Florida Peninsula Insurance Company Review

Company Overview

Florida Peninsula Insurance Overview

‍Florida Peninsula Insurance was founded in 2005. The insurance company focuses on helping homeowners get the Florida property insurance that they need, mainly in Florida, where the home market has been incredibly unpredictable.

What Type of Insurance Does Florida Peninsula Insurance Offer?

Florida Peninsula Home Insurance offers homeowners insurance as well as condo insurance. The carrier also offers renters and flood insurance to those living in Florida.  The company is a leading Florida home insurance carrier.

One of the most convenient parts of obtaining homeowners insurance from Florida Peninsula Insurance is that it offers 24/7 online claims reporting, which may be useful for those unfortunate incidents you need to report late at night or early in the mornings.

Financial Stability

Financial Summary

Reporting Period

Net Admitted Assets

Policyholders Surplus

Gross Premiums Written

Net Premiums Written

3/31/2024

$528,259,433

$202,465,041

$159,700,949

$107,666,784

12/31/2023

$476,149,533

$189,639,167

$465,135,329

$157,099,759

12/31/2022

$340,875,967

$88,389,772

$335,367,019

$123,191,814

Products and Packages

What to Know about Florida Peninsula Insurance

With a financial stability rating of A from Demotech, the Florida Peninsula Insurance is considered one of Florida’s top 25 largest homeowners insurance companies as it holds 3.35% of the Florida homeowners insurance market share. 

But market share and company size aren’t enough to suggest an insurance carrier is the best for you and your family.

Pricing & Premiums

What Discounts Does Florida Peninsula Insurance Offer?

Florida Peninsula Insurance does offer a variety of discounts available to their policyholders. If you are installing features to your home to protect against hurricane damage and other extreme weather conditions in Florida, you may be eligible for insurance discounts.

Discounts and Credits

Florida Peninsula Insurance Company Discounts and Offers

Florida Peninsula Insurance Company offers several discounts to help policyholders save on their premiums. Here are some common discounts you might qualify for:

• Wind Mitigation Discounts: By strengthening your home's resistance to hurricane winds, you could qualify for significant discounts. This includes improvements like roof reinforcements, impact-resistant windows, and garage door reinforcements.
• Security System Discounts: Installing a monitored security system can also lead to premium reductions.
• Fire Protection System Discounts: Homes equipped with fire protection systems, such as sprinklers, might be eligible for discounts.
• Senior Citizen Discounts: Many insurance companies offer discounts for older policyholders.
• Bundle Discounts: If you purchase multiple insurance policies, such as home and auto insurance, from Florida Peninsula, you might qualify for a bundle discount.

Note: The availability and amount of these discounts can vary depending on your specific circumstances. It's essential to contact Florida Peninsula directly to get accurate information about the discounts you may qualify for.

Remember to check Florida Peninsula's official website or contact their customer service for the most up-to-date information on their discounts and offers.

Eligibility & Underwriting Requirements

Florida Peninsula Insurance Company Eligibility & Underwriting Requirements

Florida Peninsula Insurance Company primarily serves Florida residents. However, specific eligibility criteria may vary. To determine if you qualify for coverage, it's essential to contact them directly.

General Underwriting Requirements:

• Property Location: Your property must be located within Florida.
• Property Condition: Your home should meet certain structural integrity standards.
• Insurance History: A clean insurance history can positively impact your application.
• Coverage Limits: Florida Peninsula may have specific coverage limits based on property value and location.

Important Note: Underwriting guidelines can change, so it's crucial to verify the most current information with Florida Peninsula.

Application Process

Florida Peninsula Insurance Company Application Process

To apply for insurance with Florida Peninsula, you can typically follow these general steps:

1. Gather Required Information: Prepare information about your property, including its address, age, construction type, and current insurance coverage.
2. Contact Florida Peninsula: Get in touch with Florida Peninsula through their website, phone, or a local agent to initiate the application process.
3. Provide Information: You may be required to provide additional details about your property, such as its contents, and your personal information.
4. Underwriting Review: Florida Peninsula will assess your application and property to determine eligibility and coverage options.
5. Policy Issuance: Once approved, you will receive your insurance policy.

It's essential to verify the specific application process with Florida Peninsula, as it may have changed since this information was compiled.

Customer Reviews & Service

Florida Peninsula Insurance Customer Service

Florida Peninsula Insurance offers hotlines for customer service and filing claims. With a fairly active social media presence (Twitter, Facebook, Youtube, LinkedIn, and even Pinterest), there are several ways to contact their customer support.

Florida Peninsula Insurance Customer Reviews

I had a sudden flooding in my house a few weeks ago. It was a shocking, very unexpected event. I was terrified for the first couple of days until I got a call from the insurance agent, Scott Nathan. He explained to me the process, set some expectations and told me when he was coming to assess the damages. He was at my house a few minutes early and kindly waited for me.

A

Andrea C.

6/6/2024

Very impressed with the speed, the knowledge and the caring of our adjuster Eric Ellis I have already given Florida Peninsula name to a couple of my neighbors to consider you as their home insurer. Thank you!

V

Virginia D.

5/6/2024

Everything was great except for a deductible which shouldn't have benn applied a second time effectively wiping out my claim. He was going to send the issue to someone or some group inside your company for review. I have yet to hear back on that review.

D

David M.

1/6/2024

It took the examiner four days before he could see the apartment damage. After that is was a matter of me waiting to process the claim. I had had identical damage two years ago and he allowed me to show documentation that the repairs had been done. The amount I received was acceptable and fair and the deduction for the age of the apartment was fair.

E

Edward M.

1/6/2023

Husband and I called to get a quote for insurance for our Tallahassee FL home. After being on hold for sometime we finally reached a quote representative. After just a couple questions for us to answer, she gave a quote. She asked for our email so she could send the written quote for us to look over. She also said her name and number would be on the email if we had any questions. She then hung up.

M

Marilyn K.

11/6/2023

Lived in my townhome for two years. Came home to find a blue tag from Florida Peninsula on my main water shut off valve and water pouring out everywhere. I reside in a small private HOA with 30 doors, everybody knows everybody. No one has heard of this company and no conveniently my main water line is broken with a BRAND NEW blue tag from this company on it.

F

Foster S.

8/6/2022

How to Make a Payment

How to Make a Payment with Florida Peninsula Insurance Company

Florida Peninsula offers several convenient payment options:

• Online Payments: Pay through their online portal using a credit card or electronic funds transfer (EFT).
• Mail Payments: Send a check or money order to the address specified on your bill.
• Phone Payments: Make payments over the phone using a credit card.
• Payment Plans: Explore available payment plan options to manage your premium payments.

Always refer to your policy documents or contact Florida Peninsula for the most accurate and up-to-date payment information.

How to File a Claim

How to File a Claim with Florida Peninsula Insurance Company

If you need to file a claim with Florida Peninsula, follow these general steps:

1. Report the Claim: Contact Florida Peninsula's claims department as soon as possible to report the loss or damage.
2. Document the Damage: Take photos and document the extent of the damage to your property.
3. Provide Required Information: Be prepared to provide details about the incident, such as the date, time, and cause.
4. Cooperate with Adjuster: An adjuster will be assigned to assess the damage and determine the claim amount.
5. Review the Claim: Carefully review the claim settlement offer and discuss any discrepancies with Florida Peninsula.

It's crucial to follow the specific instructions provided by Florida Peninsula for filing a claim, as the process may vary.

Key Competitors

Key Competitors

Florida Peninsula Insurance Company is a leading homeowners insurance provider in Florida, specializing in protecting homes from the unique risks associated with the state, including hurricanes, windstorms, and floods. As a Florida-focused insurer, Florida Peninsula faces competition from both regional and national companies that also specialize in high-risk, disaster-prone areas.

One of the key competitors is People’s Trust Insurance, which also focuses on the Florida market and is known for its innovative "Managed Repair Program," offering quick, reliable repairs through a network of approved contractors. This program appeals to homeowners who prioritize rapid response and repair after a disaster.

Another competitor is Tower Hill Insurance, a well-established Florida-based company that offers a comprehensive range of homeowners insurance products, including coverage for windstorms, hurricanes, and floods. Tower Hill's extensive experience and strong local presence make it a formidable competitor.

St. Johns Insurance Company is another competitor, providing specialized coverage for Florida homeowners. St. Johns is known for its customer service and broad coverage options, catering specifically to the needs of Florida residents.

Additionally, Florida Peninsula competes with other regionally focused companies like Security First Insurance, which offers tailored insurance products designed to address Florida's specific risks. Security First is recognized for its technology-driven approach, including a robust online platform for managing policies and filing claims.

These competitors, with their specific focus on Florida's unique insurance needs, create a challenging market landscape for Florida Peninsula. However, Florida Peninsula’s emphasis on comprehensive coverage, customer service, and rapid claims response allows it to stand out in this competitive environment.

Conclusion

Wrapping Up: Is Florida Peninsula Right for You?

Florida Peninsula Insurance fills a critical need in the Sunshine State's volatile insurance market, specializing in coverage for the unique challenges homeowners face. Their financial stability and variety of insurance products are appealing, especially their 24/7 claims reporting. However, potential customers should weigh the positive aspects against the noted drawbacks like customer complaints about rate increases and communication issues.

Ultimately, the decision to choose Florida Peninsula depends on your priorities and preferences. If you're looking for a Florida-focused insurer with robust financial backing and quick claims processing, they could be a good fit. However, be sure to research and compare other options to ensure you're getting the best coverage and value for your specific needs. Remember, a well-informed decision is the first step towards protecting your most valuable asset.