There are tons of coverages available for a custom policy.
- Premiums start below average.
- Pet-friendly with pet liability coverage available.
- There is no online quote tool.
- Only available in Florida.
Florida Peninsula Insurance Company is a home insurance company owned privately since 2005. Headquartered in Boca Raton, FL, the company offers homeowners, condo, and renters insurance policies solely in the state of, you guessed it, Florida.
For nearly 20 years, Florida Peninsula has successfully maintained its business worth over $340 million in total assets. Florida Peninsula covers wide areas of Florida with various offices throughout the state, primarily selling their policies through independent agents. Florida Peninsula is a parent company for another FL-only insurer, Edison Insurance Company.
With a strong focus on customers and the community, we wanted to take a closer look at this insurer and what it does to keep Florida beautiful.
If you’re in the market for home insurance in Florida, you’re in luck. Keep reading to see how the Florida Peninsula Insurance Company stands up against the competition. We’ll take a deep dive into their coverages and discounts, and we’ll zoom in on their financial security, customer satisfaction, and more!
Florida Peninsula home insurance coverages
As a company that works exclusively through agents in Florida, the only way to get a personalized quote for home insurance is to find an affiliated insurance professional near you. Luckily, we’re still able to obtain information about a typical home insurance policy with this insurer to help you picture your level of coverage.
A home insurance policy with Florida Peninsula is said to provide a sense of comfort by safeguarding your home, personal belongings, and yourself from unexpected incidents. Perils under their home insurance products include incidents such as fire, lightning, wind, hail, vandalism, and robbery.
These policies are aimed at ensuring your peace of mind and protecting your property in times of emergencies. Their home insurance provides financial assistance when disasters occur, aiding in the repair of your property, other structures, and your possessions.
Depending on the specific plan you opt for, you may receive coverage for supplementary living costs such as hotel fees if your residence is inhabitable.
Additional coverages
Florida Peninsula offers a wide variety of comprehensive add-ons that provide new levels of coverage for unique circumstances. These include:
- Pet Liability: This endorsement has the potential to provide animal liability compensation reaching $25,000 along with coverage for medical payments of $2,000.
- Personal Property Replacement Cost: Opting for Replacement Cost coverage on your Personal Property/Contents enables you to have your items repaired or replaced according to their value without depreciation. Omitting this option would only award you with the fair market value of the item during the period of loss.
- Increased Limits: In exchange for a higher fee, the Premium Packages known as Plus, Gold, and Platinum provide enhanced coverage limits for various items including money, credit cards, jewelry/furs, personal injury, personal liability, medical payments, and water back-up.
- Water Back-up: Speaking of this coverage, it protects against the damages caused by water backing up from sewage lines or a broken sump pump.
- Permitted Incidental Occupancy: This policy offers protection for specific businesses carried out on the premises, like incidents involving home schools, offices, or workshops.
- Scheduled Personal Property: Scheduled personal property is an add-on to homeowners’ insurance policies that covers valuable items that require separate coverage. This ensures that their full value is protected in case of a claim.
- Golf Cart: Coverage for personal property of golf carts is available for up to $5,000.
- Screened Enclosure, Carport, or Awning: This policy allocates $10,000 to Coverage A for damage to screened enclosures, aluminum-framed carports, or awnings. This allotment can be augmented in increments of $10,000 until it reaches a cap of $50,000.
- Identity Theft: This outlines the reimbursement of costs arising from a singular instance of identity theft or fraud that the policyholder became aware of during the coverage period. It carries a maximum of $25,000 in coverage.
- Limited Fungi, Wet or Dry Rot, Yeast, or Bacteria Coverage Increased Limits: Compensates for damage to personal property caused by fungi, wet or dry rot, yeast, or bacteria within the residence up to the limit of coverage.
- Sinkhole: This coverage safeguards residences against any harm to the composition of their dwelling due to sinkhole movement.
- Ordinance or Law: This coverage offers protection in case of any damage caused by construction and repair laws and regulations. The maximum limit for basic protection is set at 25% of Coverage A, but this amount can be raised to 50% of Coverage A.
Florida Peninsula even offers earthquake and flood coverages, which is less common for home insurance policies. This gutsy move allows homeowners to enjoy coverage against damage and injury caused by standing water and flooding, and unpredictable earth movement.
Florida Peninsula home insurance premiums
The average cost of home insurance in Florida is around $2,512 for up to $350,000 in dwelling coverage. If you require more coverage to thoroughly protect your home and belongings, you might be looking at up to $5,177 for up to $750,000 in dwelling coverage.
For a bit of perspective, one Florida Peninsula customer tells how their policy was quoted for $2,222.95 for a $470,000 home Value Coverage. On the surface, this is a decently below-average annual premium.
According to the customer, the insurer explained how they needed $750,000 in dwelling coverage for more protection and subsequently raised their rate to $3,400. Even though this homeowner was upset with their increased premium, it’s still thousands of dollars below average for home insurance in the state.
Discounts available
Luckily for homeowners under this insurance company, there are a few ways to save some money on a policy’s annual premium. Several of Florida Peninsula’s home insurance discounts involve safety incentives for homeowners. For example, a customer can potentially save on their rates by taking extra precautions toward their:
- Roof: Insurance companies often assess eligibility based on the shape, age, and condition of your roof.
- Storm Protection Devices: The utilization of storm protection devices is necessary for the state of Florida. All the openings in a building, namely the front door, and garage, must be secured before a carrier provides credits for storm protection devices.
- Plumbing & Electrical: If you have older electrical or plumbing systems in your home, it will be helpful to consult an electrician and talk about upgrades.
- Smoke Alarm: By installing a smoke alarm, you can be notified of potential threats like fires or harmful gasses.
- Security System: Installing a monitored security system offers peace of mind against the risk of burglaries at any given place or time. It allows for more time for officers to arrive when the alarm goes off, ensuring the safety of your possessions and loved ones.
- Video Doorbell: Smart home technology not only enhances convenience but also promotes safety. A Video Doorbell is one such innovative system that can discourage criminal activities by allowing homeowners to monitor unauthorized access to their property in real time.
Customer ratings
The NAIC showed a large rate of complaints against the company by the end of 2022. To clarify, the NAIC’s National Complaint Index registered a level of 2.91 for customer complaints when 1.00 is considered the acceptable average.
Although accredited by the BBB with an A+, Florida Peninsula maintains 1 star on the site for an average of 15 customer reviews and 23 complaints closed in the last 3 years. A few of these reviews and reviews from other sites recall being unable to reach their agents and adjusters either by phone or email.
As always, a single agent or two shouldn’t be held against the company. It counts to find the perfect agent for you, regardless of who your insurance carrier is. Several customers cite excellent service and quality care by their team of professionals.
Claims processing
To make a claim with Florida Peninsula Insurance, use your online account, or call 866-549-9672, option 3. According to them, within one to two days of a loss, they will reach out to insured individuals to schedule an inspection at a convenient time and aim to finalize 95% of claims within 90 days of reporting.
Some customers may beg to differ. A number of Florida Peninsula homeowners claim it took weeks for adjusters to come out, and even longer for their claims to be paid.
As it turns out, state-specific claims handling was the biggest issue among dissatisfied customers, according to the NAIC. Delays were a topic of conversation as well, but only after underwriting cancellation complaints.
Financial stability ratings
Financially, Florida Peninsula could be doing a little better. For starters, they’re not rated by AM Best at this time. The good news is, they have an A “Exceptional” rating from Demotech as affirmed earlier this year in January.
Weiss Ratings declares that Florida Peninsula’s insurance safety rating stands at a solid “C”. This is their way of dictating how the company offers fair financial security in an environment that is currently stable. They also believe, however, that an economic downturn or other financial pressure may cause the company to encounter financial complications.
Final verdict
Floridian home insurance is a fickle beast. Homeowners in this state have a little more to worry about and require a little more coverage and options as a result. Florida Peninsula Insurance Company has the coverages available to create custom policies for fully encompassing home insurance.
As a bonus, you can enjoy lower-than-average annual premiums with the insurer and some essential discounts. Unfortunately, their claims process isn’t as promising as they say it is. As a result, customers have a hard time relinquishing more than 1 or 2 stars in reviews of the company.
Still, if you need coverage in Florida, this insurer is a decent company to go with in terms of coverage and price.
