Amica Mutual Insurance is a company with a long history of success and taking care of customers. The company was founded in Rhode Island in 1907 and is headquartered in Lincoln, Rhodes Island in the present day. They have just shy of 4,000 employees across the company, which has expanded significantly over its 100+ year history.
Amica sells auto, home, condo, renters life, umbrella, and flood insurance policies. They pride themselves on great service, giving back to the community and their policy owner, as well as long-term customers.
Where is Amica home insurance offered?
Amica has expanded well beyond its Rhode Island roots. Amica offers home insurance coverage in 48 of the 50 states and Washington D.C. The two states Amica does not offer home insurance coverage in are Alaska and Hawaii. For residents of the 48 states where coverage is offered, Amica is a popular choice for coverage.
Amica homeowners insurance coverages
Amica offers standard home insurance policies along with a whole host of discounts and additional coverages. They offer a few other home-related policies that may pertain to some homeowners.
Their basic home insurance policy includes the following sections of coverage:
- Dwelling: This section is meant to protect the structure of the home itself
- Other structures: This section is meant to protect the structures on the property that are not the home itself
- Personal property: This section is meant to protect the personal property of the homeowner that is in the home
- Loss of use: This section is meant to protect the homeowner when they lose the use of their home due to damage and subsequent repairs
- Personal liability: This section is meant to protect the homeowner from financial liability that may be placed on the homeowner as the result of property damage to or injury to a guest on the property where the homeowner is found to be at fault
- Medical payments to others: This section is meant to protect the homeowner from medical bills that may be incurred by the homeowner as the result of an injury to a guest on the property regardless of whether the homeowner was found to be at fault or not
Coverage limits
Unfortunately, we were unable to determine Amica Mutual’s typical home insurance coverage limits for their standard policies. In most cases, home insurance policies have a dollar amount coverage limit for the dwelling section and each subsequent section being a percentage of that dwelling coverage limit before going back to dollar amount limits for personal liability and medical payments to others.
Typically, other structures coverage is set at 10% of dwelling coverage. Personal property is usually set at 50%-70% of the dwelling coverage’s limit. The standard coverage limit for personal liability is usually $100,000 to $500,000 per occurrence, while the standard coverage limit for loss of use is usually 20% to 30% of your dwelling coverage limit. Medical payments coverage’s limit is usually set at $1,000 to $5,000 per person. Check with an Amica Mutual agent to determine what their coverage limits may be in your case.
Additional coverages offered
Amica insurance offers quite a few additional coverages that homeowners can choose to tack on to their standard policies if they wish. These additional coverages include:
- Extended replacement cost: Amica will extend the dwelling replacement cost coverage by up to 30%
- Replacement cost basis for personal belongings: Amica will use the higher coverage limit of replacement cost rather than the standard lesser coverage of actual cash value
- Water backup: Amica will reimburse the homeowner for repairs due to water building up in the home
- Electronic devices coverage: Amica will reimburse the homeowner for repairs or replacement of electronic devices in the home
- Valuable item protection: Amica will provide a higher coverage limit for valuable personal belongings such as jewelry
- Credit card coverage: Amica will offer up to $5,000 in protection if credit cards are stolen
- Business property: Amica will extend protection to business-related belongings on the property
- Identity theft: Amica will reimburse the homeowner for expenses related to recovering their identity
- Additional personal liability and medical payments coverage: Amica will increase the personal liability and medical payments sections of coverage to as much as $500,000 and $5,000 respectfully
- Home repair assistance: Amica will connect homeowners with speedy, reliable contractors for emergency situations
- Flood coverage: Amica offers flood insurance coverage to homeowners through the National Flood Insurance Program
Amica offers an easy add-on coverage package called the Platinum Choice Home Coverage, according to their website. This package includes all of the above additional coverages other than the home repair assistance and flood coverage. This package makes it easy for a homeowner to obtain coverage for a number of different protections at once.
Other policies offered
Along with the above protections that Amica offers, they also provide other types of insurance that are for non-standard homeowners. These other coverages include:
- Loss assessment coverage: This coverage is meant to provide protection of condo community common areas where the association may assess part of the damage responsibility to the condo owner
- Personal umbrella coverage: This coverage provides high levels of personal liability coverage to individuals
- Condo insurance: This insurance provides condo-specific insurance protection, usually meant to be a supplement to the condo association’s master insurance policy
- Renters insurance: This insurance provides protection for a renter’s personal belongings
Cost of an Amica Home insurance Policy
According to PolicyGenius, a standard Amica home insurance policy has an average cost of just over $1,750 per year for a $300,000 home. This average is slightly below the national average of $1,900. It is important to note that there are a number of factors that go into the cost of any specific policy so your premium cost may differ.
Discounts available
Amica offers a number of discounts including:
- Loyalty: Amica offers discounts for policy holders that are with the company for two years or longer
- Claims-free: Amica provides a discount to those that have not filed a claim in three consecutive years
- Electronic discount: a discount for receiving documents electronically
- Bundle: a discount for purchasing multiple policies with Amica
- Auto-pay: A discount for setting up automatic payments
- New home: A discount for owners of newly built or remodeled homes
- Protective devices: A discount for installing protective devices such as a security system
- Safety devices: A discount for installing fire safety devices such as smoke detectors and carbon monoxide detectors
Amica Mutual Dividend Discount
In addition to the above discounts, Amica also offers a sort of unique discount in a way. Amica is a mutual company meaning it is owned by its policyholders (think about how a credit union works). Each year the company returns dividends to its policyholders rather than stockholders. The dividend allocated to each policy is used to reduce the cost of the policy. This discount saves 5% to 20% of your annual premium. This is a great added benefit for policyholders that they have to do nothing in order to get. Keep in mind, that the dividend may not be offered in all states.
Claims process
Amica has a generally good claims process according to customer reviews. According to J.D. Power’s 2022 survey, Amica is #1 in claims satisfaction, which should make homeowners feel good about potentially having to file a claim with the company. Of course, there are some negative reviews. The few negative reviews stated that the company’s “digital experience” was a little bit lacking.
Customer experience
Again, Amica is #1 in J.D. Power’s customer satisfaction survey. This is another good sign that the company is treating its policyholders well. According to the National Association of Insurance Commissioners (NAIC) complaint index, in 2022, Amica received quite a bit fewer complaints than would be expected for a company of their size. Customers are generally satisfied with their Amica home insurance policy.
Financial strength
Amica has an excellent rating of A+ from AM Best. This means that Amica is a very financially strong company that will be able to meet its financial obligations even in the worst of times. This is a great indicator of financial stability for homeowners shopping for home insurance companies.
Frequently asked questions
Does my Amica home insurance policy include fraud coverage?
Yes, Amica’s Standard Choice policy includes fraud coverage up to $5,000 per occurrence.
Does my Amica homeowners policy include flood coverage?
No, flood damage is not covered by Amica’s homeowners insurance. You need to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private insurer.
Is identity theft covered by Amica’s home insurance?
Yes, Amica offers identity theft coverage as an optional endorsement to your homeowners policy. It covers expenses related to restoring your identity, such as legal fees, lost wages, and credit monitoring services.
What is the difference between replacement cost and actual cash value?
Replacement cost is the amount it would take to repair or replace your damaged or stolen property with new materials of similar quality and value. Actual cash value is the depreciated value of your property at the time of the loss. Amica offers both options for your personal property coverage, but replacement cost coverage may require a higher premium.
We put an addition onto our home. Are we insured for it?
Yes, Amica’s homeowners policy automatically covers any additions or alterations to your home up to 10% of your dwelling coverage limit. However, you should notify Amica as soon as possible if you make any significant changes to your home so that they can adjust your coverage and premium accordingly.
We have a shed in our yard. Is it covered?
Yes, Amica’s homeowners policy covers other structures on your property, such as sheds, fences, garages, and gazebos. The coverage limit for other structures is usually 10% of your dwelling coverage limit.
Someone was hurt on my property. What should I do?
You should contact Amica as soon as possible to report the incident and provide any details you have about the injured person and the circumstances of the injury. Amica’s homeowners policy includes liability coverage that can help pay for medical expenses, legal fees, and damages if you are found legally responsible for someone else’s injury on your property.
Conclusion
Amica is a great home insurance option for those that are looking to obtain coverage. Amica is not only financially strong but is also number one in claims satisfaction and customer satisfaction. These are feats that are extremely hard to obtain. All of that goes to show that homeowners are in good hands when they decide to go with Amica.
While their premiums are essentially average, they offer quite a few discounts that can help lower the cost of the policy. Amica also is unique in that it is a mutual company, providing a unique dividend discount to their customers.
Amica also offers numerous add-on coverages that allow homeowner to protect themselves more fully and get the coverage that they want. Amica is available in almost all states which spreads their risk as well as opens up their great coverage to most residents around the country.
When shopping around Amica should certainly be on the homeowners short list of companies to consider obtaining coverage through. Homeowners can feel confident knowing they have a good company protecting them if a disaster were to strike.
