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.
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.
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.
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?
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.
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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.