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The Andover Companies Home Insurance Review

The Andover Companies Home Insurance Review

The Andover Companies Home Insurance Review

The Andover Companies is a highly respected insurance company that has been in the business for almost 200 years. With their high customer rating and reliable financial strength, is Andover the best insurance company in town?

History

With almost 200 years in the insurance business, The Andover Companies’ history is rich and filled with different stories that warm the heart of their clients. Back in 1828, Merrimack Mutual Fire Insurance Company began selling insurance policies in the town of Andover, Massachusetts and other neighboring towns. 5 years later, Cambridge Mutual Fire Insurance Company was incorporated.

These two companies have merged in 1913 to form The Andover Companies. Merrimack Mutual Fire Insurance Company comprises half of the current asset base of The Andover Companies, while Cambridge Mutual Fire Insurance Company holds a third of the asset for Andover. In addition to these two insurance companies, The Andover Companies is also comprised of Bay State.

Currently, The Andover Companies offers insurance policies in Connecticut, Illinois, Maine, Massachusetts, New Hampshire, New Jersey, New York, and Rhode Island

Basic Homeowners Insurance Coverage

The Andover Companies offer a basic homeowners policy that protects the structure of the home and other personal properties of the clients. Homeowners can receive replacement and repair costs for any incident that is accidental like fire or explosion, wind or water damage, vandalism or theft, and a lawsuit from injured parties. Apart from the dwelling and personal property costs, Andover will also shoulder for the temporary living expenses of the homeowner if they experience the loss of use of their home.

Optional Add-ons

  • Worldwide Personal Liability – Andover creates an edge in this department as it can provide on-premises medical payment during a crisis. Moreover, they also shoulder the defense costs if the incident occurred because of negligence.
  • Guaranteed Replacement Cost – If your property is high-value, it is best to add the guaranteed replacement cost package to be entitled to the full reimbursement of the value. Homeowners can be sure that their homes will be back to its former state even if the cost incurred goes over the limit.
  • Ordinance or Law Coverage – There could be some limitations to the construction of the property because of the law. With this coverage, the insurance policy covers the additional costs incurred to follow any ordinance or law that affects the construction.

Other Products 

Home Systems Protection

If the property comes with permanently installed appliances, the Home Systems Protection Program covers for the losses that may be incurred due to the damage to these appliances or service lines. It also offers for a replacement cost for damages to appliances caused by power surges.

Identity Theft

Identity theft isn’t an occurrence that should be taken lightly as it can cost the victim a lot of time and money. With the identity theft program, the victim can charge for legal fees, lost wages, credit report fees, loan reapplication fees, postage, phone, and shipping fees, and mental health counseling fees. Apart from this, Andover also helps in the recovery of one’s identity by employing licensed case managers that handle and corrects the victim’s record.

Personal Umbrella

When homeowners want an added level of coverage for their home, they can opt to purchase a personal umbrella to increase their limits to $5,000,000. It also pays for other expenses that go beyond the policy limitations. In short, this program picks up where your basic insurance leaves off.

 Scheduled Property

The policyholder can also purchase a broader coverage for their valuables to ensure that the pricier items are given extra protection if in case it is damaged. Andover allows for coverage for several valuables like guns, laptops, jewelry, fine arts, musical instruments, coin collections, golf carts, and other items.

Pros and Cons

PROS

  • Superb Financial Strength – If Andover edges out their clients on one thing, it must be on their financial reliability. With several companies backing them up, it is no surprise that Andover is a stable insurance company. Moreover, the Better Business Bureau gave them an A+ rating.
  • Few Complaints by Customers – Since the operation of Andover in the U.S. is quite small, there are also a few complaints that have been filed over the past few years.

CONS

  • Limited Claims Processing Options – Andover operates mainly through agents and their claims processing is also limited to claims filed with their agents. However, they maintain a hotline that is available for after-hours and weekends when an agent is unavailable.

Our Verdict

The Andover Companies operates at a small-scale in the U.S., mainly because they keep their operations to being an agent-based company. However, despite their size, Andover appears to be a strong competition as an insurance provider in the areas where they operate.

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