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Bamboo Home Insurance Review (2023)

Bamboo offers homeowners insurance in Arizona and California. Launched in 2018, Bamboo works with various insurance carriers to bring policies that are affordable according to the its customers.

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Premium 5
Claims 2
Customer Satisfaction 2
Financial Standing 3
  • There is plenty of coverage available.
  • Annual premiums will be on the affordable side.
  • Only available in California and Arizona.
  • There is no online quote tool.
  • Customer service is lacking.

Bamboo was established just 5 years ago with the idea that the insurance realm required an invigorating transformation. Its originators believed that to modify the insurance sector, they must offer their clients an insurance experience that is both innovative and effortless. 

Bamboo Insurance began as a company dedicated to the California property sector. ‌Primarily, the organization provides coverage for homeowners, dwelling fires, and supplementary services, crafted to match the requirements of property holders within the territory. 

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What was once just a Californian insurer has now expanded its horizons by opening its range of insurance products and geographical coverage to Arizona. The announcement was just made this February in favor of the new Arizona home insurance market, exposing this insurer’s hunger to revolutionize safeguarding your property. 

Unlike some bigger corporations, Bamboo has conquered its goals quickly through practical technology that boosts its productivity while reducing your coverage expenses. They began acquiring assets from other insurance companies as soon as 2021

In this review, we’ll unravel exactly how well this up-and-coming insurance company is doing in the business of protecting homes and properties. 

If you’re in the market for home insurance in California or Arizona, keep reading! We’re about to discover the home insurance coverages Bamboo has to offer, and at what cost. Plus, we’ll see how their customers feel about their insurance so far, and even take a look at their financial standings early on in their business journey. 

Bamboo homeowners insurance coverages

Bamboo has a network of partner insurance carriers that can assist you in locating a home insurance policy, even if you live in a different state. It should be noted that Bamboo will not underwrite your insurance policy. So, your policy’s coverage, discounts, cost, and customer experience will differ based on the partnership carrier you are assigned to.

This insurer has yet to show a desire to include an online quote tool designed to provide customers with immediate access to hypothetical policy information. Instead, Bamboo allows you to enter some basic information into a tool that gives your information to a local agent. From there, you’re contacted via email with potential agents and solutions for your insurance needs. 

Still, we looked into the best and worst qualities of a Bamboo Insurance policy. It could provide broader coverage than you may realize. First, it shields your home and belongings in case they suffer damage from extreme weather, vandalism, wildfires, or criminal acts. Furthermore, it extends protection even when visitors or guests sustain accidental injuries on your premises. 

To understand the full scope of coverage and its relevance to your specific circumstances, consider the basic home insurance coverages necessary. Bamboo can thoroughly protect your home, other structures, and personal property within. 

Bamboo will also provide you with loss of use coverage, which enables you to pay for temporary lodgings, restaurant bills, pet boarding costs, and other living expenses while your house is being reconstructed. 

Personal liability protection is included with a Bamboo policy as well, which covers the legal fees and medical bills that will be incurred if someone gets hurt or their property gets damaged while on your property and you are at fault. Finally, medical payments coverage guarantees payment for small medical costs for injury sustained on your premises, regardless of who is held accountable.

Endorsements and optional coverages

Bamboo happens to have extra coverages at hand for their homeowners. These add-ons make up for gaps in your coverage limits or assist in other ways that help you get the most out of your protection. Some of these include:

  • Scheduled property: Scheduled personal property pertains to goods that come with distinct sub-limits of coverage. This could provide extra coverage for original sub-limits for items like firearms, cash, jewelry, photography equipment, and computer equipment, which is typically at $5,000 per category. 
  • Extended replacement cost: When the damage to your home exceeds the limits on your coverage, unwelcome surprises can surface after a claim. This is why, much like scheduled property, extended replacement costs can provide you with a higher dwelling limit when necessary. 
  • Equipment breakdown coverage: When your heavy equipment and appliances break down due to a mechanical or electrical breakdown, this add-on can mitigate the costs. 
  • Water backup: If your sewage lines suffer a backup or if your sump pump experiences an overflow, this endorsement will cover the damage. 
  • Ordinance or Law: In case your city ordinance or state laws are causing you to pay more costs and legal fees, the Ordinance or Law endorsement is available to help pay some of those costs. 

It’s worth it to note that the Ordinance or Law add-on is usually added to more popular insurance policies without additional fees. To make up for it, Bamboo offers animal coverage, which is seen less often, even with popular insurance companies. 

Acquiring a policy known as animal liability coverage is necessary to cover the expenses incurred for treating injuries inflicted by a dog. It’s important to take note that certain dog breeds may not be covered.

Due to the location and nature of wildfires in the area, Bamboo Insurance has more to provide than just the typical homeowners insurance policy. They’ve included a distinctive insurance policy specifically for dwelling fires. This particular policy extends coverage to homes that don’t serve as primary residences, such as unoccupied homes, holiday homes, and investment properties.

Bamboo home insurance premiums

Bamboo homeowners can expect to pay up to $1,643 on their annual premium for $500,000 worth of dwelling coverage. Those who need less coverage with fewer endorsements and lower limits may find themselves spending as low as $720 annually. 

Many customers revel in a home insurance premium that is affordable and meets budgetary needs. Many policyholders consider their annual premium to be incredible. 

Bamboo talks of transparency, but isn’t very forthcoming with information about their discounts. We can only tell that Bamboo could have policy bundling savings and deductible leveling discounts, but we can’t know for sure. 

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How customers feel

As underwritten by the Catlin Insurance Company of Stamford, Connecticut, we found that the NAIC hardly registered any home insurance complaints for the company in 2022. Their CEO, John Chu, explains that ‌customer experience is their hallmark, which may explain their low level of home insurance complaints from their underwriters. 

This phenomenal customer experience is less evident when you look at the BBB. The business hasn’t been open for longer than 5 years, which can explain why Bamboo has yet to be accredited by the BBB. The D- rating from the Bureau is what may merit a scowl, with 16 complaints being closed in the last 3 years. On this site, 6 customers so far have accumulated a single star for the insurer. 

To make matters worse for their so-called dedication to customer satisfaction, their homeowners are leaving pretty scathing reviews on other forums. Many customers use the word “slow” to describe not only their claims process but also their customer service. 

Processing claims

Bamboo Insurance has multiple channels available for policyholders to file a claim. They streamline the claims process, providing policyholders with a dedicated claim phone number (877-333-6938), and email address, 

While it may be easy to file a claim, it doesn’t sound as easy to get your claim processed. One reviewer said they had waited at least 2 weeks for an adjuster and then another 2 months for Bamboo to just deny their claim altogether.

With discouraging news like this, it can be difficult to take a company seriously after they’ve made grandiose allegations about changing the face of insurance. 

Financial strength 

According to AM Best, Bamboo’s underwriter has an A+ “Superior” rating for financial stability, and a similar aa- rating for long-term issuer credit. 

The same parent company is provided with a solid C for insurance safety from Weiss Ratings. This score determines that Catlin (or, Bamboo by association) has fair stability in a currently stable financial environment. They also believe that the underwriter could face some issues keeping up with demands in the event of an economic crisis. 

Final thoughts

Californians and Arizonians in the realm of home insurance will be happy to know that Bamboo, though a new contender, is a solid choice for home insurance. They’re trying their best out here in the insurance world, trying to keep up with their promises and defeat the competition.

They may need to go back to the drawing board and try out some more customer use cases, though. As much as they talk a big game about making customers happy with a better insurance experience,‌ they’re off to a rough start. 

If you don’t mind having an agent reach out to you and provide you with hit-or-miss customer service, give Bamboo a call. At the very least, you will be provided with quality coverages and a world of options to thoroughly protect your home and belongings.

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Lauren Bell is a data analyst by day, content writer and editor by night. When she’s not making data discoveries, she’s writing about them! She also enjoys writing about lifestyle and finance; two of her favorite topics.

As an Arkansas native, Lauren loves the fresh air. When she’s not hard at work in front of a computer, you could catch her spending time on an outdoor adventure with her two kids.

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