Live on Gulf Coast and no recent claims. Trying to save some money on insurance and the broker is shopping around and has sent me some quotes from 4 other companies so far. Currently I have Centauri which is an Admitted company, but they have raised my rate quite a bit. The other 4 companies they sent me are:
RTSpecialty underwritten by Lloyds of London
Orion180 (A Demotech Rated)
SageSure (reciprocal exchange?)
PICA (almost as much as my current rate increase – A Demotech Rated)
Most of what I have read says that if you go with an A rated company you should be good with non-admitted and I have read the differences between both. From what I have seen Lloyds is huge and A rated and I’m not sure about Demotech other than they sometimes rate companies that AM Best doesn’t or won’t?
To give you an idea, my current renewal is almost $5k up from $3300 last year. RT through Lloyds is right at 3K a year and the others are around $4300 and $4500 all very similar limits except SageSure has my Dwelling higher by more than 100k for some reason. Have to ask why this week.
Anyone have any thoughts? Is it generally ok to go through a non-admitted backed by Lloyds? What about this Demotech rating?
Thx
Home Admitted – NonAdmitted and Lloyds
byu/caritobito inInsurance
Posted by caritobito
3 Comments
In the industry we joke about dwmotech and talk a lot of shit. That said, the FL market is a mess. Both the Lloyd’s option and Sagesure are places I would personally be comfortable with placing my own insurance in your situation, although I’m just a random guy on the internet.
Demotech ratings are not as strong as they appear. A demotech “A’ rating is equivalent to a “C” or “BB-” rating from AM Best.
Edward Lloyd founded what is now Lloyd’s of London in 1689; so they’ve seen a thing or two.