UPDATED: Nov 30, 2018
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Florida Peninsula Insurance Summary
Florida Peninsula is a property insurance company operating only in the state of Florida. They have been in business since 2005, writing basic insurance policies for homeowners as well as renters. The company paid out more than 10,000 claims in its first year in business as a result of Hurricane Dennis and has continued to grow to over 140,000 policies in force, per their company website. This makes them one of Florida’s largest local insurance companies.
Based in Boca Raton, Florida, the company writes policies in nearly every part of the state and has offices in several locations. The product line is limited to homeowners, condo polices, renters insurance, and flood insurance. Florida Peninsula policies are sold through independent agents, and the company also offers a toll-free line for quotes over the phone. Online quoting is available for home insurance and the website does offer a customer portal with claims tracking, online bill pay, and more.
Florida Peninsula writes only a few types of policies, with the majority of their business being in the homeowner’s market. Currently they do not write policies for seasonal and non-owner occupied homes.
Homeowner’s insurance policies from Florida Peninsula are package policies that include replacement cost coverage for the home itself as well as coverage for other structures on the property and loss of use.
Also included is liability coverage and medical payments coverage for injuries on your property. Personal property coverage is included, and deductible options are available for both regular claims and wind claims (hurricane deductibles).
Additional coverage is also available including animal liability, earthquake coverage, sink hole coverage, water backup and sump overflow, and more.
Florida Peninsula offers insurance policies for condo owners to protect from many of the same perils as homeowners, but designed for the specific needs of a condo. Condo policies protect the portion of the structure for which the homeowner is responsible (usually from the walls in and including fixtures and appliances), as well as personal property and liability.
Florida Peninsula also writes personal property insurance policies for tenants. Renter’s insurance policies also provide liability coverage much like a homeowner’s policy, but do not include any structure coverage, which is covered by the building owner’s policy.
Sold as an endorsement through Florida Peninsula, the coverage exceeds the typical limits of a standalone policy. The endorsement can cover up to $2,000,000 of coverage for your home and up to $1,000,000 for personal belongings.
There is an online quoting system for Florida Peninsula. Price comparisons can be made here or through an agent or call center. Florida Peninsula’s rates are likely to be competitive with other local insurance companies, especially as they are one of the largest local companies and more premiums coming in often equate to the ability to offer lower rates.
Because the company only offers property insurance, there is no opportunity to reduce rates through multi-policy discounts, as might be found at a larger insurance company. Rates may not compete well with large, national companies who have larger product ranges to provide more discounts.
Florida Peninsula offers two main ways to submit a claim, either via their 24-hour toll-free claims line or with the online claims submission form. Policyholders must create an account and log in to submit a claim online and access policy information, but for a local company this level of online access is somewhat unusual and a convenient perk. Customers can keep track of the current status of a claim through this portal as well.
The company has an in-house claims center but may also process claims through one of two other companies, Crawford & Company or Insurance Claims Unlimited. The company promises to send a claims adjuster out within 72 hours of any claim reported by phone, and has an average processing time of 30 days, which can vary greatly based on the type of claim as well as with catastrophic weather situations, not unusual in Florida.
Florida Peninsula has a network of water cleanup specialist vendors that can respond quickly to a water claim and start removing water before it can cause further damage. This is an important and relatively common offering in a place like Florida where water damage occurs frequently.
Florida Peninsula is a Better Business Bureau accredited company and has been since 2009. The company currently has an A+ rating based on the Better Business Bureau multi-factor system. There are a total of 25 complaints on file against the company in the past 3 years with the BBB, six of which have been closed in the past 12 months.
There are no known government actions against Florida Peninsula and the BBB record shows a fairly low number of complaints.
The Florida Office of Insurance Regulation complaints database shows a total of 57 complaints against Florida Peninsula in the fourth quarter of 2016, the most recent data available. This makes for a ratio of 1:2084, or one complaint for every 2084 policies in force.
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Florida Peninsula is one of many young insurance companies in the Florida market offering property and casualty policies. Their product options are limited, and they do not offer opportunities for multi-policy discounts. This combined with a reputation that needs some attention thanks to a large number of complaints with the state suggests looking elsewhere for better rates and customer service.
Florida Peninsula may be a good company to consider for those who have very simple insurance needs and are low-risk enough to qualify for good rates without extra discounts, however such insurance customers are also likely to qualify for good rates at other, better-rated insurance companies as well.
For a list of companies that we recommend, visit our Best Insurance Companies page.