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American Strategic Insurance (ASI) Summary
Incorporated in 1997, American Strategic Insurance is a group of companies based out of St. Petersburg, Florida. They have grown quickly in the years since incorporation and now offer services in numerous states and became one of the largest privately owned companies in the area. In 2014, Progressive Insurance acquired a controlling interest in the company with the purchase of increased shares in ASI’s parent company, ARX Holding Corp.
ASI writes both personal and commercial products for property and liability insurance. They have an expanded range of products including seasonal homes, renter’s insurance, and they also write flood insurance. They sell products through independent agents, and products available vary by state.
The ASI Group of Companies various underlying companies are as follows, with not all companies writing policies in all states:
- American Strategic Insurance Corp.
- ASI Lloyds
- ASI Assurance Corp.
- ASI Preferred Insurance Corp.
- ASI Select Insurance Corp.
- American Capital Assurance Corp.
- ACA Home Insurance Corp.
ASI writes policies for many different types of homes. Their standard homeowner’s insurance policy includes replacement cost coverage as well as liability and personal property in a package policy. Policy options include increased personal property coverage and high value item riders. In addition to standard home insurance, ASI can cover other types of home, including:
- Seasonal/vacation homes
- Investment properties under non-package dwelling fire policies
- Renters Insurance for tenants
These policies are sold across the largest number of states, and ASI is looking to expand to cover all 50 states in the near future.
ASI currently writes commercial insurance policies in Florida, Louisiana, Texas, and South Carolina. Commercial policies cover structures, property, and liability for a particular range of commercial risks. Products are available to cover the needs of multi-unit dwellings such as:
- Apartment complexes
- Condo and townhome associations
- Assisted living complexes such as seniors apartments
- Homeowner’s associations
In addition there is coverage available for business risks such as office complexes and commercial condo associations. These policies are designed to cover the specific risks of such buildings. ASI does not write other types of commercial policies at this time.
Currently, ASI writes only personal lines umbrella policies for those who hold underlying policies with the highest available liability limits. These are available with either $1 million or $2 million limits and available to people in Florida and Texas.
ASI also writes flood insurance through the National Flood Insurance program, with excess flood coverage available in some states. They also write Builder’s Risk policies to cover structures that are under construction, but this type of policy is only available in Florida at this time.
Currently, ASI does not offer online quoting on their website. Quotes are only available through agents. The Florida Office of Insurance Regulation offers an online rate comparison tool that can provide a general idea of insurance company rates by county, including ASI, to allow comparison to other companies quickly online.
In their top 25 Florida-based insurance companies by in-force policies, ASI Preferred is ranked number 16 as of September 30, 2014, and ASI Assurance is ranked at number 21. This may indicate that other companies are offering more competitive rates, but other factors are likely involved. As the company grows and expands, premiums may become more competitive.
ASI offers an online claims reporting form that can quickly alert the company to a loss and allow them to respond. Claims can also be reported through a toll-free number or directly to an agent.
The claims process starts by assigning a representative and a claim number to the loss, contacting the insured for more information, and then investigating both the loss and the benefits under the policy to determine what is covered.
While the time frame can be difficult to determine, ASI estimates that most claims will be resolved within 10-30 days. ASI has a network of approved vendors that can quickly respond to a claim and work directly with the company for fast resolution and repairs.
For catastrophic events, ASI has mobile claims units prepared to arrive at the scene and help to process claims and provide assistance in a quick and smooth manner. This is an important factor in an area such as Florida where hurricanes are a common occurrence.
ASI is a BBB accredited insurance company since 2004 and currently holds an A+ rating. The accreditation covers all of the ASI group of companies. There are 112 complaints in the past 3 years, with 46 closed in the past three months. The majority of complaints were related to products or services. There are no records of government actions against ASI.
The Florida Department of Financial Services records for complaints show that ASI had 14 complaints in the 3rd quarter of 2014, the latest available data, with a ratio of 1:4405 complaints to number of policies in force. This data is only for policies written in Florida, where the company is based. This complaint level is somewhat high compared to similar insurance companies writing policies in the area.
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ASI is a relatively new company in the insurance industry but has shown fast growth; they expect to cover all states in coming years. Their rankings indicate that they may not have the best available rates for all homeowners and have had some troubles with customer complaints in recent years. Customers may find better rates by shopping for homeowner’s insurance with the company currently insuring their cars to take advantage of multi-policy discounts, although there is some hope that such discounts may be available to ASI policyholders in the future through the company’s connection with Progressive.
For a list of companies that we recommend, visit our Best Insurance Companies page.