Citizens vs Florida Peninsula: Which Insurance is Right for You?

Citizens Property Insurance and Florida Peninsula Insurance are two of the largest insurance companies in Florida. Both companies offer a variety of coverage options, but there are some key differences between the two.

• Citizens Property Insurance is a state-run insurance company that was created in 2002 to provide insurance to homeowners who were unable to obtain coverage from private insurers. Citizens offers a limited number of coverage options, but it is typically more affordable than private insurance.
• Florida Peninsula Insurance is a private insurance company that offers a wider range of coverage options than Citizens. Florida Peninsula also has a better claims experience than Citizens. However, Florida Peninsula is typically more expensive than Citizens.

So, which insurance carrier is the right choice for you?

Citizens Property Insurance vs Florida Peninsula Insurance

Here is a quick comparison of Citizens Property Insurance and Florida Peninsula Insurance:

Understanding Your Coverage

Choosing the right home insurance policy isn't just about ticking boxes; it's about understanding how each coverage type protects your most valuable asset – your home. Let's dive deeper into some key coverage options:

Dwelling Coverage

Your home's structure is its most valuable component. Dwelling coverage is the safety net that protects this investment, covering the cost of repairs or rebuilding if your home suffers damage from perils like fire, hurricanes, or vandalism.

• Citizens Property Insurance: Provides dwelling coverage up to $1 million. While this may seem substantial, it might not be enough to fully rebuild a high-value home or one with extensive custom features.
• Florida Peninsula Insurance: Offers more extensive dwelling coverage, up to $5 million. This higher limit could be crucial for those with larger, more expensive homes or unique properties that would be costly to rebuild.

Other Structure Coverage

Beyond your house, you might have additional structures like garages, sheds, or guest houses on your property. Other structures coverage safeguards these structures, covering repair or replacement costs if they're damaged by covered events.

• Citizens Property Insurance: Limits coverage for other structures to $100,000. This might suffice for smaller outbuildings, but it might not be enough to fully protect larger or more valuable structures.
• Florida Peninsula Insurance: Offers significantly higher coverage for other structures, up to $500,000. This is a better option if you have multiple or high-value outbuildings that need comprehensive protection.

Personal Property Coverage

Furniture, electronics, clothing, jewelry – these are just some of the personal belongings that make your house a home. Personal property coverage steps in when these items are damaged, destroyed, or stolen due to covered perils.

• Citizens Property Insurance: Offers personal property coverage up to $50,000. This might be suitable for those with less expensive belongings or who have minimalist lifestyles.
• Florida Peninsula Insurance: Provides more extensive personal property coverage, reaching up to $250,000. If you have a higher value of belongings, this higher limit will offer more financial protection in case of loss or damage.

Loss of Use Coverage

If a covered event forces you out of your home temporarily, loss of use coverage helps ease the burden by covering additional living expenses. This includes costs for temporary housing, meals, laundry, and other essentials while your home is being repaired or rebuilt.

Both Citizens and Florida Peninsula offer loss of use coverage, but with different limits. It's important to assess your potential expenses during displacement to ensure you have adequate coverage.

Additional Living Expenses

Similar to loss of use coverage, ALE coverage helps cover expenses incurred while your home is uninhabitable. However, ALE typically goes beyond the basics, including costs like pet boarding, moving and storage, and even furniture rental if needed.

Again, both insurers offer ALE coverage with varying limits. Consider your lifestyle and potential needs during displacement to choose the appropriate coverage amount.

How to Choose Your Home Insurance Provider

While price and coverage are important factors when choosing your home insurance provider, they're not the only considerations. Several other factors can significantly impact your experience and satisfaction with your chosen insurer.

Financial Strength and Stability

Your insurance company's financial strength is crucial, as it directly affects their ability to pay out claims when you need them most. Look for companies with high ratings from independent agencies like A.M. Best or Demotech. These ratings assess an insurer's financial stability and ability to meet its financial obligations.

• Citizens Property Insurance: As a state-backed insurer of last resort, Citizens benefits from the financial backing of the Florida government. This provides an added layer of security for policyholders, as claims are typically guaranteed even in extreme circumstances.
• Florida Peninsula Insurance: While not state-backed, Florida Peninsula has consistently received an "A Exceptional" financial stability rating® (FSR) from Demotech, Inc. This rating demonstrates a strong financial foundation and ability to meet its obligations to policyholders.

Customer Service Reputation

When you have questions or need assistance with your policy, a responsive and helpful customer service team can make all the difference. Research the reputation of both companies for customer service. Look for online reviews, ratings, or feedback from other policyholders to gauge their experiences.

• Citizens Property Insurance: Due to its large customer base, Citizens has faced criticism for long wait times and less personalized customer service. However, they have been working to improve their customer service experience through online tools and resources.
• Florida Peninsula Insurance: Florida Peninsula is known for its responsive and helpful customer service. They pride themselves on providing personalized attention to policyholders and maintaining a positive reputation in the industry.

Claims Process

In the unfortunate event you need to file a claim, you want the process to be as smooth and efficient as possible. Inquire about each company's claims process. How easy is it to initiate a claim? What's the average turnaround time for claims processing? Do they have a dedicated claims team available to assist you?

• Citizens Property Insurance: Citizens has faced criticism for slow claims processing times, especially during high-volume periods like after a natural disaster. However, they have implemented measures to improve their claims process efficiency.
• Florida Peninsula Insurance: Florida Peninsula is often praised for its efficient claims processing and dedicated claims team available to assist policyholders throughout the process.

Discounts and Savings Opportunities

While insurance is a necessary expense, it doesn't have to break the bank. Many insurance companies offer discounts for various factors, such as bundling your home and auto policies, having a security system, or making home improvements that mitigate risk. Compare the available discounts from both Citizens and Florida Peninsula to see which one can save you more money.

• Citizens Property Insurance: Citizens offers a limited number of discounts compared to private insurers. However, they do provide discounts for certain wind mitigation features, like hurricane shutters or impact-resistant windows.
• Florida Peninsula Insurance: Florida Peninsula provides a wider range of discounts, including those for new homes, policy renewals, multiple policies, and various home safety features. Their multi-policy discount when bundling home and auto insurance can be particularly significant.

Making the Right Choice

So, which insurance company is right for you? If you are looking for affordable coverage, Citizens may be a good option. However, if you are looking for more comprehensive coverage and a better claims experience, Florida Peninsula may be a better choice.

Ultimately, the best way to decide which insurance company is right for you is to get quotes from both companies and compare them. You should also consider your individual needs and budget when making your decision.

If you have any questions about Citizens Property Insurance or Florida Peninsula Insurance, please contact us today for a free quote.