Young Alfred

Blog

Monarch National Insurance Review: From an Industry Expert on Home Insurance - YA

April 18, 2019


Monarch National Home Insurance

In 2015 FedNat Homeowners Insurance (Nasdaq: FNHC) founded a subsidiary, Monarch National. Monarch offers homeowners and condo insurance exclusively within their home state of Florida. While Monarch has only existed since 2015, FedNat has been around since 1992 and is one of the older home insurance companies in Florida. A true testament to their ability to understand and price risk in a difficult Florida market. 

The Protection

Monarch National offers complete open-peril homeowners insurance (HO-3) and condominium insurance (HO-6). They offer three tiers of packaged add-ons: Bronze, Silver, and Gold that can be quite affordable. When you buy in bulk - you get discounts! This makes Monarch packages a great option for those looking for comprehensive protection in the Florida property market. 

Bronze Package

  • Increased Personal Property - 50%
  • Personal Property Loss Settlement - Replacement Cost
  • Jewelry and Furs Special Limits - $2,500
  • Silverware Special Limits - $2,500
  • Business Property Increased Limits - $2,500
  • Credit Card Fraud - $2,500
  • Refrigerated Personal Property - $500
  • Water Backup and Sump Pump Overflow - $5,000
  • Personal Liability - $300,000
  • Medical Payments - $5,000

Silver Package

  • Increased Personal Property - 60%
  • Personal Property Loss Settlement - Replacement Cost
  • Jewelry and Furs Special Limits - $2,500
  • Silverware Special Limits - $2,500
  • Business Property Increased Limits - $5,000
  • Credit Card Fraud - $5,000
  • Refrigerated Personal Property - $500
  • Water Backup and Sump Pump Overflow - $5,000
  • Personal Liability - $300,000
  • Medical Payments - $5,000

Gold Package

  • Increased Personal Property - 70%
  • Personal Property Loss Settlement - Replacement Cost
  • Jewelry and Furs Special Limits - $5,000
  • Silverware Special Limits - $5,000
  • Business Property Increased Limits - $10,000
  • Credit Card Fraud - $10,000
  • Refrigerated Personal Property - $500
  • Water Backup and Sump Pump Overflow - $5,000
  • Special Personal Property Coverage
  • Personal Liability - $500,000
  • Medical Payments - $5,000
  • Identity Fraud Coverage
  • Dog Liability Coverage

austin powers love GIF

The Carrier

Monarch National Insurance Company aims to provide competitive premiums, exceptional customer service, and expedient claims handling.  

First of all, the Better Business Bureau (BBB) certified Monarch National way back in its first year of business. Since then, Monarch has consistently maintained an A+ rating. In fact, there are no BBB customer complaints entered on Monarch’s profile page. 

Monarch also has an A for Exceptional Financial Stability Ratings from Demotech, Inc. 

Monarch’s published financial summaries show a recent drop in net premiums and net assets over the last three years, as FedNat has been retooling the underwriting model to rebuild the policyholder surplus (between 2015 and 2018). Perhaps the high number of recent hurricanes and tropical storms making land within the Sunshine State is the reason Monarch shows a recent slump. 

Finally, Monarch customers do have the ability to access policy information, pay premiums, review claims, and find an insurance agent all online via the FedNat website. 

The Claims

Monarch National accepts new property claims day or night, all year long. Clients have the ability to

Be aware, filing a claim by phone may be a bit slow-moving since you’ll have to follow several phone prompts to reach the right department. 

Early on, Monarch had very little claims complaints and was assigned 0.00 complaint ratio in 2016 (1.20 was average) and the next year the company received a 1.73 complaint ratio (1.12 was average). 

However, in 2018, the NAIC assigned the carrier a 6.77 complaint ratio likely associated with increased claims around Hurricane Michael. 

Was this a fluke? Well, maybe it was since previous years had good results. We’ll have to wait until the end of 2019 to see if Monarch is able to turn things around and get back to a low NAIC complaint ratio. With FedNat's experienced management team, it is likely they pull it back in line.

Where is Monarch National Available?

The Conclusion

Monarch National is a newer property carrier with a focus on the Florida market. While Monarch is new, it’s being supervised by the same experienced team in charge of FedNat’s many successes. Monarch National Insurance Company aims to provide competitive premiums, exceptional customer service, and expedient claims handling.  They offer great package options (go for the Gold!) to gross up your coverage in the risky Florida property market. 

Check your Monarch rates and so much more:

Get Monarch Quotes

At your service,
Young Alfred

Disclosure:  Monarch is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from Monarch in writing this review.  

subscribe icon

Want to get notifications
about new posts?

phone 215.586.5055 close
Do you need help with insurance? Get Quotes