Homesite Insurance Company of Florida is a member company of Homesite Group Incorporated, an affiliate of American Family Insurance.
Homesite Insurance Company of Florida offers surplus insurance, which is a type of insurance that is designed to cover risks that are not covered by traditional insurance policies.
Surplus insurance is often used by businesses and individuals who have high-risk exposures, such as those who live in areas that are prone to natural disasters.
Overview
If you are looking for a specialized insurance coverage that is not available in the standard market, you may have heard of surplus lines insurance.
Surplus lines insurance is a type of insurance that covers uncommon or high risks that regular insurance companies do not want to take on.
Individuals or businesses with unique insurance needs can purchase surplus lines insurance.
One of the companies that offers surplus lines insurance is Homesite Insurance Company of Florida.
Homesite Group Incorporated, a national property and casualty insurance company that offers homeowners, renters, condo, flood, life, and small business insurance, owns Homesite Insurance Company of Florida as its subsidiary.
Homesite Insurance Company of Florida is based in Springfield, Illinois, and operates as a nonadmitted or unauthorized insurer in the state.
An insurance company that is not licensed by the state insurance department sells policies without being licensed.
This means that the company does not have to follow the state’s rules and regulations regarding rates, forms, and solvency.
However, the company still has to be licensed in its home state and comply with federal and state laws specific to the surplus lines market.
A nonadmitted or unauthorized insurer can sell policies outside of its state through a licensed surplus lines broker or agent.
The broker or agent must have a special surplus lines license and follow certain procedures to place business with a nonadmitted or unauthorized insurer.
For example, the broker or agent must conduct a diligent search to prove that the coverage is not available in the standard market, unless the coverage is on the state’s export list.
The surplus lines market export list includes coverages and business classes that can be written without a diligent search.
What are the benefits and drawbacks of surplus lines insurance?
Surplus lines insurance has some advantages and disadvantages compared to standard insurance.
Some of the benefits are:
- Surplus lines insurance can provide coverage for new, emerging, or complex risks that standard insurance companies do not cover or have limited experience with.
- Surplus lines insurance can offer higher limits of coverage or more flexible terms and conditions than standard insurance policies.
- Surplus lines insurance can be more affordable than standard insurance for some hard-to-insure risks.
Some of the drawbacks are:
- The state guaranty fund, a fund that pays claims if a licensed insurance company goes bankrupt, does not protect surplus lines insurance. This means that the policyholder may lose their coverage or have to pay for their own losses if the nonadmitted or unauthorized insurer becomes insolvent.
- Surplus lines insurance is subject to state taxes and fees that are usually higher than those for standard insurance policies. Surplus lines brokers or agents collect and remit these taxes and fees to the state.
- Surplus lines insurance may have more exclusions, limitations, or conditions than standard insurance policies. The policyholder should read the policy carefully and understand their rights and obligations.
FAQs
The company in Florida has provided answers to some frequently asked questions.
Q: What types of insurance does Homesite Insurance Company of Florida offer?
A: The company offers surplus lines insurance for homeowners, renters, condo, flood, and small business insurance. The company specializes in providing coverage for coastal properties, vacant properties, older homes, and high-value homes.
Q: How can I get a quote or buy a policy from Homesite Insurance Company of Florida?
A: Get a quote or buy a policy from the company through a licensed surplus lines agent. You can find a broker or agent near you by visiting the Homesite website or calling (877) 515-2196.
Q: How can I contact Homesite Insurance Company of Florida?
A: You can contact the company by mail, phone, fax, or email. The company’s contact information is:
- Homesite Insurance Company of Florida
- One Federal Street, 4th Floor
- Boston, MA 02110
- Phone: (877) 515-2196
- Fax: (877) 774-0198
- Email: service@homesite.com
Q: How can I file a claim with Homesite Insurance Company of Florida?
A: You can file a claim with the managernt online, by phone, or by mail. To file a claim online, you can visit the Homesite website and click on “File a Claim”. Tou can file a claim by phone, you can call (866) 621-4823. To file a claim by mail, you can send your claim information to:
- Homesite Insurance Company of Florida
- Claims Department
- P.O. Box 2100
- Akron, OH 44309-2100
