Finally, some good news for Florida's property market. Weiss Ratings released a report today that shows Florida homeowners have more companies from which to select coverage than similarly positioned states. The full report, at www.weissratings.com, says that in most hurricane-prone states, just eight P&C insurers make up 77.2 percent of the market share. In Florida, however, eight companies control only 38.4 percent of market share.
The good news is offered with a caution, though. Weiss noted the questionably financial strength of some of the newer property insurers to enter the Florida market, mentioning specifically Royal Palm Insurance Co., Edison Insurance Co., and Peoples Trust Insurance Co.
Weiss provides independent ratings on 8,000 U.S. banks and S&Ls and 4,200 insurance companies. nationwide.
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