Velocity Risk Underwriters Review: From an Industry Expert on Home Insurance - YA

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Velocity Risk Underwriters

Velocity is a Managing General Agent writing insurance backed by Texas-based State National Insurance Company and its subsidiaries. For more than a decade, Velocity’s independent insurance agents have sold only A.M Best A Rated protection products for homeowners in Connecticut, Florida, North Carolina, New York, and Texas

The Protection

In all states where Velocity Risk Underwriters does business, they provide property owners with coverage for primary homes, as well as secondary or seasonal homes. In addition, Velocity will consider insuring all properties regardless of the distance from the coastline

In all its territories, Velocity sells Homeowners (HO-3) Policies which provide the basic benefits we’ve all come to expect. Plus, Velocity clients have the option of pumping up their policies by purchasing various endorsements and enhancements.

Below are a few examples of optional coverages Velocity policyholders may purchase as add-ons

  • Water Back Up 
  • Mold Coverage
  • Increased Dwelling Replacement Cost 
  • Animal Liability 
  • Golf Cart Coverage 
  • Home Computer protection
  • Service Line
  • Equipment Breakdown
  • Landlord’s Furnishing 
  • Business Property 
  • Refrigerated Property
  • Credit Card, Fund Transfer, Forgery, Counterfeit Money
  • Settlement for Non-Building Structures
  • Actual Cash Value on Roof Endorsement

It’s important to remember there are variances among optional endorsements depending on state. So consumers have to check with their Velocity agent to be sure of what’s available to them. The same is true of discounts. 

Velocity clients may benefit from discounts like these, depending on their state: 

  • 10% recent home renovations (NY)
  • 3% to 10% for companion (bundled) policies (NC, NY)
  • 17% home security systems (NY)
  • 17% for paying annual policy in full (NY)
  • 5% mature homeowner discount (NC)
  • Alarm and Water Leak Detection Systems (TX)
  • New Home Purchases (TX)
  • Up to 33% off for a building code discount (TX)
  • 10% off a first year policy (NC)
  • 5% Claim Free Discount (NC)
  • 10% Secured (Gated) Communities (NC)

Texas and Florida Homeowners Products

Velocity has more available in the states of Texas and Florida. The company expands their insurance program beyond the traditional HO-3 homeowners policy to including HO6 (FL condominiums), DP-3 (FL rental properties), and a wind-only policy for Texans. 

In addition, Florida consumers may opt for Velocity’s slimmed down HO-3 that excludes “All Other Perils (AOP)” except for wind damage. 

The Carrier

Velocity Risk Underwriters is backed by State National Insurance Company that carries an AM Best Rating of A Excellent. They should be well equipped to pay out claims for most scenarios.

Velocity clients have the ability to manage their policies online via the Customer Portal. As with the majority of modern businesses, the Velocity portal makes managing claims and policy documents quick and easy. Plus the Velocity website has a Pay Online feature which accepts both credit cards and electronic checks without actually logging into the Customer Portal. 

The Claims

Velocity Risk Underwriters customers may file a claim

Since Velocity is a Managing General Agent (not an insurance company), they do not have a 
National Association of Insurance Commissioners (NAIC) rating. However, Velocity’s primary carrier does receive regular NAIC reviews. So far, State National has zero recorded complaints with the NAIC. In fact, for the last three years, NAIC  awarded State National a 0.00 complaint ratio versus the 3.94 average National Median Complaint Index for 2016, 2017, and 2018. 

Where is Velocity Risk Underwriters Insurance Available?


 
The Conclusion

For more than ten years, Velocity Risk Underwriters has subscribed to the idea that when chaos strikes, the resolution should be resolute and swift. For homeowners living near some of the most unpredictable coastal regions in the United States, this is a value close to their hearts and one they can truly appreciate. So far it seems Velocity Risk Underwriters and the A.M. Best rated carriers they partner with are doing well. Keep up the great work!

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At your service,
Young Alfred

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