The best home insurance companies combine low prices with great service. But how do you know if a company follows through on those promises? This Bankers Insurance review aims to offer some insight. We'll take a look at customer reviews, complaint trends from the National Association of Insurance Commissioners (NAIC), and average premium so you can make informed choices when shopping for coverage.
Bankers Insurance has been around since 1976, meaning it has experience handling Florida hurricane seasons. It's headquartered in St. Petersburg and has 0.29 percent of the Florida home insurance market share. This carrier offers homeowners, condo, renters, flood, and dwelling fire insurance, as well as commercial property insurance. Bankers Insurance maintains an A, Exceptional, rating from Demotech.
Bankers seems to solicit a lot of reviews on its own website, and those 595 reviews average a a 4.5-star rating. But third-party review sites tell a different story. The company only has six reviews with a 1.7-star score on Clearsurance. Reviewers cite problems with charges for company mistakes, an inability to get refunds when selling a home, and stressful claims. One upset customer said, “An insurance company is as good as its claim department.” Apparently they were not happy with Bankers’ claims department.
Kin, on the other hand, has more than 1,000 customer reviews on third-party sites like Google and Trustpilot, with an average rating of 4.8. Reviewers often compliment the ease with which they switched to Kin, how much money they saved, and the simplicity of our claims process. When we do get the rare critical review, we take to heart what customers say so we can learn and grow.
Bottom line: Customer reviews on a neutral third-party site offer an unbiased look at the company's service.
The National Association of Insurance Commissioners (NAIC) tracks formal complaints against insurance companies so you can see how an insurer stacks up to competitors. The Complaint Index scores complaint volume based on the company's size so you can compare apples to apples.
The median ratio is 1, which indicates a "normal" number of complaints. An index score of 2 means a company has twice the number of expected number of complaints. Those under 1 have fewer.
Bankers Insurance and Kin are equally matched when it comes to the Complaint Index – both have scores of 0 in 2019.
Florida is one of the most expensive states for homeowners insurance because of its catastrophe risk. Between hurricanes, floods, and sinkholes, homeowners face life-changing risks that their insurance must address. These severe risks have been driving insurance prices higher each year.
Fortunately, some companies are working hard to keep prices affordable. Our average premium for a $300,000 newly built home is $1,354 a year. Bankers' is $1,678, about 24 percent more. You may qualify for even more discounts from Kin depending on your home's wind resilience, safety features, and more.
Average Annual Premium Comparison
Value of Home
|$300k New Build||$1,354||$1,678|
The best insurance companies have the best claims process. That means fast, easy, and fair settlements, and as little burden on the homeowner as possible when it comes to repairs. That's our approach.
We use technology to make it easy to report a loss, submit your claim, and inspect the damage. When possible, we use virtual inspections so claims adjusters start the process faster and settle claims faster. We also created the Managed Repair Network to make it easy for policyholders to get their needed repairs done by insured, licensed, local professionals.
While some reviewers cited a subpar claims experience with Bankers, we don't have much visibility into their process.
See for yourself how Kin fares against Bankers Insurance. Get a quote today!
Get a better look at how Kin compares to other Florida home insurance companies:
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