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Citizens Property Insurance Company is a non-profit insurance company created by the Legislature in 2002. The establishment of Citizens Property Insurance Company is aimed at helping homeowners in high-risk areas get insurance.

Before Citizens Property Insurance Company, homeowners in Florida had trouble finding companies that are willing to give them insurance for damages or loss. Since Florida is part of the hurricane and earthquake belt that spreads across the Pacific, homeowners in this region of the United States are especially vulnerable to loss or damage. Because of the magnitude of damages arising from natural causes, insurance companies are hesitant in providing insurance that will cover the cost of rebuilding or reconstruction.

Citizens Property Insurance Company holds over eight thousand policies for state residents, making it the second largest insurer in Florida. Citizens Property Insurance Company offers coverage up to $192 billion in property.

“Our growth has been explosive for the past 18 months” was what Susanne Murphy, chief operations officer for Citizens Property Insurance Company said in a recent interview.

There are several factors that account for the growth of Citizens Property Insurance Company. New developments in coastal areas and the reluctance of other insurance companies to write new policies have contributed to the increase in policy volumes of Citizens Property Insurance Company.

Citizens Property Insurance Company is actually a combination of two state-run insurance entities. The merger was done after Hurricane Andrew devastated South Florida in 1992. The two companies that make up Citizens Property Insurance Company are the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA).

More recently, the four hurricanes that hit Florida — Charley, Frances, Ivan, and Jeanne cost Citizens Property Insurance Company $1.77 billion in total damages. The damages forced Citizens Property Insurance Company to raise their windstorm policy premium price up to 67 per cent. As a result, Citizens Property Insurance Company has a surplus that reaches up to $1.2 billion. In addition, Citizens Property Insurance Company is expected to earn $40 million monthly from premium incomes.

But raising their premium prices is not without their disadvantages. Citizens Property Insurance Company is facing protests from Florida homeowners who are unable to afford that much for insurance. Right now, Citizens Property Insurance Company is facing close to 92, 000 in claims. Within the next few months, this number in Citizens Property Insurance Company claims is expected to rise.

Executives at Citizens Property Insurance Company are uncertain whether they have enough funds to cover the claims. With Hurricane Charley alone, Citizens Property Insurance Company is facing an estimated $925 million in losses. And according to Risk Management Solutions, Hurricane Jeanne will cost Citizens Property Insurance Company an additional $332 million, not counting the damages caused by the smaller hurricanes Ivan and Frances which cost up to $532 million total.

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“Property Insurance Company” – 21 ( 4.4%)

We all need insurance some time or another. Why not get the best insurance deal from the best property insurance company there is? Below is a property insurance company list we have compiled to help you decide on what policy best provides cover for your losses.

FM Global Property Insurance Company

FM Global property insurance company is one of the leaders in commercial property insurance and risk management. This property insurance company protects their clients’ properties through their wide range of cost-effective products and services, including risk transfer and loss prevention engineering.

The insurance coverage provided by this property insurance company is specially designed to help major corporations manage risks, protect assets, and in the process, maintain, if not improve profits and market share. This property insurance company includes policies that cover all-risk property, construction and builder’s risk, boiler and machinery, and cargo. FM Global property insurance company also offers reinsurance for additional protection.

St. Paul Travelers Property Insurance Company

St. Paul Travelers property insurance company offers insurance packages designed for the home and family. Also, this property insurance company provides insurance coverage for business and other organizations as well.

The personal insurance package of this property insurance provides cover for losses regarding auto, home, identity theft, and more. The business package this property insurance company offers is divided into two: commercial insurance and specialty insurance. This property insurance company’s commercial insurance offers coverage for damages in agribusiness, boiler & machinery, national property, truck, office, and more. The specialty insurance of this property insurance company includes coverage for construction, professional liability, business interruption, et cetera.

OneBeacon Property Insurance Company

OneBeacon property insurance company is an independent property/casualty insurance group in the Northeast. This property insurance company offers a wide range of personal, commercial, and speciality products and services.

To address the needs of their clients in personal lines, OneBeacon property insurance company provides coverage for auto and homeowners. This property insurance company delivers their policy through their special portfolio, called Custom-Pac, which features replacement cost coverage and several other value-added coverage features.

For their commercial packages, OneBeacon property insurance company provides protection for inland marine, boiler and machinery, crime, umbrella, and more. In addition, this property insurance company has several more packages that are specialized and tailored to meet your business needs.

Federated Insurance Property Insurance Company

Federated Insurance property insurance company offers risk management and loss prevention services to help their clients avoid accidents. Some of the products that this property insurance company offers include workers compensation, group health, life, disability, and retirement planning. Moreover, this property insurance company offers services such as regular coverage review, risk management, claims, and business succession plan assistance.

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“Property Insurance Company” – 26 ( 5.8%)

Many people have joined the property investment bandwagon. And why not? Property investment connotes several potential benefits, including tax benefits and mortgage benefits. But even with all its benefits, property investments also involve a lot of risk factors. To protect yourself from these perils, you need investment property insurance.

Investment property insurance pays for your losses or damages which you incur when problems arise in your invested property. Natural calamities, such as earthquakes, fires, or floods can destroy your property and milk you dry with all the reconstruction costs you’d have to pay for. With investment property insurance though, you are saved from those costs.

Aside from that, investment property insurance also covers your legal fees if you get sued. There might be instances where negligence brings harm to someone while in your property. Investment property insurance will help protect you from this kind of losses.

Types of Investment Property Insurance

There are two basic types of investment property insurance: residential and commercial. Residential investment property insurance covers all types of residential properties, such as homes, apartments, condo units, tenements, and the like. Commercial investment property insurance offers coverage for office units, buildings, centers, malls, et cetera.

Residential Investment Property Insurance

Your home is probably your biggest investment. To protect your home, you need investment property insurance. Residential investment property insurance can offer protection for homeowners from damages caused by perils, such as fires or earthquakes. Residential investment property insurance covers the actual structure of the house and all its contents. Some residential investment property insurance policies also include structures besides the house, like swimming pools, barn houses, gazebos, patios, et cetera.

Some residential investment property insurance policies are designed specifically for landlords. These types of residential investment property insurance protect the landlord from damages caused by their tenants.

Residential investment property insurance may also provide coverage for renters. In general, residential investment property insurance provides cover for the usual major risks like fire or storm damage, accidental damage or loss, and vandalism. In addition, those who want to purchase residential investment property insurance for their rental property may opt to have coverage for loss of rent or rent default where your tenant stops paying rent.

Commercial Investment Property Insurance

The commercial investment property insurance offers protection for damages or loss. As opposed to residential investment property insurance, commercial investment property insurance focuses more on providing coverage for the commercial aspect of your property.

Let’s take the September 11 event for example. The damages caused by the bombings cost billions of dollars. Several office buildings were lost or destroyed during the attack and the costs for reconstruction are sky-high. If it were not for commercial investment property insurance, most of the businesses that were affected would have gone bankrupt by now. As a result, the property insurance industry experienced a decline due to the number of commercial investment property insurance claims filed.

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“Investment Property Insurance” – 26 ( 5.4%)

So you have your small business all set up, but do you have property insurance coverage? If you have none, then all is lost. Property insurance is a key aspect of every small business. Think of your property insurance as the glue that keeps your small business together. Without property insurance, your small business falls apart.

In small business, there are risks involved that you cannot personally control or eliminate. Without protection from these risks, your livelihood is threatened. Property insurance can give you the protection you need against these small business perils.

Property insurance for small business is different from home property insurance

This much is true. Because your small business is unique, you will have to design your own property insurance package. To meet the protection needs of your small business, your property insurance policy must be customized to cover all aspects of your small business.

Most property insurance policies for small business cover three general areas: property/contents, professional liability, and business interruption.

Small Business Property Insurance — Property/Content Coverage

Property and content coverage in a small business property insurance policy covers all the assets that your business owns. This aspect of small business property insurance protects the building and all its contents, including equipment and facilities, from damages or losses. In addition, your small business property insurance protects your business equipment from the dangers of fire, flood, or theft.

Small Business Property Insurance — Liability Coverage

Liability coverage in your small business property insurance policy is something that you can’t do without. The purpose of this small business property insurance aspect is to offer protection against liability arising from negligence causing injury or harm to others, such as a customer or an employee. Simply put, the liability clause in your small business property insurance policy protects you from being sued. This aspect of small business property insurance pays for your legal fees in case of a lawsuit.

One minor aspect of small business property insurance that is closely related to this is product liability. This small business property insurance covers damages or loss arising from problems with a product which causes harm to its consumer. Professional liability is another liability coverage you need for your small business property insurance, especially if you’re a professional, such as a doctor, architect, computer consultant, or a realtor. This type of small business property insurance protects you from damages resulting from error or omissions on your part.

Small Business Property Insurance — Business Interruption Coverage

Another essential aspect of small business property insurance is business interruption coverage. This aspect of small business property insurance pays for income you have lost while your business is stopped due to damages covered in the policy.

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“Small Business” – 28 ( 6.2%)
“Property Insurance” – 27 ( 6.0%)

To protect your rights, you need an insurance policy. Property casualty insurance especially is something that everyone needs. Not only does this type of policy offer protection, it is also an underwriting requirement when you apply for a mortgage.

Below is a property casualty insurance company list that you might need when you’re looking for the right policy to cover your losses.

Accredited Surety & Casualty — Property Casualty Insurance Company

This property casualty insurance company is rated “A” Excellent by A.M. Best Company. Specializing in writing non-contract surety bonds, this property casualty insurance company is licensed to do business in 49 US states. Accredited property casualty insurance company offers bond products such as bail bonds, child custody bonds, fidelity and surety bonds, and Florida notary bonds.

Ace, Limited — Property Casualty Insurance Company

Based in Lafayette Hill, PA, Ace property casualty insurance company is an accredited member of the International Association of Conference Centers (IACC). This property casualty insurance company provides a diverse range of products and services that answers to all types of clients. Ace property casualty insurance company offers business/corporate insurance to cover accident and health, workers compensation and aerospace to energy, captive programs and risk management. For their personal/consumer property casualty insurance, Ace covers health and life to auto and home insurance.

Aside from that, Ace property casualty insurance also provides coverage for reinsurance, non-traditional insurance, and other services, such as property engineering and more.

American International Underwriters (AIU) — Property Casualty Insurance Company

AIU property casualty insurance company is a member of the prestigious AIG companies. Offering a wide range of professional insurance products, this property casualty insurance company is one of the leaders in the insurance industry. For their business clients, this property casualty insurance company offers policies covering primary casualty, excess casualty, directors & officers, environmental coverage, life insurance, and more. Moreover, this property casualty insurance company also offers coverage for workers’ compensation and other financial services like annuity, mutual funds, and retirement services.

American National Property & Casualty (ANPAC) — Property Casualty Insurance Company

ANPAC is a property casualty insurance company that offers insurance policies for families. A member of the American National Family of Companies, ANPAC property casualty insurance company provides affordable insurance products and services. The ANPAC property casualty insurance company agents can offer coverage that includes auto, home, umbrella, recreational vehicles, and boats. Also in cases of flood, this property casualty insurance company has a flood insurance policy that is patterned after the National Flood Program. ANPAC property casualty insurance company also has insurance policies for business owners and rental owners.

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“Property Casualty Insurance Company” – 21 ( 4.9%)

Is it possible for someone else to claim ownership of a property after closing? The answer is yes. And this is especially true if you do not have home title property insurance.

Without home title property insurance during your title examination, legal entanglements may arise when the rights of the previous owner are overlooked. A home title property insurance policy protects you against losses that occur when you find out that after closing the sale someone else may claim ownership of the property.

What is home title property insurance?

Home title property insurance is an insurance policy that offers protection for the property owner against loss that occurs arising from a deficiency in a title for real estate. For example, you just bought a piece of property. At a later date, you find that someone else claims ownership of it. The home title property insurance will pay your losses should that person decide to sue for his rights. The same thing applies when the property is mortgaged. The only thing different is that the lending company will have a separate home title property insurance policy to protect its interests.

What is a title examination and how does it affect home title property insurance?

As a general rule, all property titles are subject to close examination prior to closing. The person conducting the test will look into past deeds, wills, and trusts to see if there are any problems. Should any defect, problems, or “clouds” are found, these are corrected by the title examiner.

So why should you get home title property insurance anyway? If the title looks good, home title property insurance should not be a terrible necessity. This is not necessarily true. No one is perfect. If there are inaccuracies in the results of the examination, having home title property insurance will protect you from losses that arise from those.

What does home title property insurance policy cover?

Typically, home title property insurance covers pretty much any problems that did not show up during the title examination. Home title property insurance also protects you from losses resulting from misses on the examiner’s part. For example, during a title search, the examiner failed to correct the fact that the wife of the previous owner was listed on the deed but did not sign-off at closing. When the wife sues for her rights, home title property insurance will cover your losses.

In addition to problems with the title search, home title property insurance will also cover losses caused by errors in public records. If problems arise after closing, the home title property insurance policy will pay for legal fees, including fee for your lawyer, if you must go to court to defend your deed. And if you lose your property, the home title property insurance will cover your loss up to the amount of the policy.

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“Home Title Property Insurance” – 19 ( 4.0%)

RFID or Radio Frequency Identification is a technological breakthrough using radio waves to transmit key information over short distances. The information sent via RFID describes the identity, location, and/or condition of physical objects varying from automobiles, hospital equipments to potato chips. RFID tags have silicon chips embedded in their system for information storage and antennae for data transmission. RFID and other X Internet technologies are used to connect the IT systems of firms, like property insurance companies with their physical products, assets, and devices.

Many property insurance companies are using RFID technology to streamline their business processes. Also because of RFID provides a unique identification code, property insurance companies are also using RFID to strengthen their property insurance policies. Below are a few companies that offer RFID-based systems for property insurance.

Trovan RFID Property Insurance

Trovan is a company that specializes in stopping caravan thefts using their RFID-based systems. By having caravan and camper owners install Identify UK’s RFID system, costs on property insurance is lessened. There is less risk of loss or theft with an RFID system tracker.

The RFID installed in caravans will signal the police and property insurance agents. RFID will also allow them (police and property insurance agents) to accurately identify the stolen good. In this regard, RFID is a more convenient method of property insurance.

ActiveWave RFID Property Insurance

ActiveWave is a company that builds and designs customized RFID products for their clients, including property insurance companies. ActiveWave provides property insurance companies a new way of tracking and securing insured properties by taking advantage of the recent development on RFID technology. With RFID solutions ranging from inventory control and container/pallet tracking, to car inventory tracking and fleet tracking, ActiveWave provides their clients a state-of-the-art RFID property insurance service.

Library Systems RFID Property Insurance

Library Systems allows libraries to take advantage of recent technological developments and use RFID property insurance. With the RFID tag system provided by Library Systems, property insurance is increased since librarians can do more with fewer resources. The RFID property insurance system of this company also has material handling reduced up to 90%.

TCS RFID Property Insurance

TCS is one of the leading companies that offer RFID-based products for use by property insurance companies. Their suite of property insurance products is designed to help property insurance companies overcome the consolidation and other challenges they are currently facing. TCS develops RFID property insurance packages to aid property insurance companies in claims managing, policy management, and many more. Aside from that , TCS also provides assistance for the property insurance company in back-office functions such as accounts receivables and billing systems and collection.

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“RFID” – 28 ( 6.3%)
“Property Insurance” – 26 ( 5.9%)