As the Florida Insurance Market Flounders, Prime Insurance Company Commits to Homeowners
As the Florida Insurance Market Flounders, Prime Insurance Company Commits to Homeowners
SALT LAKE CITY--(BUSINESS WIRE)--Prime Insurance Company, Inc. announced its commitment to Florida homeowners today as Florida insurance companies continue to escalate rates or pull out of the market due to rebuilding costs in coastal areas.
Over the last 40 years, the Florida Homeowners’ Insurance Market has been “the best experiment in how not to do insurance,” says Rick J. Lindsey, President, CEO and Founder of Prime Insurance Company, a leading provider of innovative liability solutions for specialty risks. In 2017 alone, six property and casualty companies that offered homeowners insurance in Florida liquidated. In 2022, five more are in the liquidation process.
In response to the collapsing insurance market, the Florida Legislature created Citizens Property Insurance in 2022 to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market. Florida accounts for 79% of ALL home insurance lawsuits in the country. Between home insurance companies going insolvent (11 and counting), limiting their risk or cease writing in the state altogether, Florida has lost 30 insurance providers in 3 years.
Says Lindsey, “As these companies that go broke get taken over by Citizens, lawyers pile on lawsuits because people are upset. They paid their premium, put in a claim, but can’t get their houses fixed. Yet despite these lawsuits, homeowners don’t get paid; they get fractions of what they need—the lawyers get most of the money. It’s like a gold mine.”
What Lindsey believes can transform the Florida market is true protection and a partner that will stick with the insured through thick and thin. As a leader in excess and surplus lines, specialty insurance, Prime Insurance provides coverage for many who would otherwise be forced to go uninsured or self-insure their risk—including property and casualty for modest to mid-level housing and luxury homes. “We are a solutions-based provider with a new way of looking at risk, providing solutions and options for property protection in high-risk areas.”
Lindsey states, “We provide All-in-One coverage with Flood, Earthquake and mudslide included means you will pay more but you will have good insurance that will show up and work with each Insured to get repairs started and completed.”
“My goal is to make insurance as painless as possible,” adds Lindsey. “We do it the right way and keep customers happy, whether in Florida, California and all the other states where Prime provides such needed property coverage solutions.
Prime Insurance Company is an E&S Property and Casualty Specialty Lines Insurance Company. Prime is Rated A (Excellent) by A. M. Best and writes business in all 50 states.* The company provides solutions for property, commercial auto, professional liability and more.
https://www.axios.com/local/tampa-bay/2023/06/08/citizens-insurance-florida-slide
*for latest ratings visit www.ambest.com
Contacts
Barbara Malkowski, SVP Marketing/ barbaram@primeis.com
