- Several additional coverages available
- Easy quoting system
- Financially stable as a company
- Standard policies include open-peril personal property coverage (HO-5)
- Reviews report affordable premiums
- Only available in 21 states
- Some negative reviews from current customers
- Few discounts on premiums offered
- Only few years in business
Openly is one of the newer insurance companies. This insurer started writing policies in 2019 and has quickly expanded to serve 21 states. Openly offers homeowners insurance policies, which appear to be its specialty. The company provides plenty of information online to help customers feel informed.
When you are in the market for a homeowners insurance policy, doing your research ahead of time is a smart move. There are many carriers out there who can insure you, but only some of them have the necessary coverage and expertise you need to remain fully protected.
- Alabama
- Arizona
- Georgia
- Illinois
- Indiana
- Kansas
- Kentucky
- Maine
- Massachusetts
- Mississippi
- Missouri
- New Hampshire
- New Mexico
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Utah
- Wisconsin
Openly homeowners insurance policies
When you visit the Openly Home website, you are given many details about the coverage they aim to provide to their customers. Their standard policy is an HO-5, which is a more comprehensive option. This policy will cover personal property against open perils, as opposed to the HO-3 policy only covering perils that are named.
These policies are great for high-value homes since the coverage is enhanced. Openly’s HO-5 policies come with guaranteed replacement cost, so if your home needs to be rebuilt, they will cover the full cost of the rebuild even if it is higher than the dwelling coverage limit, including the increased prices of labor and building materials.
They also offer their HO-5 for secondary homes, which is perfect for those who own two or more homes or vacation homes. Many people with high-value homes have difficulty when shopping for homeowners insurance because the coverage is not comprehensive enough, but this is not the case with Openly Home. Openly does offer more common HO-3 policies, but they provide those to people who rent their homes to others.
Openly’s additional coverages
As you are building your homeowners insurance policy, you have the option to add several different coverages if you wish. This is what Openly Home is best known for. These are the extra coverages they offer their customers:
- Guaranteed replacement cost of the home
- Replacement cost for personal property
- Scheduled personal property
- Blanket personal property coverage
- Water backup
- Equipment breakdown
- Loss assessment
- Ordinance or law
- Earthquake coverage
- Earthquake loss assessment
- Buried lines
- Home-share
- Fortified roof
- Mold, fungus, or rot damage
- Cyber loss
- Vacant homes under construction
- Credit or debit card forgery
- Lock and key replacement
- Refrigerated property
- Fire department service charge
- Debris removal
- Landscaping
- Mine subsidence
- Landlord insurance
With all of these options, you will be able to put together the perfect homeowners insurance policy for your dwelling.
As you take a look at each of these coverages on the website, Openly Home provides you with descriptions of each one. It appears they want their customers to be as informed as possible before making any decisions. Taking the time to read through them all will highlight which ones are most beneficial for your home.
Openly homeowners insurance discounts
If you are looking to save money on your homeowners insurance premium, you have a couple of ways to do this when you choose Openly Home. They do not offer many of the traditional discounts their competitors offer, but they have two listed.
- Multi-policy: Openly Home works with a network of other carriers. While they do not provide auto insurance, you can still get a multi-policy discount if you have an auto policy through one of their partnered providers.
- Windstorm mitigation: If your home includes special wind mitigation features, you can qualify for a discount. This further helps to protect you from natural disasters and related covered losses.
Openly homeowners insurance premiums
Since Openly’s home insurance policies are very customizable, it is hard to predict an average annual rate. However, according to homeowners insured with Openly Home, this insurer has premiums that are very reasonable and affordable. According to PolicyGenius, Openly’s rates are around 50% lower than the national average cost for homeowners insurance. This is great for those looking to save money or needing to remain on a budget.
Many customers praise the quoting process, saying it is very easy to get a quote through the company. This is great when you are looking for a straightforward approach to finding homeowners insurance.
Openly’s claims experience
The reviews left for Openly Home are mostly positive. Some customers suggest that it is one of the easiest companies to work with when dealing with homeowners insurance. There are a few complaints that they outsource their claims process, though. People have found it difficult to contact the appropriate agents when handling claims because the individuals in charge are overseas and often hard to get ahold of.
Another complaint noted deals with the claims system Openly Home has in place. One customer advised that it is difficult to look up information regarding an open claim through the website. This makes it hard to know what is going on and what the status of the claim is.
While these negative reviews are rare, it is still important to take them into consideration before purchasing a policy through Openly Home. Since there is limited information available, hearing from real customers can give you an idea of how your experience is likely to go.
Openly’s customer service
There is a lot of praise left for Openly Home regarding the quoting and policy-binding process, but some customers have complained that making simple changes is not so easy. Something basic like changing an address has given one customer trouble when working with Openly Home. While this is a minor setback, it is still a reflection of the company’s overall reputation.
The other reviews suggest that customers have received good or average customer service when choosing to insure their homes with Openly Home. Nevertheless, as of April 2023, Openly has earned a solid 4.5-star rating from 51 reviews on Google.
Openly’s financial strength
BBB
While the company is not accredited by the Better Business Bureau, Openly Home has earned an A+ rating. This is the highest rating possible, and it appears they only have one closed complaint listed from the last three years.
AM Best
On the Openly Home website, they claim to have earned an A- rating through AM Best. This is a high financial stability rating and reflects positively on the company.
The Verdict
Openly Home is known for being a carrier that allows you to customize your homeowners insurance policies. While this is the only type of policy they offer, they do have many ways to create a comprehensive policy that allows you to feel you are adequately protected. Their approach appears to be very straightforward and simple.
While they do not offer many discounts on their premiums, they are known for having low rates. It is thought that their average rate for a homeowners insurance policy is around 50% less than the national average, making it a good company for those looking to save money on customizable homeowners insurance.
As a company, they appear to be relatively stable and have earned high ratings through financial expert websites. This is a good sign because this showcases the company’s ability to pay out claims that are filed by customers.
A majority of customer reviews appear to be positive, but there are some minor issues that have been encountered by those looking to file claims and needing to change simple information on their policies. Overall, Openly Home is a good choice for those looking to save some money on high-value homeowners insurance because of its flexibility and different coverage options.
