This Anchor Insurance review will look at how the company compares to other insurance carriers – Kin in particular. We'll explore real customer reviews, complaint trends from the National Association of Insurance Commissioners (NAIC), and average premiums so you can decide who is the best Florida home insurance company.
Anchor Insurance offers homeowners insurance in 12 states, mostly along the southern border of the United States. It has 0.59 percent of the Florida homeowners insurance market share. Along with home insurance, the company offers condo, renters, dwelling fire insurance, and more. Anchor Insurance has M, Moderate, rating from Demotech. In early 2020, reports noted the company may be acquired by larger, more solvent insurance carriers.
Anchor Insurance doesn’t have reviews on Google, Clearsurance, or Trustpilot like many other insurance carriers. It does have an A+ rating from the Better Business Bureau where it also has 16 reviews and an average score of 1.5 stars. Reviews cite problems with claims after storms, claims paperwork that was never sent to the adjuster to process it, and a lack of technological proficiency.
We have hundreds of customer reviews on both Google and Trustpilot, and they're overwhelmingly positive. We maintain a 4.8 average rating on Trustpilot with more than 800 reviews. We also encourages customers to leave reviews so we can see where we shine and where we can improve.
Our customers consistently mention our professionalism and expertise. They also cite saving money and having a good claims experience. For us, these reviews demonstrate the hard work we put into training our team and creating a culture of problem solvers.
Bottom line: Customer reviews show whether an insurance company lives up to its promises.
The National Association of Insurance Commissioners (NAIC) created the Complaint Index so that consumers can easily compare insurance company complaint trends. This index assigns a number to each insurance company to represent complaints in relation to the company's market share. This makes sure small and large companies' complaint density can be fairly compared to each other.
The NAIC says that the median complaint score is 1, meaning when a company has a 1, it received the number of complaints expected for its market share. Companies scoring below one have fewer complaints than expected and companies over 1 have more complaints than expected.
Anchor Insurance received 38 complaints in 2019, giving Anchor a complaint score of 6.68 – almost seven times more complaints than a company its size would usually experience. By contrast, Kin's score is 0.
From the data we could access, Anchor Insurance homeowners insurance premiums are almost too low to be true. For a $300,000 newly built home, their average yearly premium is $1,554 and ours is $2,083.
However, keep in mind that Anchor does not have a strong financial stability rating, receiving only an M from Demotech. By underwriting policies for less, it seems that this insurance carrier has put itself in a financial bind.
It's also worth remembering that average prices are for illustrative purposes only. To know what you'll pay for home insurance, you need to get a quote. This will accurately reflect all the factors that play into your policy's price, like your home's location and age, your claims history, and more. It will also account for the additional discounts you may qualify for.
Average Annual Premium Comparison
Value of Home
|$300k New Build||$2,083||$1,554|
Anchor Insurance has a high Complaint Index score and many one-star reviews – mostly about claims – with the BBB. But we don't have enough visibility into their claims process to analyze it.
But we can weigh in on ours. We use technology to speed up claims adjusting and assessment. We keep our policyholders informed on the status of their claims at all times. And we make sure getting homes back to normal is top priority. Our Managed Repair Network connects policyholders with vetted, licensed, and insured service providers.
Get a quote today and see what you've been missing!
Get a better look at how Kin compares to other Florida home insurance companies:
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