Established in 1950, Cincinnati Insurance was founded by four autonomous insurance agents with the intention of providing quality coverage exclusively to policyholders in Ohio. 70 years later, they now cater to insurance policies in as many as 46 states, still exclusively selling insurance via independent agents.
Though headquartered in Fairfield, Ohio, it has numerous branches in other states across the nation. Their product range consists of fundamental personal insurance plans, such as life, home, and auto insurance, in addition to customized business coverage and specialty risks.
We’re here to shift gears and focus on Cincinnati’s delivery of its home insurance products. In this review, we’ll look at this insurer’s coverages, what they cost, and how happy they’re making customers. Keep reading as we zoom in on Cincinnati home insurance to see if they truly provide “Everything Insurance Should Be.”
Cincinnati Insurance homeowners coverages
Cincinnati works with agents across the nation to sell home insurance to its customers. In fact, it’s their belief that independent agents are best for insurance because these individuals are navigating the same environment as their customers. This is thought to facilitate better relationships, provide faster and easier solutions, and promote quality service.
One problem with this notion is that it hinders flexibility. Potential customers can’t go to the Cincinnati Insurance site for a quick quote to see coverage or pricing options. Instead, this is where Cincinnati Insurance essentially makes us aware of how comprehensive you can expect your home coverage to be.
For example, they make it very clear that you can get the most out of your home insurance with the essential protections. That said, you can expect your dwelling, other structures, and personal property to be covered with a typical Cincinnati home insurance policy. You’ll also benefit from loss of use, personal liability, and medical payments coverage.
The Executive Homeowners policy is Cincinnati’s insurance product for homes of any value. It contains all the coverage mentioned above, plus Wildfire Protection Service is included for homeowners in 13 of Cincinnati’s serviced states. This additional coverage provides home-saving wildfire mitigation services for its customers.
Executive Capstone policy
The Executive Capstone policy by Cincinnati outlines broader coverage for pricier homes. Clients with homes starting at $1 million can rest assured that they will receive the highest level of insurance with this product. It contains customized coverage options, limits, and features to meet even the most complex insurance needs.
This program also contains wildfire coverage for those same 13 states, plus some additional features. It comes with water and sump pump coverage, which protects you from the costs associated with water backing up due to sewage fixtures. This program caters to the complete reconstruction cost of your house, which is applicable in the majority of states.
The inclusion of further protections encompasses damage incurred while using a golf cart, and coverage for Kidnap and Ransom expenses. The Kidnap and Ransom addition is a unique coverage in case you or any insured family members are unjustly held captive or detained.
Like the best home insurance companies, Cincinnati offers some additional enhancements to help you fully encase your home in protection. These include add-ons that range in creativity and importance and include:
- Capstone Family Shield: No matter your location, you and your loved ones are provided with financial support and heightened protection in the event of incidents like hijacking, carjacking, child kidnapping, home invasion, or stalking.
- Capstone Green Upgrades: In the event of a covered loss, you can contribute towards the welfare of the environment by using eco-friendly resources for reconstruction.
- Assisted Living: Assisted living and long-term care facility residents receive personal liability and personal belongings coverage for themselves, as well as their family or domestic partners.
- Service Line: Safeguard your homeowner policy by including coverage for utility line failure. This protects the costly damage to water supply, waste disposal, electrical power, heating, communications, drainage, or compressed air lines.
- Equipment Breakdown: Assists in managing unforeseen and abrupt mechanical or electrical failures. This covers the expenses associated with diagnosing and fixing insured machinery falling in this category.
- Home and Auto Loss Deductible Waiver: As the name suggests, this endorsement effectively allows you to use one deductible in the event of a loss to both your home and your car.
- Large Loss Deductible Waiver: If you happen to experience a loss that amounts to $100,000 or more when your policy offers less, Cincinnati will do away with the deductible entirely.
- Loss Prevention Device: This coverage provides a small limit to installing a loss prevention device on your property after a covered event occurs.
- Cyber Protection: With this coverage, you won’t have to pay as much, if at all, for the fees associated with remedying a costly cyber breach.
- Preferred Primary Flood Insurance: This all-inclusive flood plan can substitute a National Flood Insurance Program policy for the amount of the house’s policy limit. The coverage encompasses additional structures, basements, and upgrades, along with expenses for debris removal. The plan also provides payment for rebuilding to current code standards and for any measures intended to prevent an approaching loss.
- Excess Flood Endorsement: This endorsement coverage surpasses that of the Cincinnati Preferred Primary Flood or National Flood Insurance Plan. It encompasses your residence, its contents, possible loss of use, and any other structures. Moreover, the policy incorporates independent limits for your home ($250,000) and for your belongings ($100,000).
Cincinnati Insurance homeowners premiums
Cincinnati provides home insurance for most states, except for Alaska, Louisiana, Mississippi, Oklahoma, and South Dakota. That said, we can easily find the average rates you can expect with a Cincinnati home insurance policy.
For starters, we know that your premium won’t reflect the highest possible rates in the country. This is because at least 3 of the states unqualified for Cincinnati home insurance are considered some of the top states with the most expensive home insurance.
Instead, you can expect coverage to range between around $260 and $1,795 for dwelling coverage worth $200,000. If you’re considering Cincinnati for its ability to insure expensive homes and pricey property, you might expect an annual premium equaling $5,000 or more.
Customers don’t have many negative things to say about their rates. Many refer to their premiums as competitive and affordable.
Cincinnati Insurance discounts
Unfortunately, Cincinnati doesn’t provide an extensive list of discounts to help you manage your premiums. If you are hoping to maximize the benefits of your policy, there are only a few cost-saving techniques that may offer a chance to reduce your premium payments. One way is to insure both your car and home with Cincinnati for a bundling discount. Other options include owning a more recently built house or having one with a centrally monitored home alarm. Lastly, reporting fewer or no claims may also be beneficial.
Most Cincinnati Insurance homeowners seem to be pleased with the services and products they pay for. The BBB credits the company with an A+ for customer communication, having only closed a mere 7 complaints in the last year.
The NAIC can back this up with data that finds this insurer receives less than the normal number of complaints in a given year. For example, in 2022, Cincinnati received 0.06 on the National Complaint Index from an average level of 1. As it turns out, there were over double the number of auto insurance complaints than there were home insurance complaints this year.
Online, many customers are happy with their customer service. Looking at these reviews allows you to see how customers agree that their auto insurance is the real problem. Otherwise, several homeowners cite a long relationship with the company without ever having a problem, even after detrimental storm damage.
To process a claim, you can call 877-242-2544 any time of the day or night. If you’re already a registered homeowner, you can report and track your claim with Cincinnati’s mobile app.
Customers seem to be split when they recall their claims processes. Several homeowners tell of quick, easy claims service that had their claims handled in no time. At the same time, there are clients upset by their simple hail claims not being paid at all.
The NAIC takes the side of disappointment. Of the complaints launched against the company in 2022, the majority were due to claims handling. These gripes ranged from delays, unsatisfactory settlements, and the way adjusters handled their situations.
Cincinnati Insurance Company has an encouraging outlook for its financial future. After 70 years of business and over $4.62 billion in net premiums, Cincinnati has positive ratings across the board.
Weiss Ratings has provided the company with a solid “B” for insurance safety. This reflects how the company, in its current stable condition, can continue to face adverse economic factors.
AM Best provided a similar score of “A+” which is their superior rating for financial stability. This score is in relation to the company’s long-term issuer credit rating of “aa,” which is also considered superior.
Cincinnati contains the insurance necessary to protect the most valuable of homes and property. It provides its homeowners with exclusive coverage and unique protection options to fully cloak them in peace of mind.
If you’re looking for an insurer to help safeguard your expensive property. Cincinnati may be the company you’re looking for. This is especially the case if you have a car you’d like to bundle or prefer to work with agencies.
On the other hand, if you prefer convenience and loyalty with your insurance company, you might want to look elsewhere. You may especially feel this way if you have a home that only needs basic coverage for less.