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About Homeowners of America
Homeowners of America Holding Company (HOAIC) was founded in Delaware in 2005, and the following year began selling dwelling fire insurance policies through Homeowners of America Insurance Company (HOAIC). Their first policies were sold in Texas, but they started expanding into other states in 2014.
By 2016, the company was licensed in 30 states but has not yet started writing policies in all of them. Currently, coverage is available in Texas, Virginia, Arizona, and South Carolina. However, the Homeowners website does indicate that they intend to expand operations into other states in the near future.
HOAIC writes mainly homeowners insurance, but also offers condo and tenants insurance in Texas. All policies are sold through local independent agents and brokers.
HOAIC writes homeowners insurance in each of the states they serve, but the policy options differ from state to state.
The widest variety of policies are available in Texas, which is not surprising as that is where the company has been operating the longest. The website offers little details about the policies other than a list of the options available:
- Four different forms of homeowner’s insurance including two with replacement costs and one that also covers water damage.
- Four different forms of dwelling fire coverage, including two with replacement cost on the dwelling and one with vandalism and water damage coverage.
- Tenant insurance
- Condominium insurance
- Flood insurance offered through Wright Flood
In Virginia and Arizona, only one type of homeowners insurance policy is offered, while in South Carolina the company writes one form of homeowners and two forms of dwelling fire coverage. Again, there is no detail provided on coverage, discounts, or any other product information.
Homeowners of America Rates
Online quoting is not offered for products sold by HOAIC. This is not unusual for a small, agent-driven company.
What is unusual, however, is the absence of a link to request a quote. There is a link to receive assistance finding an agent, however, it is buried in the site and not front and center as is normally seen from this type of company. This indicates that the company likely receives more business through word of mouth and agent or broker sales than via Internet searches.
Unlike obtaining quotes, HOAIC does offer online claims filing. They also have a 24/7 toll-free line that can be called to submit a claim, as well as accepting claims via email. That is a good range of options, and more than some larger insurance companies offer.
The website promises a swift response to submitted claims and a fast resolution as well. There is little detail on the claims process, but the website does offer advice on preventing losses as well as what steps to take after a loss, including safety measures and documenting the damage.
Ratings and Consumer Reviews
The Better Business Bureau gives HOAIC an A+ rating, and the company is BBB accredited. There has been a total of 18 complaints filed against the company in the past three years, four of which were closed in the past 12 months.
Google has a mixture of positive and negative reviews. The negative reviews focus mainly on the denial of claims, a complaint that is difficult to judge without knowledge of the claim and the policy terms. There are customers who praise the company for paying claims swiftly and fairly, offering a good balance to the negative comments. Many reviews indicate that the company was selected by a broker for the insured’s home purchase, which backs the opinion that this is not generally a company people approach directly when shopping for insurance.
Overall, the number of complaints is low, and the positive reviews carry quite a bit of weight given the fact that people are far more likely to go to the Internet to complain than to offer praise.
The Bottom Line
With very little information on the policies or the rates, it is difficult to form a solid conclusion regarding HOAIC. That said, the company does have good reviews, and the ongoing growth indicates that they are stable and likely to continue to provide more and better service. If they are on the list of choices from an agent or broker, they are likely worth considering.
For a list of companies that we recommend, visit our Best Insurance Companies page.