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Olympus Insurance: Homeowners Review (2023)

Olympus home insurance has a tight focus on the Floridian homeowners market. Their site is full of helpful information and preparedness plans for tough weather specific to Florida natives. This may be in part why their customers and professionals have such a great outlook on the company. Overall, Olympus is deemed as very reliable as proven by their response during Irma and most clients say they had a positive experience with the company.

Read Time: 8 mins

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Olympus Home Insurance Review
4.0
★ HOIC RATING
Premiums 3
Claims 4
Customer Satisfaction 5
PROS
  • Satisfied customer reviews
  • Very inclusive coverage
  • Proven to be reliable in the past
CONS
  • Only available in Florida
  • High and increasing rates
  • Low financial ratings: lost Exceptional A score from Demotech in February 2023

Olympus Insurance brags about its service, stability, and strength. We hope their humble declaration can be backed up by their integrity as a home insurance company. 

Olympus insurance company runs its business from its home in Palm Beach Gardens. For 15 years, Olympus has provided Florida homeowners with inclusive coverage from a line-up of quality protective products. Olympus exclusively operates out of Florida. Olympus is one of the newest insurance companies in Florida – it was founded in 2007 and has since successfully helped citizens with Hurricane Irma.

If you’re leaning toward Olympus for your home insurance needs, keep reading. We’ll discuss the best and worst features of Olympus with a direct overview of its history of claims, premiums, and customer testimony.

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Olympus homeowners insurance premiums

Considering Olympus only serves the state of Florida, it may be easier to determine their insurance rates. Florida homeowners insurance may be more expensive only to compensate for increased risk. 

Florida sees more hurricanes or floods than other parts of the US, which legitimizes a price hike compared to other areas. To protect yourself from these risks, you need insurance that covers ‌damage from drastic weather events.

Olympus insurance covers residential and investment property up to $40 million. This includes homes, condos, rental property, and valuable personal property. ‌Olympus also offers more comprehensive coverage with special endorsements and features. This includes individual risks up to $5 million in total insured value.

Their site doesn’t offer a way to get a direct quote, unfortunately, which keeps us from getting a good premium price. Considering Florida is one of the most expensive states to get your home insurance, you can expect to pay close to $1,600 annually for $200,000 worth of dwelling coverage

For one Florida homeowner, their Olympus home insurance premium increased by over $7,000 in 7 years. While it’s true insurance companies have to adjust for inflation and building costs, this incredible increase is difficult to explain, even for a home in Florida.

Homeowners Insurance Cost Calculator

Olympus homeowners insurance coverages

Olympus provides a basic HO-3 plan which is for owner-occupied properties in the state of Florida – only primary residential properties are available for this policy. The maximum allowed property coverage is $5M (that includes the main home, side structures, and other insurance options). HO-3 policy includes coverages A-F encompassing damage to your:

  • Dwelling. The main home retains between 80-90% of the entire plan coverage, optionally, clients can allocate a certain % on side structures and high-value items. Olympus imposes no minimum home value, but the maximum coverage shouldn’t exceed $5M. The home is protected from nature (fires, hurricanes, sinkholes, tree damages, etc) and vandalism/theft.
  • Other structures. Other structures include all detached structures located on their property: Visitor’s homes, sheds, animal barns, parking garages, playgrounds, pools, decks, and more. Side structures have lower coverage than the main home.
  • Personal property. The company insures all personal belongings and items inside the house like furniture, clothes, electronics, pool equipment, kitchen appliances, silverware, and more. All items inside the house are insured but they have limits on the amount one can claim per item. 

Plus, coverages to the extent of:

Olympus also provides insurance for condos, landlords, townhouses, personal valuables, and renters. You can get a bevy of additional coverages to add to your policy. With these special endorsements, you can mix and match policies to create your personalized package. Some of these include:

Spartan enhanced coverage package

Olympus has partnered with Spartan to provide their insured customers with extra peace of mind. This endorsement offers increased property protection, personal liability, and special coverage limits. That means, with Spartan Enhanced Coverage, your original coverage limits are improved by up to $500,000 for liability, plus other perks. 

Olympus home insurance discounts

Olympus offers lower rates for some homeowners based on a few perks they find less risky. We’ve found that Olympus may lower your rates based on the presence of:

  • A Hip Roof: These are less risky for damage by strong winds produced by tropical storms.
  • Heightened security: houses located in gated communities will appreciate lower insurance rates. The same goes for homeowners with levels of security with alarm systems or cameras. 
  • Younger age: An older home will likely receive higher rates and price hikes. This is because new homes are built with better standards and stronger materials.
  • Robust materials: Florida homes built with wind-resistant materials are seen as less risky by Olympus. As a result, homeowners with storm shutters or shatter-resistant glass might benefit from a discount like this.

Filing a claim with Olympus

As far as water damage claims are concerned, Olympus has a water damage mitigation team available within 15 minutes of any claim. It’s the responsibility of the response team to prevent water damage from worsening before an Olympus claims representative can investigate. The response team is provided as a complimentary service with all Olympus policies.

In Florida, you are legally entitled to be notified by your home insurance company within 30 days of filing a claim that your claim was covered. You are legally entitled to receive that payment within 90 days of the filing of the claim.

‌Olympus Insurance Company’s contact information can be found below, including the phone number to contact them and the email address to send a claim by mail. You can also file a claim online or by mail-in.

  • Phone: 1-866.281.2242
  • Email: olympusclaims@oigfl.com
  • Address: P.O. Box 33117, Palm Beach Gardens, Fl 33420

Olympus customer reviews

Client testimonies are always the best ways to see how a company performs. This level of transparency allows customers to reveal whether a business truly lives up to its declarations. 

When it comes to Olympus, their customers are not disappointed. Very little evidence can be found regarding unsatisfactory claims processes or customer service.

Olympus receives exceptionally positive reviews – this is due to the company’s sole focus on home properties. Some reviews say that after Hurricane Katrina hit, they watched their neighbors struggling with denied claims and delays while Olympus was paying out claims on time and fixing properties. Customers say their rates are fair and their customer support is excellent. Many reviews also praise their 15-minute emergency response time to all areas in Florida, as the company focuses on fast emergency response. Even their employees approve of their CEO, with over half of them anonymously declaring a positive business outlook. 

Except for one approved negative review on Yelp!, you’ll be hard-pressed to find many negative things customers have to say about Olympus as of now. One reviewer said that the company wouldn’t accept their estimates and kept evaluating their damages which delayed the payout.

Financial strength

Until recently Olympus had “exceptional A” rating from Demotech. In December 2022, Olympus received a stable outlook rating from the KBRA. Just two months later, Demotech withdrew its “exceptional A” rating. They consequently demoted Olympus to “Not Rated” due to commercial reasons. 

AM Best and BBB don’t have any ratings for Olympus either. This lack of financial backing can either mean they don’t receive any complaints or that their business outlook isn’t as favorable as we would have hoped. 

Weiss rates Olympus a grade “D”. This is due to their weak outlook regarding stability and poor long-term capitalization.

Citizens insurance takeout initiative

Olympus participates in the Florida state Citizens Insurance Takeout initiative – Citizens Insurance is a public insurance company that insures all properties deemed too risky for the Florida market (as many companies outright reject customers if their home was undervalued or located in a risky area), and Citizens is currently in over-capacity. This is why private companies formed an initiative to help Florida citizens get off Citizens Insurance, opening up to new clients who are currently on the Citizens Insurance program. Olympus is one of the leading insurers in the “Citizens Takeout” initiative by providing insurance to high-risk homes

Our verdict

Olympus home insurance has a tight focus on the Floridian homeowner’s market. Their site is full of helpful information and preparedness plans for tough weather specific to Florida natives. This may be in part why their customers and professionals have such a great outlook on the company.

This is more than credible rating companies are concerned, however. As of the writing of this review, only Weiss has an outstanding rating for Olympus, and it isn’t a favorable one. 

Nevertheless, Olympus customers can enjoy fully extensive coverage and potential add-ons to totally protect their homes. Being an exclusively Floridian-insured company, you can expect the rates to be moderately high.

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ABOUT AUTHOR

Lauren Bell is a data analyst by day, content writer and editor by night. When she’s not making data discoveries, she’s writing about them! She also enjoys writing about lifestyle and finance; two of her favorite topics.

As an Arkansas native, Lauren loves the fresh air. When she’s not hard at work in front of a computer, you could catch her spending time on an outdoor adventure with her two kids.

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