Cincinnati Insurance Companies is the insurance arm of Cincinnati Financial Corporation and ranks as the 20th largest insurance company by market share in the United States.
Formed by four independent insurance agents in 1950, Cincinnati Insurance was soley dedicated to providing quality coverage to Ohio policyholders. Today, they are now serving insurance policies in 39 states and continues to sell insurance through independent agents. Cincinnati also continues to focus on local and personal service. It is located in Fairfield, Ohio, but has branches located in different states across the country.
They write basic personal lines products, including life insurance, home insurance, and auto insurance. They also offer specialty risks and business insurance coverage. They don’t sell or quote insurance online. They are using independent agents to sell insurance policies instead, as mentioned above.
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Home Insurance Products
Cincinnati has an extended home insurance program with multiple levels of coverage and enhancements. The company offers two types of standard homeowners policy – Executive and Executive Classic.
- Executive is the basic plan, which covers other structures, dwelling, legal liability, personal property, and additional living expenses. You can easily customize this policy by adding some enhancements, such as home business protection.
- Executive Classic is a high-value home plan, designed for homes that have a value of $500,000 and more. It provides the same benefits as the Executive program but there are additional perks. It covers the full cost of rebuilding your home, the full repair on your items, cost of a professional survey of your home for reconstruction, as well as payment for purchasing replacement items.
The enhancements that you can add on your Executive or Executive Classic policy are:
- Extended Water Damage
- Valuable Articles
- Extended Replacement Cost
- Inflation Guard Coverage
- Professional Liability
- Residential Business
Compared to other home insurance providers, such as Geico, Cincinnati offers fewer discount options. They only offer standard discounts, including:
- Multiple Policy Bundling Discount
- New Homes Discount
- Claims-Free History Discount
- Security System and Burglar Alarm Discount
Claims Process and Customer Service
Online claims processing is not available in their website but you can report your claim directly through Cincinnati’s agents across the 39 states they are serving. There is also a toll-free line that you can call and file a claim 24/7. Knowing that Cincinnati is a large company, it’s actually surprising that they don’t provide online claims processing and online quoting. You can only track the updates on your claims on their website through their policyholders login page.
Negative reviews about how they handle home insurance claims are written by customers in Clearsurance, one of the most popular customer review sites online. Some negative reviews have complaints about denied or unpaid claims and canceled insurance policies with no definite reason.
When it comes to their customer service, however, a lot of customers are satisfied with how Cincinnati interacted with them despite the inconvenience of no online quoting and claims processing. Most of the positive reviews in Clearsurance are about the company’s excellent customer service, helpful agents, quick actions of adjusters, and flexible coverages.
Home Insurance Rates
As mentioned a couple of times, online quoting is not available on Cincinnati’s website that is why we aren’t able to compare its home insurance rates. Since it’s an agent-driven company, we are expecting a higher home insurance premium because of commissions. However, when we scanned the customer reviews online, the customers seem to be pleased with Cincinnati’s home insurance rates.
Customer Reviews and Customer Satisfaction Ratings
Cincinnati Insurance earned 2.81 out of 5 stars in Clearsurance. This is quite low but if you try to look at the website, you will see that there’s a lot of positive reviews about the company. Satisfied customers say that agents are helpful and friendly and that the rates are very affordable.
Negative reviews show complaints about how they handle and process claims of their policyholders. Some homeowners say that Cincinnati is denying filed claims and dropping customers without any reason. Since this is just based on one review site only, make sure to do your own research and look for more customer reviews about Cincinnati online.
Cincinnati Insurance is included in J.D. Power’s 2018 U.S. Home Insurance Study and it is placed in the third spot above other insurance giants like Allstate and State Farm. J.D. Power rated the company as Better than most or 4 Power Circles, which means customers are very satisfied with how Cincinnati interact with its customers, handle claims, provide affordable rates, and distribute policy information to its consumers. The majority of the companies reviewed in the study was given the score of 3 Power Circles which translates to an About average overall customer satisfaction highlighting Cincinatti’s superior services even more.
A+ or Superior is the financial strength rating given by A.M. Best to Cincinnati Insurance this year. A.M. Best’s outlook on Cincinnati’s financial strength remains stable over the years, which means their ability to pay out claims are still strong.
Fitch Ratings awarded Cincinnati with an A+ or Strong financial strength rating citing the company’s conservative capitalization, well-managed reserves, and large and reliable agency distribution system.
Moody’s affirmed Cincinnat’s A1 insurance financial strength rating of its standard market property casualty group.
S&P gave Cincinnati an A+ (Strong) rating, appreciating the company’s smart capitalization moves and competitive position in the market.
Pros and Cons
To wrap our review, here are the advantages and disadvantages of purchasing insurance with Cincinnati.
- Serving 39 states across the United States
- In-person customer support
- Better than most overall customer satisfaction rating from J.D. Power, landing the company at the top 3 spot
- Superior financial strength ratings
- Affordable rates
- Positive reviews about customer service
- Comprehensive home insurance packages
- Inconvenient for tech-savvy individuals because they don’t offer online quoting and claims processing
- Negative reviews about how they handle claims
- Few discounts available