- Coverage for homeowners and renters.
- Offers coastal home insurance and flood insurance.
- Has additional coverages that can be added to policies.
- Lackluster financial stability.
- Hard to get a hold of customer service.
- Only available in 5 states.
- Complaints about how company handles the claims.
SafePoint is a carrier that serves coastal regions of the United States. You can get coverage if you live in Alabama, Florida, Louisiana, Mississippi, or Texas. They have traditional homeowners insurance policies, options for renters, and condo owners. There are also a few additional coverages you can get through SafePoint to make sure you are adequately protected.
In 2013, Safepoint became one of the newest home insurance companies in the Florida market. Their company grew quickly because of the policies they took over from Citizens Insurance. They advertise themselves as a company with a special understanding of the needs of coastal states. They have also added commercial insurance to their product lineup; currently, that is the only line of business sold in New Jersey.
Choosing a homeowners insurance provider is a big decision. You need to make sure your home is adequately protected, so researching ahead of time is a great way to figure out which carrier is right for you.
SafePoint homeowners insurance coverages
When you go with a homeowners policy through SafePoint, you are going to get what you would expect from most other policies. You will receive coverage for your dwelling, other structures, personal belongings, loss of use, liability, and medical expenses. These are the core coverages you need when shopping for homeowners insurance.
They make it clear on the website that you are able to customize your homeowners policy, which is positive. This means you can choose from many optional coverages to ensure you have adequate protection. You are also able to adjust any of your coverage limits, so you can feel comfortable with the level that is provided by the homeowners insurance policy.
SafePoint makes it easy to understand the coverage you will receive by keeping the information simple. They state that their homeowners policies do not include coverage for floods, earthquakes, or routine wear and tear. The first two are separate policies that can be purchased in case of these natural disasters.
SafePoint’s additional coverages
- Flood insurance: SafePoint is known for covering coastal areas of the United States, so they also offer flood insurance. This is helpful when you live in an area that is prone to these types of natural disasters. This is a separate policy that you can obtain through the carrier to protect your home in case of a flood or damage caused by a flood.
- Equipment breakdown coverage: This insurance company offers equipment breakdown coverage as an option for those looking to protect their appliances and other systems. These components make your home functional, so it is a good idea to look into getting this type of coverage. As long as the damage is not caused by wear and tear, it will be covered by the endorsement.
- Identity theft coverage is also offered by SafePoint. This will give you up to $25,000 worth of coverage in case you must pay expenses that have to do with regaining your identity. There is no deductible on this endorsement, making it very comprehensive. You can also get help with legal fees that are incurred during the process.
SafePoint homeowners insurance discounts
It is unclear if SafePoint provides discounts like other similar carriers. They do not have any information regarding the discounts offered on their website, but they advise customers to contact a local agent if they would like to get a quote. This would be the easiest way to find out if there are any discounts you qualify for.
Because SafePoint offers different types of insurance, it is likely they will offer some type of multi-policy discount for bundling coverage. It is also likely that they might provide discounts for having protective devices installed in the home.
Since it is not known which discounts are currently offered, there is minimal information found online from customers who have policies through SafePoint. Nobody has discussed receiving these discounts, but it is a topic that can be addressed while working directly with an agent.
SafePoint homeowners insurance premiums
Saving money on your homeowners insurance is likely one of your top priorities. Since there is no way to receive an online quote, it is hard to know where SafePoint compares in regard to its premiums. The pricing is also hard to gauge because it is unknown if the carrier does offer any discounts. They are not known for their premiums, as few customers have ever mentioned them in reviews.
There are some reviews stating customers experienced rate increases after filing claims. This is concerning, especially since some of these individuals went through major hurricanes. For a company that specializes in coastal insurance, it is not reassuring to hear that your premium might go up after filing a claim, but this is true for most insurers.
Some customers have also complained about discrepancies when receiving their premium bills. This is not great because you deserve to know exactly what you are paying for without the rate changing each month.
SafePoint’s claims process
After taking a look at reviews online, it is clear that customers are unhappy with the way SafePoint handles claims. Getting through the process of filing a claim is okay, but receiving payments is different. Several people had to pay for damages on their own because the company would not pay in a timely manner.
Some customers were even denied after filing claims that they were under the impression were covered. This has left many customers feeling dissatisfied with the company. Even during very difficult times, customers have been left without coverage for these claims, which has caused a lot of hardship.
SafePoint’s customer service
The reviews for SafePoint’s customer service are not much better than the ones for claims. Several customers are not happy with the way the carrier handles these situations. Many policyholders state it is nearly impossible to get ahold of the company, and they are not great about maintaining communication.
Some customers expressed frustration after being dropped during hurricane season, a time when they needed the insurance most. Overall, it appears SafePoint does not have the best track record when it comes to keeping customers happy and taken care of. Several people are very frustrated by this.
As of April 2023, Safepoint has only earned a 2.1-star rating from 82 reviews on Google. Reviews and ratings on other sites are similarly low.
SafePoint’s financial strength
Taking a look at an insurance carrier’s financial strength is important because this showcases how likely they are to be able to pay out claims. It is important to know that the carrier you choose is in a good place financially.
BBB
While SafePoint is not accredited with the Better Business Bureau, they have earned an A+ rating. This is the highest rating possible. Over the last three years, it appears there are 14 claims that are still open. There are a total of three closed complaints.
Judging by how many complaints they have through the BBB, it is clear that the customers who have left reviews are being proven correct. SafePoint has not been working to resolve these complaints, even though they rely on many of them on the website. The fact that they are still open is concerning.
AM Best
SafePoint has not had the best track record with AM Best. After initially being under review with negative implications, the company changed its rating to C++ in June 2021. This is a marginal rating, showing that SafePoint is negative when it comes to financial stability. Since then, the company has requested to not participate in the rating.
Judging by these two ratings, it appears that SafePoint is not in the best standing as an insurance company. This could definitely be seen as a cause for concern when you are looking to buy homeowners insurance.
The verdict
SafePoint is an insurer that is full of promise online. They claim to offer adequate coverage for customers living in coastal regions, and they even offer flood insurance in addition to the homeowners coverage that is being advertised.
While these policies might sound good on paper, the carrier is not very transparent about the pricing of any kind. Not only can you not get a quote online, but there is no list of discounts that are currently being provided by SafePoint. Some customers have also complained about rate increases after catastrophes. For this reason, it is likely not the smartest choice when you are looking to save money on your insurance.
Customers who have been with SafePoint do not have many great things to say about the company. From having difficulty hearing back from SafePoint to not getting paid after filing claims, this has left many people feeling frustrated and unhappy with the choice they made to sign up with the insurer.
Through its financial history, it is clear to see that SafePoint has been struggling to maintain a positive outlook. This can become dangerous to its customers because they are relying on the company to pay for claims in case of an emergency.
If you are looking for a homeowners policy, this insurance company is probably not going to be the best choice. SafePoint appears to be a straightforward insurer, but many people stated that they do not live up to their promises. It is best to look elsewhere when you are trying to obtain coverage for a home in a coastal region.
