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April 5, 2011

Florida Legislators Oppose Homeowner's Insurance Report Card

Last year our firm posted insurance company rankings on our website as a way to help consumers compare how insurance companies (primarily auto) rate when it comes to paying claims.

Wouldn't it be great if consumers could additionally have an easily accessible tool that graded how homeowner's insurance companies handle claims? The good news is that tool is now available. The bad news is it is only available for a limited time.

Florida's Insurance Consumer Advocate has compiled a list of homeowner's insurance companies operating in Florida. They rank the companies and assign grades A through E in different categories, including the handling of complaints, time until they pay claims and an overall grade. This easy access tool is great news for consumers looking to do research before buying homeowner's insurance.

However, our own Florida legislators now want to do away with the 2007 law that allows the Insurance Consumer Advocate to give insurance companies these grades. According to legislators, this grading system is too costly, difficult to execute, and may tarnish the reputations of insurers and result in lawsuits.

See these grades while they last, before our legislators abolish them into secrecy forever.

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