Florida is known for being prone to disasters, which is the primary reason why several insurance companies put their primary focus on this state. Edison Home Insurance offers various homeowners insurance policies with optional add-ons in Florida. Since they are still new to the industry, this insurance company still has a lot to prove. However, are they worth a second look? Find out in this article if you should consider Edison as your new home insurance provider.
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Edison home insurance: Overview
Edison Home Insurance is a Florida-based insurance company that offers homeowners and condo insurance in Florida. It was founded in 2006, which means that it has been in the business for just over a decade. However, despite the fact that they are new in the market, this insurance company holds a financial stability rating of “A Exceptional” from Demotech, Inc. They also hold an A+ rating with the Better Business Bureau. Their high rating can also be credited to the idea that they are backed by “A-Rated” reinsurance companies.
Edison has focused solely on providing home insurance for Floridians. Due to the nature and weather in Florida, homeowners are very particular when it comes to their policy. Since Florida has one of the highest insurance premiums in the U.S., Floridians are often looking for an affordable but reliable insurance company.
Edison Insurance has put their focus on homeowners insurance, but they also offer several optional add-ons that can help widen the choices of the potential client. Since they are based in Florida, they offer sinkhole coverage, which is essential to in the state. They also offer animal liability coverage with medical payments to provide peace of mind to homeowners.
The less common coverages include the law & ordinance coverage and the screened enclosure, carport, and awning coverage. Apart from the basic coverage, policyholders can also choose to increase their limits by purchasing the Increased Limits Premium Packages. There are 3 premium packages, which are the Plus, Gold, and Platinum package. These packages allow for an increased limit if you have high-value belongings.
Edison home insurance: Pros and Cons
- Online File Claim – Edison allows policyholders to file for a claim online for easier processing. With the online file claim option, policyholders can send proof of damage (photos and videos) via the website of Edison. This helps speed up the claims process and it also ensures proper documentation of the incident.
- Online Quotation – If you don’t want to get in touch with an agent just yet, you can opt to get an online quotation for your home insurance. You can compare and contrast different policies depending on your needs.
- Policies Are Customizable – Every home is different and Edison understands this. As a result, they ensure that the homeowners insurance policy is customizable based on what the clients need and want.
- Affordable Policies – Florida’s homeowners insurance rate is certainly one of the highest in the U.S., which is why Floridians are looking for an insurance company that offers competitive rates. You can opt to lower your premium by consulting with your agent. They offer different options that can help minimize your monthly payments.
- Quick Response To Claims – Edison boasts of a speedy response to claims. In this manner, claims will be processed faster. As part of their standard process, a licensed adjuster will call you within 24 hours after filing a claim. On top of that, an inspector will be in your property within 3 days after you have filed a claim.
- Complaints Can Be Reduced – Despite having a 4-star client rating with the Better Business Bureau, the complaints filed against Edison Home Insurance could be reduced. The complaint ratio filed against Edison has been steadily increasing over the past 2 years. The responses to claims aren’t all positive, which is why clients are reminded to ensure complete inventory of belongings. This will ensure speedier processing of claims.
Edison home insurance: The Verdict
Edison Insurance has been in the business for less than 15 years, which means that they certainly behind in comparison to more established insurance companies. Their financial strength hasn’t been tested yet, but they are backed up by reliable reinsurance companies. However, they are able to show a steady and stable growth when it comes to their assets.
In addition to this, it is a wise decision to give focus to only one state as they have been able to operate effectively and efficiently in Florida. Their products have been designed to cater specifically to what is needed by Floridians. This is why Edison Home Insurance was able to pique the interest of Floridians looking for an affordable but reliable insurance provider.