Centauri Insurance Review

Centauri Insurance
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Founded in Florida but only recently writing policies in that state, Centauri Insurance started with the purchase of hurricane policies in Hawaii. They then expanded through their neighboring states before finally offering products in their own home state, a rather unusual approach to expansion.

Centauri Insurance Summary

Although the company is based in Florida and born of another Florida insurer, Universal Insurance, Centauri Insurance did not initially write policies in that state due to difficulties with regulations and profitability.

While building a reputation as a major hurricane insurance carrier in Hawaii, Centauri started writing homeowner’s insurance in several states in the Gulf region, where hurricanes are also common.

They have expanded since their initial purchase of Hawaiian hurricane policies in 2012. Currently they write policies in Hawaii, Louisiana, Alabama, Mississippi, Texas, South Carolina, and Florida.

Centauri policies are written through a network of independent agents, and quoting is not available online. They maintain offices in multiple states to serve the regions in which they currently write policies.

In Louisiana, Centauri is part of the Citizens Takeout program, which allows policyholders with the state’s last-resort property insurance company, Citizens, to move to other insurance companies in an effort to reduce the number of policies with Citizens.

The company’s website is working on a policy management system that will soon be available to policyholders, but currently only online bill pay is available. Other inquires must be made through an agent.

Insurance Products

Centauri Insurance writes property and casualty policies for homeowners and tenants in a range of policy types and coverage levels.

Homeowner’s Insurance

Centauri writes standard homeowner’s insurance policies that provide comprehensive coverage for the house itself, personal property coverage, and liability insurance to protect against lawsuits stemming from injuries or negligence. The policies also offer additional endorsements that can be added to protect high-value items such as jewelry and art.

Dwelling Fire/Landlord Insurance

Centauri’s dwelling fire coverage is designed to protect tenant-occupied buildings and the particular risks of rental properties. The basic coverage includes protection for the house, limited personal property including appliances owned by the landlord, and liability. Landlord policies also cover income loss while a property can not be rented.

Condo Insurance

Centauri writes policies designed for the needs of condo owners. These policies cover structures not otherwise covered by the condo association as well as personal property and liability.

Tenant’s Insurance

Centauri writes insurance policies for renters to cover their personal property as well as provide for liability insurance protection.

Flood, Earthquake, and Hurricane Insurance

Centauri’s origins are as a hurricane and earthquake insurance provider in Hawaii, and they continue to write those policies, currently only in that state. They also write flood insurance policies through the National Flood Insurance Program.

Centauri Insurance Rates

Centauri Insurance does not currently offer online quotes, making it difficult to obtain quick premium comparisons. As a regional insurer offering only property and casualty coverage, they do not have the ability to offer multi-line discounts that can help to reduce premiums. However, expansion across several new states means growth and financial stability that can help reduce premiums across the board over time. Due to the company’s youth, there is little information regarding how their premiums stack up against other similar companies.

As Centauri is sold only through agents, commissions are likely to affect the premiums somewhat compared to direct-buy insurance companies with no agent commissions.

Centauri’s website allows policyholders to log in to pay bills online, but it’s unclear what type of payment plans are available and whether or not discounts are offered for full payment.

Claims

Centauri offers two 24-hour claims lines for policyholders to call in reports. There is one toll-free number for Hawaii and another number for the mainland states. Both contact numbers can be found on the company’s website.

Claims reporting is not currently available online either by form or by email. Policyholders can contact their agent for assistance with a claim or call directly to check on claims status.

While every claim is different and can require varying levels of time and effort, Centauri promises to resolve claims as quickly as possible. Their straightforward claims process begins with initial contact, continues through investigation including inspection and photographing of damages, and ends with resolution and paying of benefits within policy limits. Local claims adjusters are available to provide quick, personal assistance in each state.

Consumer Research and Complaints

Centauri Insurance is not BBB accredited, but has a rating of B+ based on the BBB’s multi-factor rating system. The BBB file relates to the head office working out of Sarasota, Florida, and as such may not account for complaints against the company in other states. Currently, there are only 2 complaints on file in the past 3 years, with only one in the past 12 months. No government actions against Centauri have been recorded.

It is unclear why the Better Business Bureau rating is below average, given the low number of complaints.

As a very new entrant into the insurance market with only a few years of experience, Centauri has yet to build a firm reputation, and a search for complaints makes it clear that many insurance consumers know very little about the company. It is likely that a clearer picture of Centauri’s reputation will emerge over time. In spite of this, the lack of complaints in general is a good sign for the company so far, as many new companies face complaints early in business as systems are set up and tested.

Financial Strength

Rating Company Grade Financial Outlook
AM Best N/A N/A
Fitch N/A N/A
S&P N/A N/A

Bottom Line

As a new insurer in the property & casualty market, Centauri still needs to firmly establish a reputation with consumers. Their specialty in helping homeowner’s who live in hurricane-prone areas may make them a good choice for those types of homes, but lower risk homes are likely to find better options for homeowner’s insurance elsewhere, particularly with companies offering multi-line discounts. This is especially true in states with a lower risk of hurricanes and other major natural disasters, and where the insurance industry is strong with lots of competition.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

Summary
Review Date
Reviewed
Centauri Insurance
Author Rating
3

Comments

  1. Teddy says

    Lost our dock due to high winds. The dock is a floating dock, rising and falling with water levels. This company denied our claim, insisting damage was done by flooding and water pressure. Totally false. Appealed to the Insurance commission, their response was they could not settle it and we would have to file a law suit to get anything done. If I could afford a law suit I could afford a new dock. This company accepted coverage of the dock, we paid our premium and then they denied a legitimate claim. Consumer beware.

  2. Elizabeth says

    I started using Centauri in 2015. In July 2016, I received a letter from them that I assumed was a bill for my yearly premium (I pay once yearly b/c my mortgage company does not escrow). I opened it, and it was a letter informing me that my roof condition was unacceptable. No one contacted me to tell me that I needed a new roof or my insurance would be dropped. Very frustrating.

    • sharon says

      I forwarded this to my new contact – hope you don’t mind. Filed with the Insurance commissioner and was surprised their office doesn’t handle predatory/fradulent insurance companies.

  3. Ruth Hansen says

    After having a Centauri Insurance policy on my home from 2/29/16 through 7/1/16, my insurance was cancelled because I would not spend $850 to fix an indentation on the roof overhang. The roof was only 2 years old and had a warranty against leaks, etc……, the roofing company sent a man out to look at it, and then emailed me his professional explanation in a letter (which I copied and sent to my agent.. along with 22 pictures of the inside of the house) I spent an incredible amount of time on this….. SOOOOO unless your home is in PERFECT condition, do not expect this insurance company to live up to its policy. The problem also lies in that, as the policyholder, I was not able to speak with a Centaurian, but had to go through a unrelated “agency”.
    I await my meager refund.

    • sharon says

      Same here. I signed a contract beginning 9/01/16 and got my cancellation exactly one month later due to “roof condition is unacceptable”. It’s rainy season here so lots of mold. My roof is hurricane resistant up to 120 mph and I received a discount for it on my last policy. It’s “condition” needs only to be pressure washed and sealed. It doesn’t leak. The home insurance industry in Florida is nothing but a racket.

      • Ruth says

        Well Sharon, here’s how I look at it. My gain, their loss. Hurricane William did not touch my house. It didn’t even lose power, altho the street behind me
        did. Good luck paying out claims due to the damage up and down the cost, Centauri. The refund check you sent me could have replaced a few windows at no cost to you. Ha!

        • sharon says

          You may want to keep in touch cause I contacted an attorney this morning. Centauri says I must replace my roof cause it’s rusted. It’s an aluminum roof. Aluminum doesn’t rust. This place and the Florida Insurance Commision is past due for a class action and I’m just [Redacted] enough to do it.

  4. Jose Collazo says

    This company is a fraudulent one, that is how I am thinking about, specialy my relation with [Redacted]. I told her I do not want a policy and the result is I have an unwanted and unneded policy againt my house!
    Jose Collazo
    [Redacted]

  5. Rich Maxwell says

    Eric,

    It has been over one year since you posted your review of Centauri. Has your evaluation of them altered any given the passage of another year, especially as it relates to South Carolina? Thank you.

    • Eric Stauffer says

      Hi Rich,

      The Centuari review is our most recent assessment of the company, and it pertains to the organization as a whole. I hope you found it useful!

      Best,
      Eric Stauffer

      • Terry says

        I am sitting here reading these reviews and my experience can’t be further from any of them. We had three hail storms this year with hail around three inches. Our roof was twenty years old when we purchased the house October 2015 so you can imagine it wasn’t ready for this years storms. Centauri handled everything promptly and with great attention when anything would come up during the repair of our roof, fence, screens, and gutters. I have told everyone who will listen about our treatment during this nerve wrecking process. I can’t remember the last time I was this thrilled over anything customer service related.

        • sharon says

          I’m reasonably sure we’ll be hearing a lot more of these ecstatic reviews now that they have been reported to multiple agencies. Maybe they just have a thing about owners/houses over 65 years old? We shall see but I’m ecstatic your experience is so wonderful. Some of us aren’t so lucky.

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