- Detailed, easy to use website
- Large number of add-on coverages and discounts available
- Serves higher risk locales
- Strong financial health
- Very poor claims reviews
- Very poor customer reviews
- Lack of online claim filing
- Only offers coverage in two states
Cypress Property and Casualty Insurance Company is a regional insurance provider. It also has an affiliate called Cypress Texas Insurance Company. The company’s website states that they have just over 100 employees. The company’s headquarters are in Jacksonville, Florida. Cypress Property and Casualty only serves two states and its focus is on homeowners and commercial property insurance. Cypress has been around as a company for close to 15 years at this point, weathering some tough economic times throughout those years.
Where does Cypress offer home insurance policies?
Cypress Property and Casualty along with its affiliate Cypress Texas, offers home insurance coverage to residents of two states. Those two states are Florida and Texas. They have stayed focused on these two states over the company’s roughly 15-year history and looks as if that will continue to be the case moving into the future.
Cypress homeowners insurance coverages
Cypress offers standard homeowners insurance policies along with a plethora of additional coverages and other home-related insurance policies.
Cypress Insurance’s standard homeowners policy sections include:
- Section A – Dwelling: protection for damage that occurs to the structure of the home or structures attached to the home
- Section B – Other structures: protection for damage to any structures not attached to the home on the property
- Section C – Personal Property: protection for repair or replacement of personal property of the homeowner’s
- Section D – Loss of use: protection for additional living expenses the homeowner incurs due to the home being uninhabitable while repairs or rebuilding are being completed
- Section E – Personal liability: protection for any lawsuits that might be set against the homeowner due to injuries or damages to others that is determined to be the homeowner’s fault
- Section F – Medical payments to others: protection for medical bills that may be set on the homeowner due to any injuries that may occur to a guest on the property even if the homeowner is not found to be at fault
Coverage limits
Unfortunately, we were unable to determine the coverage limits for a standard Cypress home insurance policy. Talk with a local Cypress agent to learn more about what coverage limits might apply to you.
Additional coverages
Cypress offers a ton of optional add-on coverages that a homeowner can choose from if they so wish. These additional coverages include:
- Water & sewer backup: coverage for damage stemming from a backup of drains or sewer
- Personal property replacement cost: higher coverage for personal belongings due to depreciation in the value of the property not being factored in
- Scheduled personal property: higher coverage for high value personal belongings
- Special personal property: coverage for personal property against risks not listed in the policy
- Equipment breakdown: coverage for breakdowns in appliances in the home
- Ordinance or law: coverage for repairs that may result from a law or ordinance of the locality
- Identity theft: coverage for expenses incurred to regain one’s identity from thieves
- Increased loss assessment: higher coverage for bills charged to homeowners in a community of homes due to damages or injuries in a communal area
- Animal liability: coverage for liability that may be incurred due to the homeowner’s animal
- Personal injury: coverage for personal injuries to the homeowner
- Foundation coverage: coverage for damage that occurs to the foundation of the home
- Sinkhole loss coverage: coverage for damages caused by a sinkhole on the property
- Screened enclosure: coverage for damage to screened enclosures on the property
It is important to note that scheduled personal property, special personal property, equipment breakdown, personal injury, sinkhole loss coverage, and screened enclosure are only offered by Cypress to homeowners in Florida. Foundation coverage is only offered to homeowners in Texas. All other additional coverages are available to homeowners of both states.
Other policies offered by Cypress
Cypress Property and Casualty also offers a few other home-related insurances. These insurances include:
- Condo insurance: homeowners’ insurance specifically designed for condo unit owners
- Landlord insurance: insurance coverage specifically designed for owners of second homes and rental properties
Some of the above additional coverages are available to add-on to the insurances listed above. You can check Cypress’ website for more details.
Cost of Cypress homeowners insurance policy
We were unable to determine the average cost of a standard home insurance policy with Cypress Property and Casualty. There are many different factors that go into determining the cost of a standard home insurance policy in any one instance. With Cypress only insuring residents in Texas and Florida, two higher-risk states for many damages, it can be deduced Cypress homeowners’ policies are most likely higher than that of the national average. This has not been confirmed. Talk with your local Cypress agent to get a quote for your specific case.
Discounts available
Cypress insurance offers many discounts to homeowners to reduce the cost of home insurance policy with them. These discounts include:
- Senior/retiree
- Secured community
- Protected subdivision
- Accredited builder
- Burglar alarm
- Fire alarm
- Sprinkler
- New home
- New purchase
- Roof age
- Companion policy
- Loss free renewal
- Wind loss mitigation features
- Roof shape
- Superior construction
- Community building code
- Cypress builders risk
It is important to note that sprinkler, wind loss mitigation features, roof shape, superior construction, community building code, and Cypress builders risk are only offered in the state of Florida. New purchase, companion policy, and loss free renewal are only offered in the state of Texas. All other discounts are offered to policyholders in both states.
You can talk with a local Cypress agent to learn more about each discount and which discounts you may be eligible to receive.
Claims process
According to customer reviews, the claims process with Cypress is not an enjoyable experience for most people. There are many negative reviews by policyholders. Many of the reviews state that the company will not respond to claims requests and will drag their feet for months and sometimes years in order to not have to pay a claim out. Cypress homeowners are generally dissatisfied with the service they receive when it comes to claims with Cypress. Some homeowners state that they ended up having to pay out of pocket, because the company simply didn’t respond. There is no online options for policyholders to file a claim, which can be a drawback as well.
Customer experience
The overall customer experience with Cypress insurance looks to be quite poor. Many customers state that the company is frustrating to interact with. Most customers state that agents are unresponsive and unhelpful when they do respond. The National Association of Insurance Commissioners complaint index shows that Cypress is well above the expected number of claims for a company of their size. This shows that customers are dissatisfied enough with the company to file complaints against them and well above what may be expected. Potential customers of Cypress should be wary of current and prior customer experiences as it may show what will happen to them in the future.
Financial strength
Cypress Property and Casualty Insurance has an exceptional “A” rating from Demotech, a credit ratings agency that focuses on smaller insurers such as Cypress. This rating shows that the company’s financial health is quite good. The company will be able to meet sever financial obligations that may be placed in front of them and survive any major economic downturns. This is always a positive thing to see for potential policyholders with Cypress.
Ratings
Price = 2/5
Claims process =1/5
Customer experience = 1/5
Financial strength = 4/5
Overall = 2/5
Pros & Cons
Pros:
- D
Cons:
Conclusion
Cypress Property and Casualty Insurance Company is an option for home insurance coverage that residents in Texas and Florida may want to consider. The large number of additional coverages and discounts available to homeowners is a huge plus for the company, although that it is one of the only positives based on our review. Cypress has many negative reviews of the company. Many policyholders are dissatisfied with the service they have received from agents of the company and state that Cypress does everything they can to avoid paying claims. Potential policyholders should be wary of the reviews stating that agents are unresponsive and unhelpful as policyholders may pay for coverage and not be able to get a claim approved and paid out by the company. Cypress does have a strong financial rating from Demotech, which shows that the company is financially healthy, leading to confidence that they can pay out claims even in some of the worst circumstances they may face. Homeowners in Texas and Florida may want to include Cypress in their list of home insurers they consider when shopping around for home insurance but should not be too quick to choose Cypress. Weighing all options available is important to get the best coverage that fits the homeowner’s needs.
