HOAIC is Terrible Insurance

Is Homeowners of America a good insurance company?

Nope, Homeowner's of America is a bad insurance company. From my extensive experience exclusively working with home insurance claims, Esther A. Grossman, HOAIC's Vice President of Legal, is a mean spirited person that looks for any reason to deny perfectly valid claims.

Ester Grossman's contact information is as follows:

1400 Corporate Drive, Suite 300

Irving, TX 75038

(P) 972-607-4241, ext. 4233

(P) 866-407-9896, ext. 4233

(F) 972-573-2602

E-Mail: egrossman@hoaic.com

Is HOAIC a good insurance company?

No. If you have HOAIC insurance, you should consider canceling the policy and purchasing a better property insurance company. Consumers mostly regret buying Homeowners American insurance for their house.

Homeowners of America Coverage Plans and Discounts

Homeowners of America Insurance Company provide a basic range of protections for their home insurance plans, outlined below. The company offers coverage limits that should be enough for most people looking for home insurance, with limits from $50,000 to $750,000. HOAIC supplements the regular coverage with different endorsements—such as full animal liability, identity fraud, increased repair prices, and increased jewelry, watches, and fur coverage.

Complete Animal Liability: If you're concerned about someone being attacked by your pet, consider adding a full animal liability endorsement. The endorsement covers all the injuries that your pet can cause to others. A typical homeowners policy is limited to your policy. Animals with past bites are exempt from coverage. Many dog breeds are accepted, but pit bulls and Rottweilers are not eligible for full animal coverage.

If you are worried about identity fraud, consider adding this endorsement to your home insurance policy. The endorsement offers up to $15,000 in compensation for applicable costs, such as legal fees. A $100 deductible would apply until any reimbursement.

Increased replacement cost: Increased replacement cost endorsement offers compensation for an increase in construction cost after failures, such as advanced material or labor cost. Endorsement coverage is 25 percent of your home coverage cap, and 100 percent replacement cost must be covered to qualify your home. The 25 percent coverage is smaller than what other rivals, such as Esurance, offer up to 40% endorsement. The increased replacement cost varies depending on your house's value, but you can expect to pay from $75 to $200 to a $250,000 home anywhere.

Increased Jewelry, Watches, and Furs: This endorsement offers up to $5,000 in coverage for your valuables in the event of a protected loss. The increased endorsement of jewelry, watches, and furs is lackluster when measured by other companies' comparable deals. Both State Farm and Farmers have an endorsement that reimburses policyholders in case of insured loss for the products' full value above. Depending on the products' worth, HOAIC's endorsement can only cover one or two mid-range items.

Does Homeowners of America Insurance Have Bad Reviews?

Yes, HOAIC consumer reviews are overwhelmingly negative. Customers complain about sluggish, unresponsive claims. Policyholders filing a claim usually say their insurance coverage was canceled shortly afterward. Although consumer concerns about the claims process are prevalent among most insurance providers, the frequency of occurrences in customer reviews by Homeowners of America Insurance Company credits statements. How do customers rate Homeowners of America Insurance? Generally poorly. Customers have given Homeowners of America Insurance a 1.50 rating out of 5 stars. 14% of policyholders indicated they are likely to renew their policy and 86% would not recommend to a friend.

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Claims with America's homeowners are a terrible experience.

If you need to file a claim with American homeowners, call 1-866-407-9896. Also, you can contact the claims department or send an online form through the claims center. A HOAIC representative will track the argument with you.

America Consumer Complaints and Financial Strength Ranking

HOAIC has below-average consumer concerns. The National Association of Insurance Commissioners (NAIC) gave HOAIC a complaint ranking of 0.49, around 0.51 below the national median. In the last year, HOAIC received considerably more complaints than the average insurance firm. HOAIC has a robust financial strength because it does not pay consumers insurance claims.

The financial strength of an insurance firm is significant for prospective policyholders, as it points to the company's willingness to pay out claims. HOAIC is not currently A.M. Best Rating Services, most insurers' rating service. However, in a recent filing of financial statements, the firm claims it has ever applied for a ranking as it feels it will be graded poorly at its current scale. Here we encourage homeowners to avoid HOAIC because they do not pay claims.

NAIC also publishes a liquidity ratio, a metric that tests a company's ability to satisfy its financial obligations. For policyholders, this means a company's willingness to pay out claims. The higher a firm's ability to meet its financial demands, the higher its liquidity ratio. HOAIC currently has a liquidity ratio of 74.1, higher than its competitor ratios. State Farm has many liquidity ratios since it employs many underwriters, but most have a 40-60.

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HELPFUL LINKS:

• WILL MY INSURANCE GO UP IF I GET A NEW ROOF?
• WHAT ARE THE COMMON ASKED HOME INSURANCE CLAIM QUESTIONS?
• WHAT IS HOMEOWNER'S INSURANCE?
• WHAT IS HOMEOWNERS ASSOCIATIONS HOA COVERAGE