Individuals can research Florida insurance ratings through rating services such as A.M. Best, DemoTech and Weiss Ratings, suggests the Tampa Bay Times. The volatility of the Florida insurance market due to hurricane risk caused a number of major national insurance companies to leave the state, making it imperative for Florida residents to carefully assess the newer, smaller companies that remain.
The largest insurance company in Florida as of 2015, state-run Citizen's Property Insurance has been downsizing and passing off clients to smaller insurers, explains the Tampa Bay Times. Although A.M. Best is the most renowned insurance rating service in the United States, it doesn't rate smaller companies that haven't established a financial track record. Accessing A.M. Best insurance reports requires a paid subscription.
DemoTech, a national insurance rating company based in Ohio, tends to overrate unproven companies and allows companies that don't receive top ratings to opt out of their list, points out the Tampa Bay Times. To access DemoTech insurance ratings through its website, select Financial Stability Ratings in the toolbar at the top of the page, click on the type of insurance company for a ratings analysis, then enter the company information in the form on the left side of the page.
Some Florida insurance companies have sued Weiss Ratings for defamation due to its harsh ratings analysis, according to the Tampa Bay Times. The company compiles its data from public information and doesn't solicit participation from the insurance companies. Weiss Ratings allows limited free access to its insurance company database. To access data on its website, click on Help, and click on How Do I on the left side of the page.