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Olympus Home Insurance Review

Olympus Insurance Homeowners Review

Olympus Home Insurance Review

Olympus Insurance Company is a Florida-based provider that exclusively provides real estate insurance. Olympus insures all common Florida dwellings like regular homes, condominium units, townhouses, and rental properties. Olympus exclusively operates out of Florida and provides home insurance policies – the company is currently licensed to operate in the state 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. Olympus provides emergency repair services and specializes in water repair in the state of Florida.

Brief Overview

Olympus has its main headquarters in Orlando, FL but it provides insurance state wide – they currently have agents deployed all over the state who sell their premiums and provide customer service to clients in their municipality. The company has a quoting system on their website where clients can directly inquire about quotes in their area/zip code.

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

Olympus provides insurance for the full range of homes who are of low, average and premium values. Olympus has a number of policies for condominium units, including rental condominiums and townhouses. The company also addresses one of Florida’s biggest insurance problems: water damage, offering a number of add-ons and back-up options for complete security against water damage. Olympus is located in Palm Beach Gardens, FL.

Olympus home insurance policies are available for the following:

Financial Ratings

Olympus is a financially-stable company. Olympus was rated by Demotech, a company responsible for reviewing insurance companies based on their Financial Stability Rating (FSR). Demotech rated Olympus with an A – Exceptional rating. Olympus is also part of the Better Business Bureau, which rates companies based on their financial stability and customer complaint ratio – the BBB’s current standing with Olympus is with an A+ rating, the highest rating obtainable.

HO-3 Plan

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).

Olympus covers homeowners against all common perils (fires, earthquakes, home invasions, etc) except water damage which has to be added separately. The following are covered under the standard HO-3 policy:

  • Home. 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.
  • Side Structures. Side 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 Belongings. 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. 
  • Legal Liability. If a client is sued by a neighbor for causing damage to their property accidentally (such as a tree falling on a neighbor’s property and causing damage), the company will reimburse their settlement fees and all legal expenses. 

Add-Ons (Optional)

  • Guaranteed home replacement cost. If a client wishes to increase their replacement cost coverage, they can purchase an add-on that allows them to insure for up to 125% of the property value. In essence, if a $400K house has to be rebuilt, the client would be entitled to $500K in damages.
  • Water damage. Water damage accounts for over 50% of all claims in the state of Florida, and companies are hesitant to add water damage policies by default – clients can opt to reinforce their HO-3 by adding water damage policies separately.
  • Pool screen enclosures. If the client wants to ensure their pool screen enclosure, they can combine this add-on with their HO-3 policy. 
  • Sewage/water damage backup. If the client is unsure their additional water damage policy will be enough to cover damage, they can purchase a back-up policy that will double their coverage against all water damage. This policy is aimed at Florida properties located on the waterfront or canals that are prone to flooding. 
  • High-value items. If clients have high-value items that won’t fall under the standard personal property liability such as expensive watches, cash, gold, artwork, antiques, designer clothes or other valuable items – they can purchase separate coverage and add them to their HO-3. 
  • Animal liability. If a client has a pet or multiple pets on their property, they can be insured for all veterinary costs in case of injury. Animal liability also covers the replacement of a pet in case the pet passes away. 
  • Customizable replacement coverage. Clients can negotiate the exact coverage they need for their property – this can be as little as 30% of the replacement cost of the property. 

Condominium Insurance

Olympus provides the same coverage as an HO-3 policy to condominium owners: interior damages, personal belongings, personal liability, and optional add-ons. The key difference is that condominium buildings are usually insured on a master policy that covers the building’s exterior and clients aren’t insured for the whole exterior of a building.

Customer Reviews

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.

Negative reviews for Olympus come from clients who made more than one claim but were dropped after the company deemed their properties unreliable. One reviewer said that the company wouldn’t accept their estimates and kept evaluating their damages which delayed the payout.

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.

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