If you're shopping for home insurance rates, you have more choices this year than you did in previous years.
Another home insurance company is opening in Florida, and it's set to take over 30,000 policies from state-run Citizens Insurance.
The latest company to enter the market is Patriot Select, and those in the insurance industry say they're offering some benefits that other companies can't match right now.
Linda Quimby lives in Fort Myers and is shopping for home insurance, and said she would consider the new company if their rates were good.
“Well, rates have been going up, but now we have more options,” Quimby said.
Patriot Select is based in Sarasota, and Doug Nellans with The Insurancenter is noticing more phone calls from people interested in a policy with the company. Research shows Patriot Select is offering benefits many companies don't, including a $500 deductible.
“To have a company come out to offer a very reasonable $500 flat hurricane deductible is tremendously beneficial,” Nellans said.
It means the company will pick up the tab for any home damage over $500.
“That is very good. It's better than the 2% standard of your dwelling amount. Of course, everybody would like to have a lower deductible,” Quimby said.
Nellans said a 2% deductible can easily equate to several thousands of dollars, and that is a tough amount of money to come up with, especially in the event of traumatic loss,” Nellans said.
Patriot Select, however, doesn't cover pool cages, porches, or carport damage.
Nellans pointed out it is important to compare coverages and he said he is already starting to see clients receive depopulation letters from state-run Citizens Insurance. That means, in most cases, a policyholder is required to go with an optional company.
Patriot Select, however, does not offer insurance for manufactured homeowners.
Mark Friedlander with the Insurance Information Institute said in most cases, Citizens may be the only option for those residing in manufactured homes.
He said he expects that challenge to continue for folks who own manufactured homes.
“It is still a challenging market for manufactured homes in Florida because of high risk,” Friedlander said.
Most companies stopped offering home insurance on manufactured homes because of the extreme risks.
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