Edison Insurance Review: From an Industry Expert on Home Insurance
In 2006 Edison Insurance was founded in St. Petersburg, Florida. Four years later, one of the top Florida property carriers, Florida Peninsula, purchased Edison Insurance and moved Edison’s headquarters to Boca Raton. Over the last thirteen years, Edison Insurance has continued to focus exclusively on customizable homeowners and condominium insurance products in the state of Florida.
The carrier celebrates the fact they are focused exclusively on Florida residential properties and better able to understand the personal property market within their home state.
Homeowners Insurance (HO3)
Edison Insurance provides customizable coverage for single-family homes, townhomes, and duplexes. Policies include the basic homeowner protections, as well as including a variety of additional coverages that may be purchased to suit the customer’s specific needs. The idea is you only pay for the insurance benefits you actually need, rather than paying more for extra bells and whistles that don’t meet your situation.
Optional Edison add-ons for your homeowners policy:
- Sinkhole Coverage – Covers homeowners from any structural damage directly related to sinkhole activity.
- Animal Liability – Total coverage of $25,000 and medical payments of $2,000.
- Identity Theft Expense - Provides benefits for any expenses incurred by an insured directly related to a single identity theft or fraud initially uncovered during the policy period.
- Screened Enclosure, Carport and Awning Coverage – Protects against losses for screened porches, aluminum carports, or awnings of $10,000 to $50,000.
- Law & Ordinance – Coverage for losses created by the enforcement of laws & ordinances regulating repair and construction of damaged buildings.
- Personal Property Replacement Cost (PPRC) – This protection provides replacement of a damaged or lost item with an identical or comparable item without deduction for depreciation.
- Fungi, Dry or Wet Rot, Bacteria, Yeast – You may increase the basic limit of $10,000 to $25,000 or $50,000. Increases are subject to underwriting and inspection.
- Increased Limits Premium Packages – The Plus, Gold, and Platinum Premium Packages provides increased limits on a package basis for jewelry, furs, personal injury, personal liability, credit card forgery, water back-up, sump pump overflow.
Condominium Owners Insurance (HO6)
Edison’s condo unit policies include all the standard protections you would expect. Plus, customers may opt for additional value-added benefits such as water backup and scheduled jewelry coverage.
Edison Insurance Company is currently managed by the same experienced C-suite team overseeing Florida Peninsula Insurance Company. Since 2015, the carrier has successfully sold its personalized homeowners and condo policies in the majority of Florida cities.
Edison Insurance works closely with more than 500 independent insurance agents (just like me!) to market their property products throughout the Sunshine State.
Since February 2015, Edison Insurance Company has been accredited with the Better Business Bureau and maintains an A+ rating today. The BBB website shows Edison as having a 4 star client rating.
To file a new claim, customers are directed to
- File an online claim form with your Edison account
- Call the Edison claims department: 1-888-683-7971
Within 24 hours of filing a new claim, a licensed adjuster will touch base with you. Furthermore, Edison’s website states they will dispatch an inspector to your property within 72 hours.
Insurance industry organization, Demotech, assigned Edison Insurance Company with an A (Exceptional) Financial Stability Rating (FSR). This rating signifies Edison Insurance as being fiscally sound and equipped with reserves to help settle insured claims.
Furthermore, Demotech’s report shows consistent growth in both Edison’s assets and gross written premiums. Over the last two years, the carrier has secured around 40% more in net assets and booked approximately 33% more in gross premiums.
So are Edison Insurance customers pleased with their claims services?
According to the NAIC, Edison Insurance customers have been complaining a bit more about claims recently. Edison’s NAIC complaint ratio has steadily increased: 1.33 (2016), 4.02 (2017), and 8.03 (2018).
We hope they can bring that down to more normal levels in 2019.
Where is Edison Insurance Available?
Edison Insurance Company is focused exclusively on customizable personal lines property coverage for Floridians. The carrier has maintained this same specific mission since their inception more than a decade ago. Despite the challenges of a volatile coastal market, Edison Insurance has been able to book increased premiums and report additional assets. The carrier’s most recent growth spurt appears to have brought about some growing pains as well when you consider the higher recent NAIC complaint ratio. However, Edison Insurance’s seasoned management team should be capable enough to work out these kinks going forward and continue to improve the customer experience for Florida homeowners in 2019.
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Disclosure: Edison is one of the many options Young Alfred offers for home insurance. Young Alfred did not receive any compensation or direction from Edison in writing this review.