- Exceptional financial strength
- No complaints filed against the company
- Easy, clear claims process
- Helpful and responsive agents
- Easy to use website
- Lack of company history
- Lack of customer reviews
- Lack of discounts and add-on coverages
- Not available in every state
Branch Insurance company is an online insurance company. The industry term for this type of company is “InsureTech” meaning that it is a company that sells insurance and is completely online. Branch was founded just in the last few years and is growing at a rapid pace. The company is headquartered in Columbus, Ohio with the stated mission to bring insurance back to its original intent of doing communal good.
The company’s belief is that insurance has lost its way and they are trying to restore its integrity of it. The company is a property and casualty insurer offering auto, home, and home-related insurance policies to customers around the country.
Where does Branch offer home insurance?
Branch currently offers home insurance in 37 of the 50 states, with plans to expand to all 50 in the future. The states they serve are Oregon, Idaho, Montana, Wyoming, Utah, Colorado, Arizona, New Mexico, North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Texas, Iowa, Missouri, Arkansas, Louisiana, Wisconsin, Illinois, Michigan, Indiana, Ohio, Kentucky, Tennessee, Mississippi, Alabama, Georgia, South Carolina, Virginia, West Virginia, Maryland, Pennsylvania, Vermont, New Hampshire, Massachusetts, and Maine.
Residents of other states that are interested in obtaining home insurance from Branch Insurance in the states they don’t serve, should check the company’s website periodically to see if they have added a new state to those they serve.
The only reason some of these ratings might not be higher is due to the very short amount of time that the company has been in business. If the company continues to uphold what they have done to this point, into the future, then we would increase the ratings closer to five. A long track record is something that is important to see.
Branch homeowners insurance coverages
Branch offers Standard HO-3 home insurance policies along with numerous additional coverages and a few other home-related insurance policies.
Branch standard home insurance policies include:
- Dwelling coverage: protection against damage that occurs to the structure of the home or any structures attached to the home.
- Other structures coverage: protection against damage to any structures on the property that are detached from the home.
- Personal property coverage: protection against damage that occurs to the personal belongings of the homeowner.
- Loss of use coverage: protection against additional living expenses incurred while the home is being repaired or rebuilt.
- Personal liability coverage: protection against any lawsuits that might arise due to injuries or damages to guests where the homeowner is the one who is ultimately found to be at fault.
- Medical payments to others coverage: protection against medical bills that might arise due to any injuries that may occur to a guest on the property no matter who is found to be at fault.
Coverage limits
Unfortunately, we could not determine, Branch’s typical coverage limits. You can easily contact Branch via their website, email, or phone number to learn more about their coverages and coverage limits.
Additional coverages offered
On top of the standard home insurance policies that Branch sells, they offer some additional coverage as well. These include:
- Water and sewer backup coverage: protection against water and sewer line backups that cause damage to the property
- Building code coverage: protection for bringing the property up to the current codes
- Roof surfaces extended coverage: additional protection for higher grade roof surfaces
- Homeshare coverage: protection for damage that may occur while renting out the home on a short-term basis
- Additional coverage for high value items: increased protection for valuable items such as expensive sports equipment or jewelry
- Increased dwelling coverage: increased protection limits for the home
Other insurance policies offered by Branch
In addition to the above coverages, Branch also offers some other insurance that homeowners might be interested in including:
- Renters insurance: protection for a tenant’s personal belongings and additional living expenses in the event of damage
- Personal umbrella insurance: increased protection limits for the personal liability that a homeowner may face from a lawsuit as the result of a guest injury or property damage
Cost of Branch homeowners insurance policy
The average cost of a standard home insurance policy with Branch insurance is right around $1,500 to $1,600 per year, which is more affordable than the national average premium of $1,900 per year. Although Branch does not offer the lowest rates among all insurance providers, it is still lower than most companies on average. When combined with excellent reviews, affordable prices can make this insurer particularly appealing to many homeowners.
Discounts available
Unfortunately, Branch does not offer many discounts to their homeowner’s insurance policyholders. We were able to find two discounts that may be available to policyholders and one unique discount that we have not seen with any other home insurer. The first two discounts are:
- Security system: This is a discount for installing a security system in the home
- Inventoried property: This is a discount for writing down an itemized list of all the major personal belongings in the home.
The unique discount that Branch insurance offers is what they call a Community Pledge. The company states that homeowners can ask other Branch members to “pledge” that the policyholder is an upstanding person who wouldn’t commit something like insurance fraud. When other members pledge that you are a good person, both parties get discounts of 1 to 5% on their policies. This is quite a unique idea that some homeowners may appreciate.
Claims process
Being that the company is so young, only having been in business since 2020, there aren’t many customer reviews of the company. There also haven’t been many claims that the company has had to file with them. The few reviews of the claims process that we could find were all positive, stating that the company was quick to respond and were actually proactive in helping customers get what they needed, walking them through the whole claims process. The company also has an online tool where policyholders can start their claim making it even easier for customers. Overall, the claims process with Branch looks to be positive so far.
Customer experience
Similar to the claims process above, there isn’t that much history to go off of when trying to review the customer experience with the Branch. As with the claims process, the few reviews we could find of the overall customer experience were positive, stating that the company is quite helpful and responsive whenever customers need anything. The overall customer experience looks to be quite positive with Branch in its short existence. According to the National Association of Insurance Commissioners (NAIC) complaint index, there have been no complaints filed against Branch so far in its existence. This is a good sign that Branch is serving its customers the right way.
Financial strength
Branch Insurance currently has a great financial strength rating. The company has an A rating from Demotech, which is a credit ratings agency that focuses on smaller insurance companies. This A rating means that Branch has an exceptional ability to meet any financial obligations that may arise and weather any economic storms that might come their way. This is a good sign for potential policyholders to see.
Frequently Asked Questions
Branch homeowners insurance offers a standard policy that covers six categories: dwelling, other structures, personal property, loss of use, personal liability, and medical payments to others https://www.credible.com/blog/home-insurance/branch-insurance-review/. You can also add optional coverages such as water backup, service line, equipment breakdown, and more https://www.ourbranch.com/.
The cost of Branch homeowners insurance depends on various factors such as your location, home value, coverage limits, deductible, and discounts. Branch claims to offer lower rates than other insurers by using artificial intelligence and data sources to streamline the quoting process and reduce fraud. You can get a quote online or over the phone in minutes.
Branch offers discounts for bundling policies, having a smart home device, being a member of a partner organization, referring friends, and more. You can also join their Community Pledge program, which allows you to pledge to help other members in case of a loss and get a lower rate.
You can file a claim with Branch online, over the phone, or through their mobile app. You will need to provide your policy number, contact information, details of the incident, and any supporting documents or photos. Branch promises to handle claims quickly and fairly.
Branch has a 4.8 out of 5 rating on Trustpilot based on over 2,500 reviews. Most customers praise the company for its easy process, friendly service, and great savings. However, some customers complain about delays, errors, or poor communication. Branch also has an A+ rating from the Better Business Bureau and an A rating from Demotech for financial stability.
Conclusion
Branch Insurance is a new generation of insurance providers. Their mission is to bring back insurance to the communally good nature that it was started on. So far, in the company’s three years of business, it seems to have upheld that mission.
Customers are happy and satisfied with Branch when it comes to their home insurance coverage, stating that agents of the company are extremely helpful, proactive, and responsive to any needs of the customers. The company has a clear website that is easy to use, although it could have a little more detail on it to better inform customers.
The financial strength of the company is the best it can be so far with an A rating from Demotech. The company also has not had a complaint filed against it so far in its existence, a feat that is hard to accomplish in the insurance world. Branch does lack discounts and additional coverage opportunities, which could be a drawback for some potential policyholders.
The company does have rates on the lower end of the spectrum, which does help offset some of the lack of discounts. The company also has a unique discount where other customers can essentially vouch for you that you are a good person and both parties will then receive discounts. This is something that has not been found with any other home insurance provider we have reviewed.
Unfortunately, Branch does not yet offer coverage in every state, but their website states that they are working on being able to offer coverage in every state. Overall, Branch seems to be a great option for home insurance coverage.
