Heritage insurance review 2022
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At a glance
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- Ideal for customers who want to work with an insurance agent
- Offers equipment breakdown and identity theft endorsements
- Offers property insurance in higher-risk areas
- Homeowners insurance is only available in seven states
- Average premiums may be more expensive than the national average
The Tampa, Florida-based insurance company, Heritage Insurance, was founded in 2012 and went public on the New York Stock Exchange in 2014, so it is a relatively new insurance carrier compared to some major providers. The super-regional company operates under the Heritage Property & Casualty Company umbrella in Alabama, California, Florida, Georgia, Mississippi, North Carolina and South Carolina.
While the name may not be as recognizable as other homeowners insurance giants, according to Heritage, the company writes over $1.1 billion of gross personal and commercial residential premiums across several states. Heritage Insurance may be a good option for homeowners who prefer working exclusively with an agent. The carrier relies on its independent agents, so much so that there is no mobile app or online quote system. The lack of digital options may be a deal-breaker for some homeowners who prefer on-the-go policy management.
Heritage Insurance may also be a good option for those who value a quick and personal claims process. Heritage hires both in-house and field adjusters ready to review a claim on-site within hours. The carrier also offers in-house resources for damage, such as water or mold, and offers a three-year guarantee on all work performed.
Heritage Insurance home insurance
Heritage Insurance offers homeowners insurance policies with options to expand limits for personal property and valuables, and other structures. It offers a limited footprint for coverage, currently only servicing the Southeast and California. However, because it writes in states that deal with a large amount of weather-related damage, Heritage may have more experience handling catastrophic claims, such as those involving wind damage due to hurricanes.
Heritage Insurance home insurance cost
The average cost of home insurance through Heritage Insurance for $250,000 in dwelling coverage is $2,129 per year. This is well above the national average of $1,383 for the same amount of coverage, but remember that its higher premiums are likely attributed to Heritage providing coverage to states more prone to extensive weather damage. Homeowners insurance premiums in these states are typically higher, on average.
|Dwelling coverage limit||Heritage Insurance average annual premium||National average annual premium|
Heritage home insurance discounts
Heritage Insurance does not list the available options for discounts with its homeowners policies, but it may be worth asking during the quoting process if they offer any savings options.
Other Heritage Insurance perks worth considering
In addition to homeowners coverage, Heritage offers other personal and commercial insurance products. These include:
- Condominium insurance: This type of insurance is for condo unit owners, as it insures specifically the interior of their unit.
- Landlord insurance: Also known as a DP-3, this insurance policy insures owners of single-family or duplex homes that are rented out.
- Commercial residential insurance: These are Heritage Insurance’s commercial lines insurance policies. It includes insurance for condominium associations, homeowner associations, continuing care retirement communities and apartment complexes.
Heritage Insurance corporate sustainability
Heritage Insurance has demonstrated community involvement since 2013. The company donated $7.2 million to charities, including Habitat for Humanity, Step Up for Students, the Salvation Army and the Breast Cancer Research Foundation. It has also contributed to local initiatives, such as running a clothing drive with other insurance agencies in Broward County, Florida with LifeNet4Families.
Not sure if Heritage Insurance is right for you? Consider these alternatives
- American Family: American Family offers a wide range of coverage options to personalize your home insurance policy. If your home is new or recently renovated, discounts like the age of the home and renovated home could help you save on the premium.
- State Farm: State Farm sells home and auto insurance, which could be a bonus if you want to insure your policies in one place and qualify for a multiple policy discount.
- Tower Hill: Tower Hill insurance is another property insurance company that offers coverage in higher-risk areas within Florida.
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.