UPDATED: Mar 18, 2020
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Safepoint became one of the newest home insurance companies in the Florida market in 2013 and saw quick growth from a large group of policies they took over from Citizens Insurance, which divested a large number of policies during the same time period to other insurers through a takeout process. The improvements in the Florida homeowner’s market meant more homes qualified at companies other than Citizens, which was created to assist those homeowners struggling to find coverage.
Safepoint expanded following growth in Florida and now offers insurance in Louisiana, Texas, and New Jersey. They advertise themselves as a company with a special understanding of the needs of coastal states. They have also added commercial insurance to their product lineup; currently, that is the only line of business sold in New Jersey.
Policies are sold through independent agents in all four states, and the company’s headquarters is located in Tampa Bay, Florida.
Safepoint writes home insurance as well as business insurance in three states and only business insurance in New Jersey. Coverage may vary from state to state and each state has its own product information page; we used the Florida product listing for the purpose of this review.
Safepoint writes several types of home insurance and provides only a basic overview of each on the website.
Homeowners insurance is available for owner-occupied homes and is a package policy covering the dwelling, personal property, and liability, along with other coverage either standard or as an endorsement.
Dwelling Fire coverage can be purchased to cover owner-occupied homes in limited cases but is aimed mainly at rental properties and seasonal homes.
Also available are condo insurance and renter’s insurance, each providing coverage specific to that type of home.
Any of the home policy types can be enhanced with equipment breakdown coverage and identity theft endorsements.
Safepoint offers business insurance packages for a variety of different business classes.
The Main Street Business program covers a long list of small businesses including office and retail. The package covers business property, equipment breakdown, loss of income, and includes coverage for wind damage in all areas.
Other classes of commercial insurance include:
- Houses of Worship
- Mini Warehouse
- Office Buildings
- Shopping Center
Equipment Breakdown coverage can also be added to any of the commercial insurance products.
Safepoint quotes are only available through agents, and much of the website reads as though it is aimed more at getting new agents than new customers.
There is an agent search on the site that will direct visitors to their nearest local agent to obtain a quote.
Safepoint is not among the insurance companies for which the Florida Department of Insurance provides sample rates, so we were unable to get numbers there, either.
Customers can report a claim either online or by calling a toll-free number which is available 24 hours a day, seven days a week.
The website has a basic overview of the claims process for customers. There is also an approved contractor database on the site that is searchable by location. Customers can select from this list or choose their own contractor for repairs.
To follow up on the status of a claim, policyholders can call the same claims line or use an email address provided on the site.
Ratings and Consumer Reviews
Safepoint has an A+ rating with the Better Business Bureau (BBB), with only 15 complaints on file in the past three years. Five reviews have been left on the BBB file, for a one-star rating. Most of the complaints are in regards to claims issues.
The most recent complaint data from the Florida Office of Insurance Regulation shows a complaint ratio of 1:1784 for the third quarter of 2018, which is, again, the most recent data available. The site also offers two companies of similar market share for comparison; Safepoint has a higher complaint volume than either of the comparable companies.
This is still a fairly new company, so it is not surprising that there is not a lot of information on their reputation out there.
The Bottom Line
Safepoint has been growing rapidly since its inception and may have some growing pains that are leading to complaints. While the volume may be on the high side, we did not see anything of major concern. There is not a lot of detail on their policies, and we are not able to get rate information, which makes it hard to form a solid opinion; they may be a good choice for those in the Citizens Takeout process or those having trouble finding coverage in coastal areas.
For a list of companies that we recommend, visit our Best Insurance Companies page.