American Bankers Insurance Company of Florida Car Insurance Review & Ratings (2024)
This American Bankers Insurance Company of Florida Car Insurance Review will cover American Bankers Insurance Company of Florida Car Insurance ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. To compare insurance rates from the best companies in your area, enter your ZIP code below.
Read moreKalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
UPDATED: Sep 26, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Sep 26, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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American Bankers Insurance Company of Florida
Average Monthly Rate For Good Drivers
$18A.M. Best Rating:
A- (Excellent)Complaint Level:
MedPros
- Experience in the industry
- Multiple types of coverage
- A Fortune 500 company
- 24/7 claim reporting
Cons
- A large number of customer complaints
- High rates when compared to other insurance companies
- Vague information online and on the company website
American Bankers Insurance Company of Florida may work well for you if you’re looking for renters or flood insurance. American Bankers does business under the Assurant name as its a subsidiary of Assurant Insurance.
Assurant offers several insurance products. Most of the company’s products relate to companies, but flood and renters coverage are available for both commercial and private coverage options. Unfortunately, Assurant is not known for it’s good customer service or its helpful claims-handling process. If customer service is important to you, you may want to look elsewhere for coverage.
Assurant operates in all 50 states in the U.S., so finding coverage in your area should be simple and easy to do. Still, the company caters mainly to other companies and business owners. The only personal products it sells are flood insurance and renters insurance coverage. If you’re interested in either of these coverage types, speak with an Assurant representative for more information.
If you’re looking for insurance, you should consider several companies before you make a final decision. Compare quotes from multiple insurance companies, and research each company’s financial strength and customer service ratings. Comparing insurance quotes online lets you determine which insurance company works best for your needs. Assurant also offers discounts that may help you pay less in monthly or annual insurance premiums.
What You Should Know About American Bankers Insurance Company of Florida
If you’re looking for insurance products from American Bankers Insurance Company of Florida, you may notice that the company is difficult to find online. This is because American Bankers Insurance Co. of Florida operates under the Assurant name. As Assurant, the company offers different types of insurance, like renters insurance, supplementary homeowners insurance, mobile device coverage, and more.
Assurant has an A- (Excellent) financial strength rating with A.M. Best and an A+ rating with the Better Business Bureau (BBB). Still, the company has more customer complaints than you might expect for a company of its size. Many of the complaints focus on the lack of quality customer service and the company’s negligent claims handling policies.
As you shop for insurance, you should find and compare quotes for the coverage you need. As you compare quotes from Assurant and other insurance companies, you’ll learn which insurance company offers the type of insurance coverage you need at a price that works with your budget.
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American Bankers Insurance Company of Florida Insurance Coverage Options
Finding different types of insurance coverage with different companies can be annoying. Fortunately, Assurant provides its clients with several different insurance products to help them meet their insurance needs in one place.
Some of Assurant’s most popular insurance products include:
- Mobile device protection and support
- Multifamily housing solutions
- Vehicle protection
- Home appliances and electronics
- Financial protection
- Tools, furniture, and jewelry
- Travel
- Flood solutions
If any of these products interest you, you may want to learn more about Assurant’s approach to coverage and what you can expect from the company.
What does an Assurant renters policy cover?
Assurant renters insurance covers a lot of scenarios, including:
- Fire
- Lightning
- Windstorms and hail
- Explosions
- Smoke
- Vandalism and theft
- Burst pipes
In addition to the coverage listed above, Assurant allows customers to add supplemental coverage options to any policy. Some of the supplemental coverages include:
- Replacement cost coverage: With this insurance, Assurant will pay for the full cost of replacing a certain item without factoring in any depreciation.
- Sewer backup insurance: Sewer backup covers damage to your personal items after a pipe is clogged or broken and causes overflow.
- Pet damage: Pet damage coverage pays to repair or replace furniture and other items if your pets damage them with clawing, biting, scratching, or otherwise ruining it.
- Unemployment insurance: If you’re unemployed for one month or longer, Assurant unemployment coverage will help you pay your landlord.
- Identity fraud coverage: Assurant covers any costs associated with identity theft, like fraudulent credit card bills.
- Earthquake coverage: If an earthquake causes damage to your items or property, Assurant will pay to repair or replace them.
Not many companies offer unemployment or other add-on coverage options for a renters insurance policy. Because of this, Assurant may be a good fit for certain individuals and their unique living situations.
American Bankers Insurance Company of Florida Insurance Rates Breakdown
If you purchase $10,000 in coverage with Assurant, it will cost around $214 annually or $18 each month, while coverage with State Farm is around $115 annually or $10 each month. The same is true for higher levels of coverage. As a result, Assurant renters insurance consistently costs more than renters coverage with another insurance company.
American Bankers Insurance Company of Florida Discounts Available
Assurant offers a few discount options to businesses and individual clients. Some of the company’s most popular discounts include:
- Elevated homes discount: If your home is located in a flood zone and is elevated on concrete pillars, you may be eligible for the elevated homes discount.
- Shore home stilts discount: If you live along the shore of a body of water and elevate your home on stilts, you could get a discount on flood insurance.
- Damage specs discount: If you live in a home built specifically to withstand wind and wave damage, you could get a damage specs discount for flood coverage.
- Annual premium discount: Companies and individuals may qualify for an annual premium discount if they pay for their insurance in full rather than breaking payments up throughout the year.
- Bundling discount: If you purchase more than one insurance product with Assurant, you may qualify for a bundling discount.
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How American Bankers Insurance Company of Florida Ranks Among Providers
American Bankers Insurance Company of Florida, operating under the Assurant umbrella, holds a notable position among insurance providers, particularly excelling in specialty homeowners insurance. American Bankers Insurance Company of Florida’s Standing Among Providers:
- Specialty Focus: Excels in specialty homeowners insurance, with a focus on niche coverage.
- Established Legacy: With a founding year in 1947, it brings decades of industry experience to the table.
- Financial Strength: Holds an A (Excellent) financial strength rating from A.M. Best, signifying stability.
- Affiliation with Assurant: As a subsidiary of Assurant, it benefits from association with a Fortune 500 company.
- Niche vs. Broad Spectrum: While strong in its specialty, it is comparatively narrower in product offerings than Assurant, which provides a diverse range of insurances.
- Mixed Customer Reviews: Faces challenges similar to Assurant, with mixed feedback on customer service and claims handling.
- Targeted Coverage: Particularly suitable for those seeking specialized homeowners insurance solutions.
- Competitive Choice: Within its niche, offers a competitive option for consumers seeking specific coverage types.
As consumers weigh their options, the distinct strengths and areas of focus for American Bankers Insurance Company of Florida become evident, presenting a competitive choice within the realm of specialty homeowners insurance providers.
What’s Assurant’s customer service like?
When it comes to customer service, Assurant leaves a lot to be desired. The company receives many customer complaints, and many past and present policyholders state that Assurant customer service standards are far too low.
The company does offer the following perks in terms of customer service:
- 24/7 claims by phone or online
- Expansive Assurant phone directories available
According to the Assurant website, some customer service hotlines have restrictions and are only available from 8 a.m. to 8 p.m.
What’s wrong with Assurant’s customer service?
Assurant tends to have a bad reputation for customer service. Many of the company’s policyholders complain about the company’s lack of careful consideration, and some state the company actively avoids their claims and takes too long to provide information or financial assistance when necessary.
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Is Assurant renters insurance good?
The cost of an Assurant renters insurance policy is often steep. Still, coverage may be a good idea for certain customers.
Assurant often offers low deductible options for people who would rather pay more in monthly or annual fees and save money if they ever need to file a claim. Additionally, Assurant provides better coverage for pet owners, especially concerning certain dog breeds. If you need renters insurance for pet owners, speak with an Assurant representative to learn more about your options.
You can read more about what renters insurance covers here.
The Disparity in Assurant Customer Reviews
According to some customers, Assurant reviews online are not accurate. While you can read plenty of positive reviews on the Assurant Insurance website or the BBB Assurant profile, the customer complaints tell a different story.
Additionally, while Assurant seems to reply to customers’ complaints and seek resolution, the company asks BBB to hide its responses rather than make them public, so it’s difficult to know exactly what’s happening behind the scenes.
While Assurant is a well-known company with an excellent reputation and solid financial strength, its positive customer reviews should not be enough to sway you before considering the multitude of online customer complaints.
If you’re considering Assurant for your personal renters insurance or flood insurance needs, consider other companies. You can compare quotes and coverage options from other insurance companies to determine which offers the coverage you want at a price that works best for you and your family.
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Frequently Asked Questions
What is American Bankers Insurance Company of Florida?
American Bankers Insurance Company of Florida is an insurance provider that focuses on a few products. The company provides specialty homeowners insurance coverage in every state besides Minnesota and Texas and operates under the Assurant name, meaning it is a subsidiary of Assurant Insurance. American Bankers Insurance Company of Florida is the primary insurance provider for Assurant’s line of specialty homeowners’ insurance coverage.
Is American Bankers Insurance Company the same as Assurant?
American Bankers Insurance Company of Florida does business as Assurant throughout the U.S.
How long has American Bankers Insurance Company of Florida been in business?
According to the Assurant Insurance Company website, American Bankers has been in business since 1947.
What is the financial rating for American Bankers Insurance Company of Florida?
The company currently garners an A (Excellent) financial strength rating with A.M. Best.
What insurance products does American Bankers Insurance Company of Florida offer?
The company offers renters and flood insurance coverage for both commercial and private coverage options.
Can I get in touch with American Bankers Insurance Company of Florida?
To contact the company, you can call 1-800-358-0600. The company takes claims calls 24 hours a day, seven days a week. Certain customer call lines may only operate from 8 a.m. to 8 p.m. You can speak with an agent who will tell you what you need to do to file your claim and ensure the company has all the information it needs.
Is flood insurance common in Florida?
Homeowners in Florida are not required to carry flood insurance. Still, around 20% of flood insurance claims occur in moderate to low-risk areas in the state.
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Kalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.