Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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UPDATED: Nov 18, 2020

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Olympus Insurance

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Demotech Financial Rating



A (Exceptional)

Florida’s high rate of tropical storms and hurricanes are enough to make anyone cringe. Olympus Insurance Company is one of many small companies in Florida that provides home insurance, so you’re in search of Olympus Insurance reviews. You have found just that.

In this Olympus home insurance review, we’ll talk about the average cost of home insurance in Florida. Olympus home insurance rates may be cheaper than average, but you will need to get Olympus insurance quotes from an agent.

Read on to learn about Olympus Insurance, and to compare home insurance rates quickly online, just enter your ZIP code above.

Table of Contents

Olympus Home Insurance Rates

Olympus entered a struggling Florida insurance market that had been impacted by a series of hurricanes resulting in large numbers of insurance payouts and the withdrawal of some major insurance companies from writing homeowner’s insurance in the state.

The creation of several small, local insurance companies has helped to bring down premiums overall in the state, and Olympus is among the companies offering these policies. Policy premiums vary significantly by county, home value, and construction type, making it challenging to compare Olympus rates to other companies.

Let’s examine the average cost of home insurance in Florida and other neighboring states.

Home Insurance Rates of Florida, Georgia, and Alabama
StatesAverage Annual Home Insurance RatesEstimated Monthly Home Insurance Rates
Georgia$1,619$135
Florida$2,133$178
Alabama$2,328$194
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Between the three states, Florida is in the middle of cheap and expensive. Expect your home insurance rates to increase in urban areas, beachfront areas, and residents around lakes.

Florida’s peninsula is prone to flooding during heavy rain, tropical storms, and hurricanes.

According to the Florida Division of Emergency Management, flooding is one of the primary hazards in the state.

Olympus offers limited online quoting capabilities, in which a request is submitted to a nearby agent for an email response. Local agents for Olympus can provide a more accurate quote. Olympus rates may not be competitive when compared to insurers offering multi-policy discounts due to their other policy offerings, such as car insurance coverage.

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Olympus Home Insurance Summary

Olympus Insurance has been writing property insurance policies in Florida since 2007, joining a market that had suffered after several major hurricanes that resulted in great difficulties for insurers in the state. The company is based in Orlando and is currently licensed only in Florida.

Olympus has taken part in the Citizens Insurance takeout program, which offers current Citizens policyholders the opportunity to move to a new insurance company. The takeout program is part of an effort to reduce the number of policies currently held by Citizens, which had been a last resort insurer for properties unable to locate coverage elsewhere.

Currently, Olympus offers a limited number of policy types. They write standard homeowner’s insurance policies and also cover rental properties and condominiums. Olympus sells its products through a network of independent agents but offers quoting and customer policy management services through its website.

Get the latest standard home insurance quote using our FREE comparison tool! Just enter your ZIP code to get a home insurance quote now!

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Olympus Home Insurance Products

If you’re not a homeowner, Olympus writes a few basic types of insurance to cover both owner and tenant-occupied homes and personal property in Florida. In the sub-sections below, we’ll elaborate on other available coverages.

Home Insurance

Olympus homeowner’s policies cover the policyholder’s home at replacement cost in the event of multiple different perils, including fire, damage to other structures on the property, and personal property insurance coverage for the residents of the house.

Watch this video on the basics of home insurance.

The homeowner’s policy also includes liability coverage, which protects the homeowner’s from a variety of risks, including lawsuits stemming from injury or negligence claims. Also available are animal liability, backup of water/sewage, and sinkhole endorsements.

Townhouse Insurance

Olympus writes policies similar to homeowner’s insurance to meet the particular needs of owners of townhouses with shared walls. All of the same standard coverage is available, with adjustments on how to structure coverage.

Rental Home

For landlords, Olympus writes policies to cover the structure against a variety of potential perils, but without the high level of personal property coverage needed in an owner-occupied residence. Rental insurance policies also provide liability coverage to protect landlords from the risks associated with owning a rental home.

Rental home coverage includes coverage for the home while vacant in between tenants, short-term rental coverage for vacation rentals, and optional personal property coverage for furnished rentals.

Condo Insurance

Olympus writes policies to meet the specific needs of condo owners, whose needs differ due to shared walls and condo association coverage on portions of the structure.

Scheduled Personal Property

In addition to a standard homeowners/townhouse policy or condominium insurance, Olympus offers the Scheduled Personal Property option. This coverage provides broader protection with higher limits. Examples of what is covered include fine jewelry, furs, musical instruments, upscale furnishings, and other luxury assets.

Olympus Home Insurance Claims

Olympus offers a 24 hour a day, seven days a week claims line for policyholders to report new claims and check on the status of open claims. There is an online claim form on the company’s website that allows non-emergency claims to be submitted at any time of day or night.

For water damage claims, Olympus has a water damage mitigation team available to respond within 15 minutes. This response team is a free service provided with all Olympus policies and is sent out to prevent water damage from worsening before the claims representatives can investigate.

You can contact Olympus insurance claims phone number at 866.281.2242. You can also file a claim with Olympus Insurance online and by mail-in. Here is Olympus Insurance Company’s contact information:

  • Email: [email protected]
  • Physical Address: Olympus Claims, P.O. Box 33117, Palm Beach Gardens, FL 33420

Olympus Insurance is committed to the prevention of fraud, harassment, and unethical behavior. Please contact our Special Investigations Unit at the number above to report fraud, harassment, and unethical behavior anonymously.

According to Florida law, your insurance company must inform you that your claim is covered within 30 days. Within 90 days, your home insurance company must issue a claim payment to you.

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Olympus Home Insurance Ratings, Consumer Research, and Complaints

Olympus Insurance has been Better Business Bureau (BBB) accredited since 2016 and currently holds an A+ ratingIn the last three years, there have been six complaints filed, five of which were closed in the past 12 months.

The Florida Office of Insurance Regulation’s complaint database shows a total of 14 complaints against the company in the fourth quarter of 2016, the most recent available data. This is a ratio of 1:5880 or one complaint about every 5880 policies in force.

In addition to the standard, publicly available resources, Olympus has provided us with their internal results from a previous customer survey. The results show a generally pleasing customer base, with numerous compliments about the company.

Olympus Insurance Financial Strength

aDemotech is a financial analysis firm that provides rankings indicating the financial stability of companies from several industries, including the insurance industry. They have recently altered their Olympus Insurance rating and assigned an issuer credit rating of A+, signaling that the company’s financial outlook is stable.

Olympus Home Insurance: The Bottom Line

Olympus is a newcomer to the Florida property and casualty market and requires more time to build a solid reputation. However, they have shown growth and appear to be a stable company. Olympus home insurance in Jacksonville Florida, or in their headquarters city of Palm Beach Gardens, most parts of the state are covered.

Florida homeowners who are participating in the Citizens takeout plan or who have faced difficulty with homeowner’s insurance in the past, such as high rates, might find Olympus a good option.

Now that you’ve finished this Olympus Home insurance review, get some numbers. Compare the best Florida home insurance companies by entering your ZIP code in the FREE comparison tool below.

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Frequently Asked Questions: Olympus Home Insurance

To offer the best in best in Olympus home insurance reviews, we’re going to give you a little more information about the company in this final section. We’ll spend the next few sections going over frequently asked questions that are related to this company and home insurance in general.

#1 – What is the average cost of homeowners insurance in Tennessee?

Tennessee’s average homeowner’s insurance rate is $1,192 per year.

#2 – Where can I find the Olympus Insurance customer login?

Visit Olympus Insurance Company’s website and look at the top banner. “Policyholder Login” is the fifth selection, where Olympus home insurance customers can log in. If you can’t log in, contact Olympus Insurance customer service by phone.

The Olympus Insurance agent login is different and used only by an Olympus Insurance agency.

#3 – What is the average cost of homeowners insurance per month?

The average cost of home insurance per month is $35.

#4 – Who owns Olympus Insurance?

The CEO of Olympus Insurance Company is Jeffery B. Scott.

#5 – What is the average cost of homeowners insurance in Colorado?

The average cost of home insurance in Colorado is $1,383.

#6 – What is a good rate for homeowners insurance?

A cheap home insurance rate is a price that’s lower than the national average, which is $1,132 per year.

#7 – What are the worst insurance companies?

Many customers have different opinions about the best company. Each experience is different. Check out some reviews and ratings online to make a clear judgment.

#8 – Did Olympus Insurance company have a lawsuit against them?

Olympus Insurance Company was in legal trouble when a lawsuit was brought against them in February 20, 2019.

#9 – How do I find Olympus Insurance careers?

Go to the Olympus Insurance website and click “Career Opportunities” on the top banner.

 

References:

  1. https://www.floridadisaster.org/hazards/floods/
  2. http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0627/Sections/0627.7142.html