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Universal Property & Casualty Review: Homeowners Insurance

Universal Property & Casualty Insurance Company (UPCIC) has been a major insurer of homes and residential dwellings in Brevard, Florida

In the last few years expanded to offer homeowners & other property insurance through independent insurance agents in other states, including Alabama, Delaware, Georgia, Hawaii, Indiana (starting in 2015), Maryland, Massachusetts, Michigan, Minnesota, New Hampshire (approved as of Dec. 2015), North Carolina, Pennsylvania (first policy in the Keystone State sold in 2015), South Carolina, Virginia (authorized in the state as of July 2015), West Virginia, and now New Jersey & New York (authorized in these states as of March 2016), with plans to expand to more states in the future. I previously wrote a review of Universal Property & Casualty Insurance Company’s Florida complaint record, so the purpose of this review is for people considering or insuring with UPCIC in states other than Florida.

If our independent insurance agents recommend you buy property insurance from Universal Property & Casualty Insurance Company, the information in this review can help you decide if UPCIC is right for you. I’ll review the AM Best or Demotech financial strength ratings, JD Power customer satisfaction ratings, and Better Business Bureau ratings for Universal Property & Casualty Insurance Company, including its home insurance complaint record from all states over the last six years.

This review summary will give you our opinion if Universal Property & Casualty Insurance Company is performing better than average, average, or worse than average, compared to its competitors. The wise insurance buyer shops for the best combination of coverage, price, and service, so be sure to use the ad below this paragraph (or the ad at the end of this review) to get price quotes from multiple insurance companies and find the best insurance company for you.

 

Universal Property & Casualty Insurance Company Review: Ratings & Brevard, FL Home Insurance

How good is Universal Property & Casualty Insurance Company? Who do you contact for a price quote? Today I’ll provide you with information about Universal Property & Casualty Insurance Company to help you decide if they are the best property insurance company for you.

Universal Property & Casualty Insurance Company (UPCIC), a subsidiary of Universal Insurance Holding Company, is one of the three largest property insurance companies now selling homeowners insurance in Florida. In late November 2011, UPCIC started selling home insurance in Georgia, and is selling home insurance in Indiana as of January 2015. For those people not living in Florida wanting information about Universal Property & Casualty Insurance Company, please read my new Universal Property & Casualty Insurance Company review for Universal Property & Casualty Insurance Company for states other than Florida.

Universal Property & Casualty Insurance Company is now licensed to offer property insurance in 10 states: Delaware, Florida, Georgia, Hawaii, Indiana, Maryland, Massachusetts, North Carolina, Pennsylvania and South Carolina.. UPCIC sells renters insurance, dwelling insurance, condo insurance, & home insurance through a network of local independent insurance agents. You can find an agency close to you through the UPCIC website, or by clicking a UPCIC ad on this blog post.

It is important for property owners having homes in areas at greater risk for hurricane & storm damage, to know all their insurance company options for insuring their properties, since many insurance companies will not insure in these areas.

For high value residential properties in Brevard Florida, Universal Insurance Holdings Company, has a separate subsidiary company, called American Platinum Property & Casualty Insurance Company, for Florida homes needing more than one million dollars of coverage.

Universal Property & Casualty Insurance Company has a small market share of the homeowners insurance market nationally, so it is not included in JD Power’s National Homeowners insurance study, and I have not listed information about it on my website.

 

Citizens Property Insurance Rates Hike in FL

Citizens Property Insurance Rates Hike » Alternative Insurance Plans Offered at All Brevard Insurance

Florida insurance regulators disclosed that Insurance Commissioner David Altmaier has approved a range of rate increases for policyholders (Brevard County) of state-run Citizens Property Insurance.

Rates for multi-peril homeowners policies, the most common line, will rise 6.4 percent on average, just shy of the 6.8 percent rate hike sought by Citizens Property Insurance.

homeowners-insurance-rates-brevardCitizens’ coffers have benefited from an era of cheap reinsurance and 11 hurricane-free years until the recent Hurricane Hermine, which happened after the rate request was filed and is not expected to have a major impact on insurers.

The impetus for the latest rate increase, property insurers say, are rising non-weather-related water-loss claims tied to what’s known as “assignment of benefits.”

That’s when Brevard homeowners insurance policy holders in need of repairs, often for water damage, assign responsibility for the repair over to contractors to pursue payments from insurance companies.

Property insurers, including Citizens, have unsuccessfully lobbied the state Legislature to restrict the practice, which they say has been open for abuse and leads to litigation. Often, the damage has been repaired before Brevard, FL insurance companies are contacted, making it hard to determine whether claims are valid.

Contractors and attorneys representing homeowners, however, have said that the assignment of benefits lets them quickly make repairs to help homeowners without waiting for insurance company approval.

A year ago, Citizens said, the spike in water-related claims was centered on South Florida (Brevard included), which is why rates rose sharply in that part of the state, but stayed flat or fell elsewhere.

This year, Citizens says the practice has spread to Tampa Bay and other parts of the state, driving up rates for many of its customers.

“The 2017 rates reflect the growing challenge of rising water loss claims and the disturbing increased costs associated with assignment of benefits,” Barry Gilway, president, CEO and executive director of Citizens Property Insurance Corp., said in a statement. “Unless the Legislature takes action, our policyholders can expect these increases for years to come.” — Not what you want to hear!!

Get Best Insurance Rates at All Brevard Insurance – Click HERE for a QUOTE

best-insurance-rates-brevard-flCitizens acts as an insurer of last resort for the state, offering policies to those who can’t find coverage in the open market. The company has taken dramatic steps to cut its policy count and improve its finances, cognizant that all Floridians with insurance can be assessed if Citizens is unable to cover claim losses after a major hurricane.

Among area counties, Citizens had sought multiperil rate hikes of 7.1 percent in Pasco, 4.3 percent in Hernando and 3.1 percent in Hillsborough. It filed a request to cut rates by 7 percent in Citrus and keep them virtually flat in Pinellas, falling just 0.3 percent. Michael Peltier, a spokesman for the insurer, said he would not have a county-by-county breakdown of approved rates until Monday.

The effective date for both new and renewal rates is Feb. 1.

Source: Tampa Bay Times Article

All Brevard Insurance Takes Over Discontinued People’s Trust Home Owners Policies!

People’s Trust Home Owners Policies are being discontinued. Do not worry — All Brevard Insurance (in Melbourne, FL) has your back!

melbourne fl insurance companyWhen you get that gut wrenching letter in the mail letting you know that your home will not be covered by insurance or insured by People’s Trust any longer – call All Brevard Insurance to pick up your policy. We can probably also beat your current insurance rate; covering your home and personal belongings for what they are actually worth. Don’t be left without insurance coverage on your home (your most valuable asset), scrambling around trying to find the best alternative. Call us today to get the best rates in Melbourne, FL, from coast to coast.

All Brevard is one of the Space Coast’s oldest and most trusted insurance providers! We don’t stop at home owner’s insurance — we also offer the most competitive auto insurance rates. In a time where a lot of companies won’t even cover you, All Brevard steps up to the plate with the cheapest plans that give you the best deductibles and options.

Read More about facing non-renewal with People’s Trust in Melbourne, FL

 

 

4 Ways to Lower Your Auto Insurance Costs

Insurance FoldersThere are a slew of ways to reduce your auto insurance costs besides being a good driver—all you have to do is ask.

“Some discounts are to encourage customers to buy with the company and some discounts are because the risk to the insurance company is reduced,” says David Thompson of the Florida Association of Insurance Agents. However, he says if you want the discount, you have to ask for it.

Safety Equipment Discounts

These days most new cars come standard with safety features that not only protect the drivers in an accident, but can save on auto insurance.

According to the Independent Insurance Agents & Brokers of America, drivers can get discounts if their cars are equipped with anti-theft devices, anti-lock brakes and/or passive restraint systems like airbags.

Other safety features that can yield savings include traction control and daytime running lights. And the savings add up: At AllState, airbags and motorized seatbelts can slash up to 30% off a bill, anti-lock brakes can get a 10% discount and an anti-theft device can save up to 10%.

Read the complete article >>