You have a lot of choices when shopping for home insurance. But how can you be sure you've found a good insurance company? What makes an insurer the best insurance company?
This Safepoint Insurance review lays out the facts in an effort to answer these questions. We'll take a look at customer reviews, NAIC formal complaints, and average premiums to give a full impression of the company so you can draw your own conclusions.
Safepoint Insurance offers insurance in five states, all areas subjected to catastrophic storms. The company offers homeowners insurance, flood, identity theft protection, equipment breakdown, and commercial insurance. It has an A, Exceptional, rating from Demotech and maintains less than 1 percent of the Florida's home insurance market share.
Customer reviews offer insight into what's it's like to work with a company. That's especially important when shopping for insurance because price is often not the only consideration. You want to make sure you're dealing with a company that will look out for you when you experience a major loss.
Safepoint Insurance has strong reviews across the board, with an average 4.2-star rating on Google reviews and 4.3-star rating on Clearsurance. Many of the reviews cite good prices and service, though some mention a poor claims experience.
The company also maintains an A+ rating with the Better Business Bureau with 17 total complaints in the past three years – three of those complaints were resolved and closed. One reviewer said that she was overcharged since she was misclassified as a tenant in her own home. Another said that they overpaid by accident and never got a refund. To the company’s credit, they do attempt to resolve the complaints with each consumer.
For comparison, Kin has more than 1,000 customer reviews between Google and Trustpilot and a 4.8-star average rating. Most of our reviews cite the excellent customer experience when buying a policy with us. Our staff knows the ins and outs of insurance, which means we're ready to answer any question. They also note saving quite a bit of money when they make the switch.
Like Safepoint, Kin works hard to understand why someone didn’t give us top marks, responds to the issue, and seeks to find a solution when possible.
Bottom line: Knowledge is power for homeowners. We make sure we're a trusted resource for insurance information.
Consumers can file formal complaints with their state's insurance commissioner. The National Association of Insurance Commissioners (NAIC) monitors these complaints and maintains a Complaint Index that scores companies based on their complaint-to-size ratio.
The Index's median is 1, representing an expected number of complaints based on the company's size. If a company has a score of 2, that means it has twice as many complaints as it should.
Safepoint has a considerable complaint score: 8.74. In other words, it has more than 8 ½ times the number of complaints that the NAIC feels it should for its size. The company had 63 complaints and $76 million in premium in 2019, a reduction from 133 complaints in 2018.
Kin, by contrast, has a score of 0, far below the median score and most Florida insurers.
Homeowners insurance in Florida is expensive – there's no sugarcoating that. Because of its intense and frequent hurricanes, insurers have to price coverage that appropriately addresses the risk to ensure they can pay claims. The best insurers constantly work to help bring down costs, though.
Both Kin and Safepoint are similar in pricing. For a $300k newly built home, our average yearly premium is $2,083, about 1 percent cheaper than Safepoint's at $2,097.
Average Annual Premium Comparison
Value of Home
|$300k New Build||$2,083||$2,097|
Keep in mind that averages are an illustration, not a guarantee. Your premium will vary depending on where you live, your home's construction and age, your claims history, and more. Plus, you may be eligible for more discounts than those reflected in these projections.
The point of insurance is to have financial security when you experience a loss. That's why it's so important to know how a company handles claims – this is when they make good on their promise to the policyholder.
Given the number of Safepoint's formal complaints, it might be fair to assume many may stem from a disappointing claims experience.
Our approach to claims is simple: we strive for clear communication, fair settlements, and quick repairs. We created our Managed Repair Network to help you get your home back to its usual splendor faster. You get to choose from professional contractors who've already been thoroughly vetted, and they get to work on rebuilding and repairing your home.
See what it's like to work with an insurance company built for you. Get a quote from Kin today.
Get a better look at how Kin compares to other Florida home insurance companies:
Don't settle for second best. Get a quote from Kin today!