As one of the newest insurance providers in Florida, UPC Homeowners Insurance seems to be faring well. After two decades in the business, they are now operating in 10 other U.S. states. With the rapid growth of this insurance provider, are they at par with other providers in the home insurance market today?
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UPC Insurance: A Brief History and Overview
UPC Insurance or Universal Insurance Holding, Inc. started their operation in 1999 in Florida and they have experienced continuous growth in their industry. 20 years later, they have been able to dole out over 500,000 policies. There are 5 foundations of UPC Insurance, which are Financial Stability, Products that Work, Superior Claims Service, Ease of Doing Business, and Fair Pricing.
Two decades later, they are now providing insurance policies in Connecticut, North Carolina, Hawaii, New Jersey, New York, Georgia, Indiana, Rhode Island, Massachusetts, South Carolina, Texas, and Florida. UPC Insurance has also been included in Fortune’s 100 Fastest-Growing Companies. They have provided $3.1 billion in reinsurance protection. However, the financial strength of this company is still not as competitive when compared to larger insurance companies. Apart from their homeowners insurance policies, they also provide condominium, landlord, renters, flood, and commercial property insurance.
They have their underwriting team that handles finance, claims, marketing, and sales. This helps in making sure that underwriting is easier and more convenient for the insured. UPC Insurance promises to be there in their customer’s time of great need. They also operate with their six core values in mind: Teamwork, Trust, Accountability, Integrity, Bias to Action, and Persistence. UPC makes sure to cater to each of their client’s needs and to keep their worries to a minimum during a time of distress.
What makes UPC Insurance Different?
Self-Inspection Program – If the homeowner is too busy to schedule a home inspection, UPC Insurance offers Home Self-Inspection that allows the homeowner to just send photos and videos of the home. This helps speed up the process of getting insurance since homeowners can do away with a self-inspection instead of scheduling an inspection.
Claims Submission Tool – UPC ensures complete and reliable customer service for claims processing. They use a two-step claim submission tool where their clients can submit photos and videos that will substantiate their claims. They also have a special direct line for the Claims Department that caters directly to claim submission and existing claims inquiry. Policyholders may call 1-888-CLM-DEPT (1-888-256-3378).
Customer Log-In – The official website of UPC allows their customers to check on their policies using their username and password. This option also allows them to make online payments and other policy management tasks.
Online Quoting – Potential clients can check on the rates offered by UPC Insurance to see if the price is within their budget and if the products offered can provide great value. On top of that, the rates for UPC can also be viewed via the CHOICES rate comparison tool. This tool is available on the website of the Florida Office of Insurance Regulation. With this tool, potential clients can shop around for the best and most competitive rates in their county.
UPC Homeowner Insurance: Discounts
UPC Insurance doesn’t offer auto insurance so they can’t offer home and auto bundling discounts. However, they still provide different types of discount for their clients. Listed below are the discounts offered by UPC Insurance:
- Senior or Retiree Discount
- Protective Devices Discount
- Wind Mitigation Discount
- Newer Home Discount
- Accredited Builder Discount
- Age of Roof Discount
UPC Homeowner Insurance: The Downside
There are three major downsides to UPC Insurance. First, they are a relatively new company in this industry. Compared to other national insurance companies, they still have a lot to prove. However, their financial strength has risen consistently over the years.
Second, the policies that they offer are relatively limited. There is no auto insurance policy available, which prevents them from offering multi-policy discounts. Bundling discount is common in the industry and clients looking for this type of discount might be discouraged.
Lastly, the customer service provided by UPC Insurance seems to be lacking and it certainly needs a lot of improvement. However, most insurance companies often get poor reviews because policyholders tend to demand more when it comes to claims payout. Regardless of this, it is still important to note that the customer service satisfaction of UPC Insurance can do better. The complaints received by UPC should be addressed and calls for improvement in the services that they offer.
UPC Homeowner Insurance: Verdict
Customer service isn’t UPC’s strongest suit. However, if their client satisfaction rating improves, this relative newbie in the industry can be one of Florida’s leading homeowner insurance providers. Overall, the consistent financial growth is impressive and they have proven that they can maintain solvency even during huge disasters.