Hawaii homeowners will have another option when a Florida-based insurance company joins the Hawaii market for the first time Sept. 22.

Hawaii Insurance Commissioner J.P. Schmidt said Monday that Sarasota-based Universal North America Insurance Co. will offer homeowners policies covering dwelling, fire, flood and hurricane options.

It is expected to offer automobile insurance policies in Hawaii in 2009.

“Hawaii provides a unique opportunity for Universal to expand and diversify through an exceptional existing independent agency network,” said James R. Watje, Universal North America’s vice president of operations for the Western Region, in a statement. “Hawaii consumers currently have limited options to purchase both homeowners insurance and hurricane coverage in one policy. Universal offers these types of coverage together, reducing the cost of coverage, making policy maintenance easier and more convenient for both agents and their policyholders.”

Universal North America currently offers insurance in Arizona, Florida, Nevada, South Carolina and Texas.

Along with entering the Hawaii market, it plans to expand to California next year.

Universal North America is a wholly owned subsidiary of Puerto Rico’s Universal Group Inc., which has more than $300 million in policyholders surplus.

It is rated A- (excellent) by A.M. Best, one of the insurance industry’s oldest and most recognized financial rating firms.

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