Universal Property & Casualty
UP&C started in one of the hardest home insurance markets - Florida. Since their founding in 1997, they have grown to be Florida's #1 home insurance carrier by premiums written, and have now expanded into 17 other states. They offer homeowners, condo, renters, and landlord policies, often at very competitive rates. Let's break down how their home insurance offering compares to the rest of the industry.
UP&C's policies are based on the ISO standard forms (the same forms used by most of the industry). UP&C also offers most of the optional add-ons, including water back-up, mold coverage, and scheduled jewelry coverage.
They cover homes with replacement values up to $1,000,000, and will often cover many of the hard-to-insure homes where other carriers will simply deny coverage. Many standard homeowners carriers will avoid flat roofs, lapses in coverage, certain dog breeds, coastal exposure, etc. UP&C relies on their pricing and extensive reinsurance relationships to competitively rate a wide spectrum of property. With State Farm and Allstate, when you ask for a quote, you often just get...
Hands down one of the most competitively priced homeowners carriers, especially in coastal regions. At times, we see them at half the price of the next best priced carrier. They offer discounts for security and fire alarms, having prior insurance, updates to the property, and having no losses in the last 3 years.
UP&C is rated "A" by Demotech, and has a very sophicated reinsurance program in place with over 50 highly rated partners. What this means is in catastropic loss scenarios (such as Hurricane Irma), UP&C taps these partners to fund excess losses if needed. Universal Property & Casualty is a branch of Universal Insurance Holding Company of Florida, which is wholly owned by Universal Holdings, Inc. (NYSE: UVE)
Policyholders can file a claim over the phone or online. They offer 24x7 claims support and have experience scaling up their operations during times of natural disaster (Florida gets a lot of hurricanes). In the event of a loss, customers should take photographs, do the minimal amount necessary to prevent further loss, and save any relevant receipts. While Universal Property & Casualty has paid out a lot of claims in FL, it seems with some customers, they still need to improve their turnaround times.
Where is Universal Property & Casualty Available
In summary, Universal Property & Casualty tends to compete when homes are hard to protect and often is very competitive on price. Their claims processing can be spotty, but outside of that, they offer industry-standard coverages on home, condo, dwelling, and renters insurance.
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Disclosure: UP&C is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from UP&C in writing this review.