HOAIC (Homeowners of America Insurance Company) is a low-cost, low-quality
home insurance company with limited coverage, limited endorsement opportunities,
and limited discounts. However, if you live in Texas, Arizona, South Carolina,
Georgia, or Virginia and are just looking for the cheapest insurance provider
with lousy service, HOAIC might be a viable alternative.
Homeowners of America is a new company that offers low rates because it
denies and underpays perfectly valid claims. The best attribute of Homeowners
of America Insurance Company is its affordable rates across a wide range
of coverage limits. It would be one of the cheapest insurance providers
in the area for those who live in one of the company's service states—Texas,
Arizona, South Carolina, Georgia, or Virginia. Beware of this insurance
company because they look for opportunities to avoid paying legitimate claims.
Home insurance is designed to protect you from injuries and damages to
your home, which is likely to be the most expensive investment you will
ever make. HOIAC is a relatively young organization, having been established
in 2005. Farmers and State Farm are now about 100 years old, to put it
in perspective. Since there are signs that HOAIC is losing customers after
they file a lawsuit, the company's dependability is called into question—and
it isn't due to its era. The relative youth of Homeowners of America
Insurance Firm, coupled with unfavorable consumer feedback, makes it difficult
to recommend it to most citizens.
Customers who want to operate from home should be conscious that Homeowners
of America Insurance Company do not provide direct quotes. Prospective
policyholders in Texas, on the other hand, will get quotes directly from
HOAIC's website. If you prefer to deal with an agent in person, you
can contact HOAIC directly to be referred to a local independent agent.
Homeowners of America Insurance Company provides a basic package of coverage
with its home insurance plans, as seen in the table below. The company
offers coverage limits ranging from $50,000 to $750,000, which should
be sufficient for most people looking for home insurance. HOAIC's
regular coverage is supplemented by some endorsements, including entire
animal liability, identity fraud, increased replacement cost, and increased
jewelry, watches, and fur coverage.
If you're concerned that your pet could attack anyone, consider adding
the full animal liability endorsement to your policy. The endorsement
bears the total cost of any damage caused by your pet to others. A typical
homeowners policy only protects you up to the limit of your policy. The
policy does not cover animals with a history of bites. The majority of
dog breeds are acceptable, but the full animal liability policy does not
include pit bulls and Rottweilers.
If you're worried about identity fraud, consider adding this endorsement
to your home insurance policy. Policyholders will get up to $15,000 in
reimbursements for costs like legal fees if they have the endorsement.
Before any refunds are issued, there would be a $100 deductible.
Discounted prices Homeowners of America are providing this service.
Homeowners of America Insurance Company provide the policyholders with
a classic collection of discounts. The availability of the values, however,
will be determined by the state in which you live. Texas homeowners, for
example, are eligible for all but one discount, while homeowners in South
Carolina are only eligible for five discounts.
The higher the cap on the policy you're looking for, the more affordable
HOAIC's home insurance rates become. For a $350,000 cap policy, the
company quoted an annual home insurance premium that was $1,121 less than
the average of its rivals. The gap between Homeowners of America Insurance
Company's quote and the standard of its competitors for a $200,000
coverage cap fell to $283. Allstate was the only business in our study
that provided more favorable rates. Since home insurance quotes differ
by state and other factors, we suggest getting quotes from many firms.
HOAIC has received mostly negative feedback from customers. Customers complain
about a claims department that is sluggish and unresponsive. When policyholders
file a claim, they often report that their insurance plan was canceled
soon after. Although most insurance firms receive consumer complaints
about the claims process, the number of occurrences in Homeowners of America
Insurance Company's customer ratings adds credence to the claims.
Canceling a policy for having a claim is a typical example of bad faith.
You can contact Homeowners of America at 1-866-407-9896 if you need to
file a claim. You may also send an e-mail to the claims department or
use the claims center to fill out an online form. Regarding the allegation,
a HOAIC representative will contact you.
Customer complaints at HOAICy are lower than average. HOAIC received a
compliant rating of 0.49 from the National Association of Insurance Commissioners
(NAIC), which is 0.51 more bass than the national average. In other words,
HOAIC reported far fewer complaints in the previous year than the average
insurance provider.
The financial strength of an insurance firm is essential to prospective
policyholders because it indicates the company's ability to pay claims.
A.M. Best Rating Services, the rating service used by most insurers, has
not yet assigned a rating to HOAIC. However, the company claims that it
has never applied for a ranking because it assumes it will be graded poorly
at its current scale, according to a recent financial statement filing.
A liquidity ratio, which is a metric that calculates a company's ability
to satisfy its financial obligations, is also published by the NAIC. This
contributes to a company's willingness to pay claims to policyholders.
The capacity of a corporation to satisfy its financial demands determines
its liquidity ratio. The liquidity ratio of HOAIC is currently 74.1, which
is higher than that of its competitors. Since State Farm uses various
underwriters, it has multiple liquidity ratios, but most are in the 40
to 60 range.
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