In this Florida Family Insurance review, we'll take a look at what customers say about their experience. We'll also examine complaint data from the NAIC, average premium, and more. The goal is to help you make informed decisions when shopping for the best home insurance in Florida.
Florida Family Insurance was founded shortly after Hurricane Andrew in 1992. The company has an A- rating from AM Best and an A' rating from Demotech. It offers homeowners, condo, rental property, and flood insurance, and has less than 1 percent of the Florida homeowners insurance market share.
It's surprising that Florida Family Insurance doesn't have more online customer reviews – it's been in business for nearly three decades. According to Clearsurance, it has an average rating of 2.32 based on only 15 reviews. Experiences seem to vary wildly: 33 percent give the company five stars and nearly 27 percent giving it one. The remaining reviews are evenly distributed.
Positive reviews cite a good claims experiences – one reviewer had three claims with the company. Those who criticize the company cite high prices and poor customer care. Another policyholder explained that they had a claim which was handled quickly but they were also canceled quickly within weeks of the claim.
No reviews mention how Florida Family Insurance handled claims after a hurricane. For a company that has been around as long as they have, you might expect to see some mention of hurricanes.
Even though Kin is younger, it has more than 750 customer reviews on Trustpilot alone with an average 4.8 rating. The reviews are overwhelmingly positive, with most customers citing an easy purchasing experience and saving money.
Bottom line: Hundreds of customer reviews establish an overall trend in customer experience. A handful of reviews may mean customers aren't moved to write about their experience.
You may not have heard of the National Association of Insurance Commissioners’ (NAIC) Complaint Index before, but it is a handy way to assess whether a company has a "normal" amount of complaints. This index creates a ratio for every company based on the number of complaints it receives in a year in relation to its annual premium. This ensures you can compare apples to apples no matter the company's size.
The national median score is 1. That means if a company has a complaint score of 2, it experiences twice as many complaints as you would reasonably expect for a company of its size. A score below 1 means the company experiences fewer than expected complaints.
That said, Florida Family Insurance has a 1.81 Complaint Index in 2019 based on 14 complaints and $81 million in premium. The company rating in 2018 was slightly lower (1.42), with 16 complaints on $85 million in premium while 2017 had a higher Complaint Index (3.38) with 24 complaints on $86 million in premium. One thing to note other than the complaints is that Florida Family Insurance is losing market share from year to year where most companies are increasing market share.
Kin, by contrast, has a Complaint Index of 0.
No one wants to pay more for home insurance than they have – and that's especially true for Florida homeowners. The state faces some of the highest average premiums in the nation thanks to an annual storm season that seems to get more intense every year.
With an average yearly premium of $2,083 for newly built homes valued at $300,000, Kin's prices are nearly 48 percent cheaper than Florida Family's average premium of $3,079 a year.
Average Annual Premium Comparison
|Value of Home||Kin Insurance||Florida Family Insurance|
|$300k New Build||$2,083||$3,079|
All homeowners insurance premiums are based on individual home qualities that include replacement cost, location, age, construction, claims history, and more. Kin prices include hurricane insurance to keep policy pricing simple and reliable.
Ultimately, insurance carriers are judged on how they handle claims. It doesn’t matter how great your customer service is during the buying process if claims are slow and inconsistent.
It’s hard to say how Florida Family Insurance fares on claims because of the small sample of public reviews. While its complaint score has been fairly consistent, some customer reviews cite the quick decision to cancel policies after a claim.
Kin's approach to claims prioritizes communication, technology, and fast repairs. We get in touch with our customers after a storm just to check in. We use technology to streamline claims inspections. And we created our Managed Repair Network to connect policyholders with licensed, insured, and local contractors so work gets done professionally and quickly.
If you're looking for better home insurance, you've come to the right place. Get a quote today.
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