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Pekin Home Insurance Review

Pekin Home Insurance review

Pekin Home Insurance Review

After a century in the business, Pekin is still able to provide competitive insurance policies at reasonable rates. Operating in a few states, they are able to provide specialized service in the region of their choice. Find out how Pekin fares when it comes to other national insurance companies of the home insurance market today.

History and Overview

Pekin Insurance began their operations in 1921, but they started with just auto insurance. Over the course of their operation, Pekin began adding several different policies as their product. It has also undergone major rebranding over the last few years.

From less than 200 policyholders during their first year in business, Pekin has almost a million policyholders today. As of 2011, they offer Life, Health, Auto, Home, and Business Insurance with Group Plan Solutions as their underwriter.

This insurance company’s financial status ensures its clients that they are reliable and dependable during a crisis. Their financial statement indicates that it holds $2 billion in assets. At present, they still sell their insurance policies through independent agents.

Pekin operates full-time in Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin, which means that they offer their full line of products in these areas. However, they have begun offering some of their other policies in Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Nebraska, Pennsylvania, and Virginia.

Products and Discounts

Basic Homeowners Insurance Coverage

Pekin covers for any accidental damage that occurs to your property. This means that the coverage provided by this insurance company goes beyond the usual natural disasters covered by other companies. They also offer condo insurance and renters insurance, apart from single-family home insurance.

Basic homeowners insurance coverage provides protection for home structure, personal property, and personal liability. However, there is a limit to how much the policy will be able to cover the damage. This is why other policyholders choose to purchase umbrella protection.

Optional Add-Ons

  • Identity Theft – Protects person in question when their identity or personal information is stolen by someone else and used for the imposter’s gains.
  • Equipment Breakdown – Pays for replacement or repair cost for expensive equipment in your home.
  • Earthquake – There are some states where an earthquake is not normally covered by basic insurance due to the high risk in these areas. However, it is offered as an optional add-on for the basic insurance.
  • Refrigerated Property – Restaurants often purchase these add-ons since refrigerated products may end up spoiling due to a blackout. Most basic homeowners coverage don’t cover for spoiled food, which is why refrigerated products are put on an umbrella policy.
  • Scheduled Personal Property for high-value items – Since insurance policies have a limit on their replacement cost, they may not be able to cover for the entire cost of high-value items. If you own jewelry, rare art pieces, or other like items, you can purchase umbrella protection for them.
  • Water and Sewer Backup – Flood isn’t normally covered by basic homeowners insurance, but Pekin has made available the water and sewer backup for protection against water and sewer damage.

Discounts

  • Bundling Discount – If your home and car are insured with Pekin, you will be able to save up to 30% off of your total premium.
  • New Home Discount – Homes that are ten years old and less will be able to get a lower premium compared to older homes.
  • New Roof Discount – Old roofs normally require a significant amount of replacement cost, which is why Pekin offers a lower premium for homes with roofs that are 5 years old or less.
  • Protective Device Discount – Just like most insurance companies, Pekin provides a discount for homes that have installed security devices like CCTV cameras, automatic sprinklers, fire alarms, or burglar alarms.
  • Mature Homeowner Discount – Older homeowners may have limited access to resources and Pekin offers them insurance at a lower price to make it more affordable for homeowners that are 52 years old and older.

Pros and Cons

PROS

  • Several discounts offered
  • Wide line of products and services available
  • Customizable insurance policy

CONS

  • Financial strength needs improvement
  • Poor and slow customer service

Verdict

Overall, Pekin is a great home insurance company. First, they only operate in a limited number of states where their expertise lies. Pekin conducts a regional operation to ensure that they can manage the needs of their clients. There might be certain areas that need improvement when it comes to their services, but Pekin is a dependable insurance company that offers their product at reasonable prices. This is why we can recommend this insurance company for homeowners with a new home or for older homeowners.

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