Is Assurant good for homeowners insurance?
Assurant homeowners insurance is best known for covering manufactured and mobile homes, but customer reviews and industry ratings show a mixed experience.
You can review policy options or get details directly through the Assurant Homeowners Insurance portal.
The Pros
- Mobile Home Specialization: Assurant is one of the few insurers willing to cover older, previously owned mobile and manufactured homes of any age.
- Financial Stability: The company earns an A+ (Superior) rating from AM Best, meaning it has strong financial backing to pay out large-scale disaster claims.
- Convenience: Online quoting and digital policy management tools allow customers to set up and manage coverage quickly.
The Cons
- Poor Customer Satisfaction Scores: On review platforms like Trustpilot, Yelp, and WalletHub, Assurant receives frequent complaints regarding slow communication, denied or low claim payouts, and difficult customer service interactions.
- Higher Complaint Volume: Industry data shows Assurant historically receives a higher-than-average volume of consumer complaints relative to its company size for property coverage.
- Limited Transparency: The company website lacks clear public details regarding specific discounts, exact pricing tiers, or optional coverage add-ons.
- Geographic Restrictions: Homeowners insurance from Assurant may not be available in certain states or high-risk locations, such as Florida or Hawaii.
Is Assurant trustworthy?
Assurant is a legitimate, financially stable global insurance and warranty provider, but customer satisfaction varies significantly depending on the specific product and claims experience.
Financial Strength and Legitimacy
- AM Best Rating: Assurant holds an A+ (Superior) financial strength rating, which confirms its strong ability to pay out valid claims.
- BBB Status: The company is an A+ rated, Better Business Bureau Assurant, Inc. | BBB Complaints | Better Business Bureau accredited business, though it has logged thousands of consumer complaints regarding claims and repairs over recent years.
- Scale: It serves hundreds of millions of customers globally, partnering with major brands for mobile device protection, appliance warranties, and renters insurance.
Common Customer Complaints
- Renters Insurance: Many users on forums like Reddit report a consensus that claims handling can be frustrating, citing slow processing times, low payout offers, and denied claims based on technicalities.
- Service and Repairs: Complaints on the Better Business Bureau often focus on delayed appliance repairs, repetitive document requests, and unresponsive customer service.
Positive Experiences
- Tech and Mobile Protection: Customers often leave positive reviews for phone replacements and device repairs processed through carrier or retailer partnerships (like Spectrum or mobile carriers), praising the speed of straightforward claims.
Who is the most trusted homeowners insurance company?
USAA and Amica Mutual Insurance Company consistently rank as the most trusted homeowners insurance companies based on consumer surveys and independent industry studies.
Top Trusted Home Insurance Providers
- USAA: Ranks highest for military members, veterans, and their families, earning top scores for customer satisfaction, clear policy communication, and reliable claims support.
- Amica Mutual: Widely recognized as the best overall national carrier for civilians, scoring highest in customer satisfaction and property claims handling in J.D. Power rankings.
- State Farm: Recognized as a dependable, massive national brand with strong financial stability and widespread agent networks.
- Chubb: Highly trusted for luxury and high-value homes, offering specialized coverage and top-tier financial strength ratings.
Key Factors That Build Trust
- Financial Strength: Look for carriers rated A or higher by A.M. Best to ensure they can pay out major catastrophes.
- Claims Satisfaction: A smooth, transparent claims process is the primary driver of customer trust.
- Customer Service: Responsive local agents and clear digital tools reduce stress during the policy lifecycle.
Are Assurant and Geico the same?
No, Assurant and GEICO are not the same company, but they do work together.
GEICO (Government Employees Insurance Company) is primarily known for auto insurance. Assurant is a separate company that specializes in specialty property, casualty, and lifestyle protection insurance.
How They Connect
- Partner Policies: GEICO does not underwrite its own renters, condo, or homeowners insurance policies. Instead, GEICO Insurance Agency partners with outside carriers—including Assurant (such as the American Bankers Insurance Company of Florida)—to sell property policies to GEICO customers.
- Separate Operations: While you might buy a renters policy through the GEICO website or phone app, your actual financial coverage and claims are handled by Assurant.
Who is Assurant insurance owned by?
Assurant, Inc. is not owned by a parent company; it is an independent, publicly traded Fortune 500 company listed on the New York Stock Exchange under the ticker symbol AIZ.
- Public Ownership: Its shares are owned by various institutional investors, mutual funds, and individual shareholders.
- History: It was previously a subsidiary of Fortis (formerly N.V. AMEV) before being spun off in an initial public offering in 2004.
Assurant Home Insurance Full Review - Features, Strengths, Weaknesses
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How good is Assurant homeowners insurance?
Assurant homeowners insurance has strong financial stability and specializes in manufactured homes, but it receives mixed-to-poor customer satisfaction ratings for claim handling and communication.
Financial Strength
- AM Best Rating: Assurant holds an A+ (Superior) financial strength rating, meaning it has a proven ability to pay out valid claims.
- Availability: Homeowners policies are widely available across 46 states and Washington, D.C.
Pros of Assurant Homeowners Insurance
- Specialized Coverage: Highly regarded as a solid option for manufactured and mobile home insurance of any age.
- Convenience: Offers 24/7 claims support and fast online quoting capabilities.
- Broad Partnerships: Often tied into bundles or recommended via partners like GEICO or mortgage companies.
Cons and Customer Complaints
- Poor Claim Reviews: User review platforms like WalletHub show low scores (averaging around 3.3/5), with many policyholders reporting months-long claim delays, denials, or difficulty reaching customer support.
- Forum Consensus: Users on discussion boards like Reddit frequently express frustration over claims processing, often advising others to document all communications meticulously or involve state insurance commissioners if disputes arise.
What are the top 5 worst homeowners insurance companies?
Based on recent industry surveys like J.D. Power's property and satisfaction studies, the lowest-ranking homeowners insurance companies for customer satisfaction and claims include Universal Direct, Tower Hill Insurance, National General, Homesite, and Foremost.
Lowest-Ranking Home Insurers
- Universal Direct: Ranks at the very bottom of major customer satisfaction and claims surveys due to slow response times and service issues.
- Tower Hill Insurance: Frequently scores near the bottom for overall customer experience and policyholder satisfaction.
- National General: Scores poorly on consumer satisfaction metrics regarding communication and payout handling.
- Homesite: Routinely lands at the bottom of J.D. Power claims satisfaction rankings for property coverage.
- Foremost: Receives below-average customer satisfaction scores for handling claims and policy value.
How much should home insurance be on a $400,000 house?
The national average cost of homeowners insurance for a $400,000 house is about $3,158 per year, or roughly $263 a month.
Key Cost Details
- Replacement Cost vs. Market Value: Insurance covers the cost to rebuild your home, not what you paid for it or its real estate market value.
- Standard Policy Limits: This average rate usually includes $400,000 in dwelling coverage, $300,000 in liability protection, and a $1,000 deductible.
Cost Variations by Location
Where your home is located drastically changes your insurance price due to local weather risks and disaster exposure.
- Cheapest States: States like Hawaii average around $844 a year, and Vermont averages about $1,311 a year.
- Most Expensive States: High-risk areas like Florida can average over $9,283 a year. You can estimate your specific regional costs using the Insure.com $400K Calculator.
Ways to Lower Your Premium
- Raise your deductible: Moving from a $1,000 deductible to a $2,500 deductible lowers your monthly payment.
- Bundle policies: Combine your home and auto insurance with the same company.
- Improve home safety: Install impact-resistant roofs, updated security systems, or modern electrical wiring.
What are Dave Ramsey's recommendations for homeowners insurance?
Dave Ramsey recommends choosing Replacement Cost Value (RCV) coverage, carrying high deductibles, and setting liability limits of at least $300,000 to $500,000.
Core Coverage Recommendations
- Dwelling Coverage: Get enough to rebuild your home completely using RCV (not Actual Cash Value), aiming for extended or guaranteed replacement cost coverage to handle rising local building costs.
- Personal Property: Choose RCV for belongings so you can buy new items rather than getting paid depreciated garage-sale values.
- Liability: Set personal liability limits between $300,000 and $500,000, and add an umbrella policy if your net worth exceeds $500,000.
- Additional Living Expenses: Include coverage for extra living costs (around 20% to 30% of your dwelling limit) while your home is repaired or rebuilt.
- Exclusions: Purchase separate endorsements or riders for major natural disasters like floods, earthquakes, hurricanes, or sinkholes, as standard policies exclude them.
Policy and Saving Strategies
- Raise Deductibles: Choose a high deductible that fits comfortably inside your fully funded emergency fund to lower your monthly premium.
- Skip Home Warranties: Avoid paying for home warranties; instead, put that money directly into your emergency fund to pay for minor house repairs.
- Bundle Policies: Combine your homeowners insurance with an official Ramsey-approved home and auto bundle or shop through independent brokers like Zander Insurance to compare multiple carrier rates.
- Limit Small Claims: Avoid filing claims for minor repairs, as frequent claims can drive up your insurance rates.
What did Assurant used to be called?
Assurant was previously known as Fortis, Inc. before changing its name in February 2004.
Historical Background
The company's roots go back much further through its historical predecessor companies:
- La Crosse Mutual Aid Association: Founded in 1892 in Wisconsin.
- Time Insurance Company: The name adopted by the La Crosse Mutual Aid Association.
- NV AMEV: A Dutch company that acquired Time Insurance Company in 1978 and later formed Fortis in 1990.