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

Florida Peninsula Insurance Products and Packages

Florida Peninsula Insurance Company provides a spectrum of homeowners insurance options designed to cater to the diverse needs of Florida homeowners, condo owners, and renters. Their core offerings focus on protecting your property and personal belongings, with a range of additional coverages and endorsements available to customize your policy.

Homeowners Insurance

Florida Peninsula's homeowners insurance is crafted to safeguard your dwelling and personal property against a variety of covered perils. Standard coverage generally includes:

• Dwelling Coverage: Protection for the physical structure of your home.
• Personal Property Coverage: Coverage for your possessions, such as furniture, electronics, and clothing.
• Liability Coverage: Protection if someone sustains an injury on your property.
• Additional Living Expenses: Assistance with expenses if you need temporary housing while your home is being repaired due to a covered loss.
• Other Structures Coverage: Protection for structures on your property that aren't attached to your home, like sheds or fences.

Homeowners Insurance Policy Limits:

Florida Peninsula offers different coverage limits for their homeowners insurance policies:

HO3

• Coverage A: Minimum $125,000, Maximum $2,000,000 (Note: Minimum in Broward, Miami-Dade Counties = $175,000)
• Coverage B: Minimum 2%, Maximum 70%, Optional 5%, 10%, 15%
• Coverage C: Minimum 25%, Maximum 75%, Optional 50%
• Coverage D: Minimum 10%, Maximum 10%
• Coverage E: Minimum $100,000, Maximum $400,000, Optional $300,000 (Coverage E may be increased to $500,000 by adding the Platinum package and providing proof of an Umbrella policy with limits at $500,000)
• Coverage F: Minimum $2,000, Maximum $5,000, Optional $3,000, $4,000  

HO6

• Coverage A: Minimum $1,000, Maximum $300,000
• Coverage C: Minimum $30,000, Maximum $300,000
• Coverage D: Minimum 20%, Maximum 20%
• Coverage E: Minimum $100,000, Maximum $400,000, Optional $300,000 (Coverage E may be increased to $500,000 by adding the Platinum package and providing proof of an Umbrella policy with limits at $500,000)
• Coverage F: Minimum $2,000, Maximum $5,000, Optional $3,000, $4,000

HO4

• Coverage C: Minimum $10,000, Maximum $150,000
• Coverage D: Minimum 10%, Maximum 10%
• Coverage E: Minimum $100,000, Maximum $400,000, Optional $300,000 (Coverage E may be increased to $500,000 by adding the Platinum package and providing proof of an Umbrella policy with limits at $500,000)
• Coverage F: Minimum $2,000, Maximum $5,000, Optional $3,000, $4,000  

Condo Insurance

Florida Peninsula's condo insurance is tailored to meet the specific needs of condominium owners. It generally covers:

• Personal Property Coverage: Protects your belongings within your condo unit.
• Liability Coverage: Covers you if someone is injured within your unit.
• Loss Assessment Coverage: Helps with expenses from assessments charged by your condo association.
• Building Property Coverage: Covers portions of your unit that may not be covered by the condo association's master policy.

Renters Insurance

Renters insurance provides essential protection for those renting their living space. Coverage typically includes:

• Personal Property Coverage: Protects your belongings from covered perils like theft, fire, and others.
• Liability Coverage: Covers you if someone is injured in your rented space.
• Additional Living Expenses: Helps with costs if you need to live elsewhere due to a covered loss.

Flood Insurance

Florida Peninsula offers flood insurance, a critical protection for Florida residents due to the state's flood risk. Flood insurance helps protect against:

• Building Coverage: The physical structure of your home from flood damage.
• Contents Coverage: Your belongings from flood damage.

Flood insurance is available through the National Flood Insurance Program (NFIP) or private flood insurance options.

Additional Coverage Options

Florida Peninsula provides several ways to enhance your coverage:

Premium Packages

These packages increase base coverage limits:

• PLUS Package:
  • Form: FP HO 04 30  
  • Increases base limits for: Money Limit to $500, Credit Card/Forgery to $1,000, Jewelry/Furs to $2,000 (with a $1,500 per item limit)  
• GOLD Package:
  • Form: FP HO 04 31  
  • Increases base limits for: Money Limit to $500, Credit Card/Forgery to $1,000, Jewelry/Furs to $2,500 (with a $1,500 per item limit), and increases Personal Injury Coverage by $100,000 (Annual Aggregate Limit)  
• PLATINUM Package:
  • Form: FP HO 04 32 (Premium Platinum Package)  
  • Increases base limits for: Money Limit to $500, Credit Card/Forgery to $1,000, Jewelry/Furs to $5,000 (with a $1,500 per item limit), increases Personal Injury by $100,000 (Annual Aggregate Limit), increases Personal Liability limit by $100,000, increases Medical Payments limit by $3,000, and includes Water Back-Up and Sump Overflow coverage ($5,000 limit)  

Optional Endorsements

• Water Back-Up: Available in the Platinum Package and as a standalone endorsement, with a $5,000 limit.  
• Screen Enclosures, Carports, and Awnings: Includes $10,000 coverage for hurricane loss, which can be increased in $10,000 increments up to $50,000. This coverage can only be added, removed, or changed at renewal and is not available if the policy excludes wind coverage.  

Additional Endorsements

• Animal Liability  
• Ordinance & Law  
• Identity Theft Protection  
• Personal Property Replacement Costs  
• Limited Theft Coverage  
• Roof Surfacing Payment Schedule (ACV Roof)  
• Scheduled Personal Property  
• Increased Jewelry & Fur Limits (refer to the manual for details)  

Equipment Breakdown Coverage

• Provides protection against physical loss to covered property from equipment breakdown (wear and deterioration excluded).
• Examples of covered property: Central AC, household appliances, computer equipment, emergency generators, personal electronics, water heaters, security systems, and well pumps.
• Use your own contractors; no restrictions on equipment age; $50 per year.

Homeowners Service Line Coverage (with Equipment Breakdown Coverage)

• Protects against physical damage to covered service lines from service line failures like leaks, breaks, tears, ruptures, collapses, or arcing (includes wear and tear and deterioration).
• Offered only on homeowners HO3 policies.  
• Covered lines include: water, electrical, sewer, steam piping, fiber optic, drainage, ground loop piping, and phone lines.  
• $500 Deductible; $10,000 Limit per occurrence.  
• The service line limit of $2,500 is based on line age.  
• Sold only as a combination endorsement.  
• Use your own contractors; covers landscape restoration; $80 per year.

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.

Eligibility Criteria

Florida Peninsula has specific criteria for who they can insure:

• Coverage is designed for homes owned by individuals. Homes owned by entities like corporations, LLCs, partnerships, or associations are generally not eligible.
• For tenant-occupied properties, HO3 policies are not an option. HO6 policies may be permitted, but with a limit of one lease per policy period.  
• Florida Peninsula requires homes to be insured to 100% of their replacement cost, using the Replacement Cost Estimator within Duck Creek.  

Prior Insurance Requirements

Florida Peninsula also considers your prior insurance history:

• Elite Program: For both HO3 and HO6 policies, you'll need to provide proof of prior insurance with no lapse in coverage. A copy of the HUD may also be required.  
• Preferred Program: Similar to the Elite Program, HO3 and HO6 policies require proof of prior insurance. A lapse in coverage of up to 30 days may be acceptable. A copy of the HUD may also be required.  

General Underwriting Considerations

Florida Peninsula evaluates several factors when underwriting a policy:

• Property Location: The property must be located within the state of Florida.
• Property Condition: The home must meet certain standards for structural integrity.
• Insurance History: A favorable insurance history is a plus.
• Coverage Limits: Florida Peninsula may have specific coverage limits that vary based on the property's value and location.
• Property Inspections: Properties are subject to inspections by an external inspection company, and the results are factored into underwriting decisions.  
• Flood Zones: If a property is in a Special Flood Hazard Area (SFHA), the homeowner must maintain continuous flood insurance coverage and acknowledge they will self-insure for any flood loss. Properties in V or VE flood zones are not eligible for coverage.  
• Application and Payments: Agents must submit signed applications within 5 days of the coverage effective date. Payment and required documents (except for Mortgagee and title company billed) are due at binding. Accepted payment methods include Visa, MasterCard, American Express, Discover, and eCheck.
• Underwriting Information HO3 - HO6 - HO4:
  • For PC 1-9, Coverage A: $125,000 to $1.75M. Coverage A over $1.75M may be submitted unbound for consideration. $225,000 minimum in Broward and Dade Counties. Coverage A: $30,000 to $300,000. Minimum Coverage A= $30,000; Minimum Coverage C= $30,000. Coverage A amounts over $300,000 can be submitted unbound.  
• ELECTRICAL, HEATING, AND PLUMBING:
  • Acceptable with Roof and Electrical, Heating, Plumbing (EHP) in good condition, up to current code, and meeting specific requirements.  
  • Polybutylene plumbing is not allowed, and galvanized plumbing is subject to inspection.  
  • A minimum 100-amp circuit breaker box is required.  
  • Fuses, knob and tube, aluminum, or cloth wiring are not acceptable.  
  • Federal Pacific, Zinsco, Sylvania, or Challenger panels, and Stab-Lok circuit breakers are not allowed.  
  • Hot Water Heaters must be in good condition and no more than 15 years old (tankless no older than 20 years).  
  • Dwellings 21 years or older require a 4-point inspection with photos or a new home buyer inspection, within the last 12 months, provided at submission.  
  • Note: A Limited Water Damage Coverage Endorsement will be applied to homes older than 40 years.  
• PRIOR LOSSES:
  • The following risks are ineligible: Risks with any water loss within the past three (3) years, or more than one (1) water loss within the past five (5) years.  
  • Risks with any other loss (excluding Act of God loss) within the past three (3) years.  
  • Risks with two (2) or more Act of God losses within the past three (3) years prior to the requested effective date, unless the insured provides proof of remediation for each loss.  
  • Risks with any fire loss in the past five (5) years.  
  • Risks with three (3) or more losses of any type within the past five (5) years (excluding hurricane loss).  
  • Note: Any prior sinkhole loss at the residence, regardless of date, requires unbound submission. Refer to the Florida Peninsula Insurance manual for specific requirements.  
• ROOFING:
  • Composite shingle roofs must be in good condition, free of curling, granular loss, lifting, surface cracking, or missing shingles.  
  • Flat or low-slope roofs (rolled or membrane) must be in good condition, without patching, pooling, lifting, or surface cracking.  
  • Clay, cement tile, or metal roofs must be in good condition, with no cracked, missing, or deteriorating tiles or mortar, and no lifting or slipped tiles.  
  • Asbestos shingles and roofing tiles are not acceptable.  
• SOLAR PANELS:
  • Solar Photovoltaic panels are acceptable under these conditions:
    • Installed after 2016 by a licensed solar contractor with proof of a completed permit post-inspection.  
    • Tier 1 or 2 Interconnection Agreements are allowed.  
    • Cannot be installed on clay or cement tile roofs.  
    • Installation on shingle or metal roofs no more than 10 years old, or flat roofs no more than 5 years old.  
    • Coverage A must include the replacement value and installation costs in the Replacement Cost Estimate (RCE).  
• ANIMAL(S) ON PREMISES:
  • Vicious or exotic animals are not allowed.  
  • Certain dog breeds are unacceptable if Animal Liability coverage is requested (refer to the manual for specifics).  
  • Livestock or saddle animals are unacceptable, except those held for personal use by the insured.  
• MOBILE HOMES:
  • Mobile homes and manufactured homes on premises are not accepted.  
• REQUIRED DOCUMENTS:
  • Agents must keep the following documents on file and be able to provide them upon request:
    • Wind Mitigation Report/Inspection
    • Acceptable proof of new purchase/prior insurance documentation
    • Burglar/fire alarm system certificate/verification
    • Any other required documentation  
• REJECTION FORMS:
  • Rejection forms can be found in the Manuals & Forms tab on the Florida Peninsula website.  
  • Common types of exclusion/rejection of coverage forms include:
    • Wind Rejection FP HO XW (If a mortgagee is listed, a separate letter on company letterhead signed by an employee stating mortgagee approval of the windstorm exclusion is required).  
    • Other Structures Rejection FP XB
    • Contents Coverage Rejection FP HO XC  
  • All exclusions must be handwritten or typed verbatim by both named insureds and signed (wet or e-signature allowed).  
  • Rejection forms are also available in the Manuals & Forms tab on the Florida Peninsula agent portal.

Unbound Inspection Requirements for High Value Homes

• Roof Type: Any Age
  • Required Inspections Prior to Quote Submission: Roof inspection with photos of all roof slopes  
• Roof Type: Tile
  • Age of Roof: 21 and Older
  • Required Inspections Prior to Quote Submission: 4-Point inspection within past 12 months  
• Roof Type: Tile
  • Age of Roof: 0-9
  • Required Inspections Prior to Quote Submission: None  
• Roof Type: Shingle/Metal - Rolled/Membrane
  • Age of Roof: 10 and Older
  • Required Inspections Prior to Quote Submission: Roof inspection with photos of all roof slopes  
• Roof Type: Shingle/Metal - Rolled/Membrane
  • Age of Roof: 21 and Older
  • Required Inspections Prior to Quote Submission: 4-Point Inspection within past 12 months  

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.

• Customer Service: 877-229-2244
• Claims: 866-549-9672
• Customer Service Email: customerservice@floridapeninsula.com
• Underwriting Email: underwriting@floridapeninsula.com
• Mailing Addresses:
  • Payment Address: PO Box 733996, Dallas, TX 75373-3996
  • Correspondence Address: PO Box 20207, Lehigh Valley, PA 18002-0207
  • Overnight Payment Address: Edison Insurance Company JPMorgan Chase (TX1-0029) Attn: Lockbox 733996 14800 Frye Road, 2nd Floor Ft. Worth, TX 76155

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.