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American Bankers Insurance Company Of Florida (Assurant) Homeowners Review

American Bankers Insurance Company Of Florida (Assurant) Homeowners Review

American Bankers Insurance Company Of Florida (Assurant) Homeowners Review

If you look for American Bankers Insurance Company of Florida on the Internet, you may have a hard time finding the right company because this insurance firm operates under the name Assurant Specialty Property for their insurance transactions. Assurant Specialty Property operates in all 50 states, but they use the simplified name “Assurant” in Minnesota and Georgia. They specialize in home and renters insurance policies, but they also offer policies for manufactured homes. 

Overview and Company History

American Bankers Insurance Company of Florida began operations in 1947. Their insurance policies are available in all 50 states in the U.S. They specialize in renters insurance and homeowners insurance, but they also provide insurance for lender-placed homes and manufactured homes. Apart from this, they also offer automobile insurance coverage and mortgage lending insurance. 

Their mission is to provide client-centered solutions and protection for their homes and personal property. They also aim to help their clients recover from natural, personal, and financial catastrophes. Assurant works to help protect the property, lessen the risk, limit your expenses, and add value to your homes.

Products and Services

Lender-Placed Homeowners Insurance

If the insurance in a property is deemed insufficient by the bank or the lender, Assurant can offer lender-placed insurance. This is forced insurance that the lender places on the property to ensure sufficient insurance. This type of insurance gives the lender a way to protect their interest in the property. Assurant uses AssurTrak, which is a tracking database that helps ensure maximum service and support.

Renters Insurance

Renters insurance from Assurant focuses more on personal property and personal liability protection. Their coverage allows for protection against fire, hail, explosion, smoke, vandalism, theft, or water damage. There are also optional endorsements that you can purchase with your policy, which includes sewer damage, pet damage, identity fraud expense, and earthquake damage.

Manufactured Home Insurance

The manufactured home insurance coverage of Assurant is geared towards manufactured home communities, but individuals can also opt to purchase one for their homes. They can offer Voluntary Manufactured Housing Insurance, Manufactured Home Total Advantage Program, Manufactured Home and Home Buyer’s Protection Plans, and Manufactured Home Extended Service Contract.

Pros and Cons

PROS

  • Online Quotation Available – Owners of a manufactured home can have an idea of how much their premium will cost because of the online quotation feature on the website. However, the online quotation feature seems to be limited to manufactured homes only.
  • Insurance for Manufactured Homes – On the subject of manufactured homes, it is quite difficult to get insurance for these types of homes because of their lack of foundation. Since it is only fabricated in factories and transported to the location, some insurance companies don’t cover them at all. However, Assurant provides specialized insurance for manufactured homes.

CONS

  • Poor Online Presence – There is one thing that Assurant needs to invest in and that is their web development team. Their website needs an upgrade to provide convenience to their clients and potential customers. Here are some of the reasons why their poor online presence may affect their client base:
    • Confusing Website – It is difficult to navigate through their website. First, it is difficult to find the right website unless you know what to look for. On the other hand, the claims section is said to be devoted to renters insurance. The member login area will allow the user to file different types of claim in this section. If the online claim option is confusing for the client, they can lodge their complaint via the 24/7 toll-free hotline. There seems to be multiple links and websites that provide details on their products and services, which adds to the confusion.
    • Limited Information Online – The website of Assurant doesn’t come with much information, which can be frustrating for any client that has unanswered questions concerning their policy. Apart from the online claims section and the online quotation option, there is not much to the Assurant website. It is tricky to navigate the website and it is even harder to find the information that you want on their webpage.
  •  Poor Customer Service Rating – Poor customer service rating raises a real red flag. They have received over a thousand complaints in one year and most of the ratings that they have received via Yelp are 1-star reviews. This can be attributed to the fact that it is difficult to file a claim against their policies. Moreover, it takes too long for the claims to be attended to.

Our Verdict

With American Bankers Insurance track record, there could be an insurance company that is better for you.  For one, they should develop their website to ensure better information access. Second, they should work on improving their customer rating and find a way to satisfy their clients through prompt claim processing.

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