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Homeowners of America Insurance Review

Nearly twenty years ago, Spencer W. Tucker founded Homeowners of America Insurance Company (HOAIC). The following year HOAIC sold its first residential homeowners and dwelling fire policies in Texas, where the company continues to focus most of its efforts. HOAIC has since expanded to Virginia, Georgia, Arizona, North Carolina, and South Carolina. Homeowners of America quotes home insurance competitively near the coast and help homeowners that are looking for affordable coverage. The carrier has secured a total of 30 state licenses and will eventually begin expanding their offering across the US.

The Protection

The excellent news is HOAIC uses the same ISO standard form as the rest of the industry, so you can compare HOAIC side-by-side with the largest carriers in the market. You might find that they are a better-suited coverage option for you.

HOAIC offers the following products:

  • Texas: Residential Home, Condo, Dwelling Fire -- landlord, secondary
  • Arizona: Residential Home
  • Georgia: Residential Home
  • North Carolina: Residential Home
  • South Carolina: Residential Home, Dwelling Fire -- landlord, secondary
  • Virginia: Residential Home

The Carrier

Spencer Trucker guides the organization as President and Chief Executive Officer (CEO). It is rare to find an insurance carrier that remains under the same leadership since its inception over 20 years ago. This is one key advantage to HOAIC’s slow, steady progress in challenging coastal property markets.

In 2017, HOAIC published a newsletter confirming they had surpassed 124,000 policyholders, an increase of 6.5% on the year. The same HOAIC publication shared two innovative plans the insurer is developing.

  1. The carrier’s first advanced project is to develop loss mitigation devices for installation in customers’ homes. The device will sync with a policyholder’s smartphone. If a water leak is detected or the smoke detector is activated, then a text will be sent to the policyholder. A smart notification system can help reduce claim severity.
     
  2. HOAIC’s second state-of-the-art undertaking is to use drones for exterior home inspections. The home insurer believes using drones can expedite the inspection process while also improving safety measures for inspectors and claims adjusters.


The Claims

File a claim by:

  • completing an online claims form
     
  • emailing claims@hoaic.com
     
  • calling the claims center: 866-407-9896


National Association of Insurance Commissioners (NAIC) assigned HOAIC a complaint ratio of 0.18, with the median complaint ratio of their peers being 1.12. The lower the complaint ratio, the better, so they are doing quite well on the claims side of the business. Nice work!

In terms of the financial backing to pay claims, Demotech granted the carrier an A Exceptional financial stability rating.

What States Offer Homeowners of America Home Insurance?

Homeowners of America Insurance state coverage map

The Conclusion

Homeowners of America Insurance Company (HOAIC) is a property insurer that has slowly, steadily increased its presence among coastal states. Its long-standing leadership continues to work towards innovative solutions, exceptional customer service, and solid financial strength. Their claims complaint ratio is around the lowest in the industry!

Check your HOAIC quotes and so much more:

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At your service,
Young Alfred

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