Hurricane warning: Top-rated insurers rarest in Fla., riskiest states

With hurricane season two days away, the states with highest storm risk including Florida have the region’s fewest insurers that a Palm Beach Gardens-based ratings company considers most financially sound.

Florida’s 11-year hurrricane hiatus ended in 2016.

“Florida, the state with the most direct hurricane hits, has only seven recommended insurers,” meaning a grade of B-plus or higher, said Gavin Magor, senior analyst for Weiss Ratings.

In comparison, Georgia has 13 and Alabama 11, while Florida has 7, Texas and Mississippi 6 and Louisiana 4 in the Weiss analysis.

“With these vulnerable states not having many ‘B+’ or higher-rated insurers, consumers need to be more careful than ever this hurricane season,” Magor said. “They need to know what’s covered in their policies and what’s not. More importantly, they need to know if their insurers are financially stable.”

The Palm Beach Post insurance guide, available free online to subscribers at, provides financial safety grades from multiple companies including Weiss on more than 100 Florida insurers. The guide also provides contact information for companies and complaint information analyzed by the newspaper.

Several smaller companies in Florida have recently merged, added investment capital or made other changes under threat of lower grades from ratings service Demotech Inc.

For example, The Post reported this month a start-up player in Florida’s home insurance market, Mount Beacon Insurance Co., is going out of business and about 22,000 of its policies have been transferred to Florida Specialty Insurance Co.






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