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Flоridа Peninsula Home Insurance Review

Florida Peninsula Home Insurance Review

Flоridа Peninsula Home Insurance Review

Florida Peninsula is a privately-held home insurance company that operates exclusively in the state of Florida. Florida Peninsula has been in business since 2005 and is based out of Boca Raton, FL. The company provides home insurance policies to homeowners, condominium owners, and renters. It has a track record for operating over 15 years in the business and in the first year it paid out over 10,000 in claims, while to date they’ve paid out over 150,000 claims for customers. This makes Florida Peninsula one of the largest privately-held insurance companies in the state of Florida

Florida Peninsula services almost every corner of the state of Florida and has multiple offices dispersed around the state, but it mostly sells its policies via independent agents. Their product lines are limited to standard homeowners plans, but add-ons are available. The policy rates are not listed on their website, and clients have to reach out to agents for a quote. Clients can receive a quote over the phone and there is online quoting after filling out a questionnaire. 

Florida Peninsula is a financially stable company, earning high ratings from some of the most reputable financial institutions in the United States. Florida Peninsula belongs to the top 25 largest insurers in the state. Last year Florida Peninsula was awarded the “Trusted Choice Company of The Year” award by FAIA – the Florida Association of Insurance Agents. 

Florida Peninsula insurance policies provide coverage for the following:

  • Homeowners
  • Condominium owners
  • Renters/tenants
  • Flood insurance (optional – can be added to every plan)

Financial Rating

Florida Peninsula is rated a financially-stable company and one of the few that didn’t go out of business during Hurricane Katrina – it paid out over 10,000 claims during the devastating hurricane. Florida Peninsula is listed on the Better Business Bureau – the BBB awards the company an “A+” rating for financial reliability. The BBB awards financial ratings based on the number of complaints against the company, and Florida Peninsula has a clear record for paying out customers on time.

Florida Peninsula has never had federal actions taken against the company, and has never been prosecuted by law – most private disputes were settled in due time.

Insurance Policies

Florida Peninsula insurance policies offer very few choice plans, such as the standard HO-3 homeowners plan, however, they do offer many add-ons which make them unique such as the animal liability add-on. Most insurance companies outright reject pet owners while Florida Peninsula welcomes them and provides a separate liability for animals (optional). Their policies are very low-cost and many customers reported ditching their old insurers with high premiums and switching over to Florida Peninsula for lower premiums.

HO-3 Policy

Florida Peninsula’s HO-3 is the company’s largest plan that provides coverage for all homeowners who currently reside in their homes (non-renters/2nd homes). This plan is only available to clients who can verify homeownership and that they’re currently owner-occupied. It’s not available for properties that are rented out or seasonally-inhabited.

The major upside to this policy is that it automatically includes flood coverage, which is not present in most Florida HO-3s. The policy also insures dog owners and similar pet owners who otherwise can’t find insurance. There is a separate flood policy for people who want flood coverage without homeowners insurance, but the HO-3 flood plan exceeds most plans in the state.

Florida Peninsula’s HO-3 provides coverage of up to $2M dollars on home damages + $1M dollars worth of personal possessions in the same plan. Clients can negotiate the coverage they need and adjust their rates accordingly.

The plan includes personal liability, effectively signifying if anyone gets hurt in the property during an accident the company will bear all medical expenses. The HO-3 plan also includes hurricane deductibles.

Their HO-3 plan has many add-ons (optional):

  • Animal liability (one of the few pet-friendly HO-3s in Florida)
  • Increased limits for premium homes
  • Earthquake coverage
  • Golf cart coverage
  • Wet rot, yeast and bacteria coverage
  • Loss assessment increased limits
  • Law coverage
  • Property replacement cost
  • Jewelry and furs coverage
  • Silverware coverage
  • Sinkhole coverage
  • Flood endorsement

Condo Insurance

Florida Peninsula provides all-around coverage for condominium unit owners. The plan covers all the same perils as for HO-3 plans, but it’s designed to cater to the repair needs of a condo. The condo insurance policy covers the interior such as walls and fixtures, but it also includes all appliances in the condo and the personal property. The condo policy includes personal liability benefits as well.

Renters Insurance

Florida Peninsula’s renters policy is the most affordable, as it includes similar coverage to the homeowners policy but it doesn’t cover the structure of the building – which the building owner will have to bear themselves.

Add-Ons

There are few side policies which are either sold independently or added to their existing plan. The most popular is the “Flood Insurance” plan which can be taken out irrespective of whether the owner holds a HO-3 plan. The Flood Insurance policy can cover up to $2M dollars in damages caused by floods.

Pet-Friendly Animal Liability

The company offers liability for animals worth up to $25,000. The only exceptions are some dangerous dog breeds on their “bad dog breed” list.

Customer Reviews

Most reviews are a mixed bag – some praise them for their low rates and switch from their current insurers because they charge high premiums over to Florida Peninsula which charges very low premiums, especially for flood insurance. Some customers praise their pet-friendliness as most insurance companies reject pet owners or refuse to provide animal liability. Many clients complain that they don’t resolve claims in the 30-day window promised but some claims stretch for months. There are frequent complaints that the company won’t allow clients to pick their own contractors but hires their own pre-approved contractors – which means if you’re stuck with a bad contractor you won’t be able to get a new one.

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