Swyfft insurance review 2024
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At a glance
Bankrate's take
People who want a fast, basic home insurance quote and don’t need extensive coverage may find a good match in Swyfft.
- Swyfft uses patented analytics to offer quick and accurate home insurance quotes by just using your address
- Standard replacement cost coverage is included for both home and personal property in all homeowners policies
- Optional equipment breakdown coverage for a wide range of systems and appliances, usually for $50 or less
- Private flood insurance is available through Lloyd's, rated A- by AM Best
New
Swyfft, LLC, a New Jersey-based insurance firm known for its innovative approach to homeowners insurance, has come under regulatory scrutiny by the Texas Department of Insurance (TDI). In a consent order dated June 16, 2023, TDI outlined a series of violations and subsequent actions taken against Swyfft and its associate, Richard Daniel Trezza.
Swyfft and Trezza have consented to rectify their licensure oversights, which involved acting outside their general lines agency license's scope for six years. The duo was found operating as both a managing general agent (MGA) and adjuster for Texas insurers without the necessary licenses. The resolution to this oversight includes the approval of their MGA license applications, subject to a two-year probated suspension and detailed reporting obligations, as well as a joint payment of a $55,000 administrative penalty.
This enforcement action stems from a market conduct examination that uncovered Swyfft's unauthorized engagements with Clear Blue Insurance Company and Benchmark Insurance Company. Although Swyfft operates in various states with different licensing requirements, its activities in Texas fell short of the state's regulatory mandates.
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Swyfft home insurance review
Swyfft home insurance sets itself apart from the rest of the insurance industry by using a patented risk-assessment process to generate personalized premiums. Swyfft could be a good option if you are looking for a technology-driven home insurance company and live in one of the states where it operates.
Although its tech-savvy approach to home insurance may be convenient for some homeowners, Swyfft may not be for everyone. Swyfft’s homeowners policies offer replacement cost coverage for your home and personal property, as well as coverage for other structures, living expenses, personal liability and medical expenses related to injuries a guest sustains on your property. However, the company only has two endorsement options available: equipment breakdown coverage and flood insurance. Its private flood insurance offering is new and only available to customers in Florida and Texas.
Policyholders should also note that Swyfft insurance policies are underwritten by several companies, including Clear Blue Insurance Company, Clear Blue Specialty Insurance Company, Benchmark Insurance Company, Topa Insurance Company and Lloyd’s (for flood insurance).
The bottom line is that while the company’s home policies are fairly comprehensive with regard to basic damage, if you want a highly customized plan, Swyfft may not be the best insurance provider for your needs.
Pros and cons of Swyfft home insurance
Pros
- Technology-driven quoting with fast results
- Coverage available in some high-risk states
- Underwriting companies have strong financial strength ratings from AM Best and Demotech
Cons
- Insurance is available in few states
- Coverage options are limited
- Swyfft was not rated in the J.D. Power 2023 U.S. Home Insurance Study
Swyfft customer satisfaction
One key way to evaluate insurance carriers is through third-party rating agencies, such as J.D. Power and AM Best. J.D. Power ranks companies based on customer satisfaction. AM Best rates companies based on their historical financial strength.
However, Swyfft was not included in J.D. Power’s 2023 U.S. Home Insurance Study. AM Best has not rated Swyfft either but has rated its underwriting companies. Clear Blue Specialty Insurance and Clear Blue Insurance are both rated as A- (Excellent). Benchmark Insurance Company has an A (Excellent) rating.
With this limited information, speaking to current and former policyholders may be the best way to gauge Swyfft customer satisfaction and experiences.
Swyfft homeowners insurance customer complaints
The National Association of Insurance Commissioners (NAIC) compiles formal complaints filed against companies. As mentioned, Swyfft partners with multiple underwriting companies so customer satisfaction varies based on the company you are paired with. The NAIC Complaint Index provides insights into customer complaints relative to the industry average. Here are some trends Swyfft’s underwriters have seen over the years:
- Clear Blue Insurance Company: The complaint index has shown consistent improvement over the past three years, moving from higher levels in 2021 and 2022 to a much more favorable score in 2023. This trend suggests that customer satisfaction is improving over time.
- Clear Blue Specialty Insurance Company: This company has had minimal complaints in recent years. Although there was a slight increase in 2023, the score remains within a reasonable range, indicating overall stable and satisfactory customer experiences.
- Benchmark Insurance Company: The complaint index has been on a steady decline, reflecting a positive trend over the last three years. With one of the lowest complaint scores in 2023, Benchmark appears to maintain strong customer satisfaction.
- Topa Insurance Company: After a significantly high complaint index in 2021, Topa made a notable recovery in 2022 and continues to stabilize with a much-improved score in 2023. This suggests the company has addressed previous customer concerns and has improved its service quality.
Swyfft home insurance cost
Average premiums for Swyfft home insurance are not currently available, but the home insurance quoting process can be started online or by contacting a Swyfft agent. For comparative purposes, it may be helpful to know that the U.S. average cost of home insurance for $300,000 in dwelling coverage is $2,285 annually.
Swyfft home insurance discounts
While other insurance carriers may draw you in with a wide array of available discounts, Swyfft does not make this information public on its website. You can always call to inquire about possible discounts Swyfft may have. As various third-party companies underwrite Swyfft homeowners insurance policies, available discounts may vary based on which company is writing your policy.
While not a standalone discount, Swyfft does have a Direct Repair Deductible Savings Program. With it, policyholders could receive a 10 percent discount off their non-wind deductible when filing a claim, free emergency repairs if a partner of the Swyfft network completes it and a three-year guarantee for any work completed by a vendor in the network.
Compare Swyfft with other insurers
Shopping for home insurance quotes can be tricky. Whether you’re looking for the cheapest home insurance company, a trusted customer service experience or something else completely, you might find the best company by shopping around and comparing quotes. If you’re interested in Swyfft but not sure it’s the right fit, you may want to get quotes from these companies.
Swyfft vs. Kin
If Swyfft’s technology-focused approach appeals to you, consider getting a quote from Kin. Available in seven states — Alabama, Arizona, Florida, Louisiana, Mississippi, South Carolina and Virginia — Kin also applies a data-driven method to policy rating. Kin advertises an array of potential discounts but does not have many third-party customer satisfaction scores, either.
Learn more: Kin Insurance review
Swyfft vs. Lemonade
Another relatively new company, Lemonade uses artificial intelligence in everything from its quoting to its claims process. Lemonade is also a Certified B-Corp, so it could be a good choice for homeowners looking for a socially conscious company. Lemonade is also not rated by major rating bureaus, but it does have a mobile app for digital policy management. Notably, Lemonade took home the 2024 Bankrate Award for best digital home insurance company.
Learn more: Lemonade Insurance review
Swyfft vs. Hippo
Hippo uses artificial intelligence to build out its home and condominium insurance policies and offers an array of coverage options and discount opportunities. However, like many insurtech options, personalized service from an insurance agent may not be available.
Learn more: Hippo Insurance review
Why you can trust Bankrate
Read our full methodologyOur insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Swyfft insurance review.
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Is Swyfft a good insurance company?
Bankrate’s Swyfft Insurance review was conducted by insurance experts who are dedicated to helping you find the best home insurance company for your needs. If you have had difficulty finding home insurance with most insurance carriers and live in one of Swyfft’s coverage areas, the company may be worth a look. The carrier also offers “excess and surplus lines'' home insurance in a few states, which provides coverage for higher-risk or unique properties. The company uses various data sources and analytics, rather than relying on application questions, to rate its insurance policies. However, there is limited information about its customer service experience, so you may want to speak with current policyholders before buying a policy.
What are real-life customers saying about Swyfft?
To gain a deeper understanding of Swyfft's customer experience, we've delved into real-life accounts from those who have engaged with the company firsthand. By sourcing feedback from both Reddit, a community-driven discussion board, and Trustpilot, a dedicated review and ratings platform, we're able to provide a well-rounded view of Swyfft from the perspective of actual policyholders. These insights offer valuable context beyond the basic facts and figures, highlighting the real-world implications of choosing Swyfft for insurance needs.
On Reddit, customers have shared varied experiences with Swyfft, highlighting both positives and challenges. One user appreciated Swyfft for their competitive rates and swift claims process, noting a significant improvement in service compared to previous insurers. However, another user experienced a substantial increase in their renewal rate after the initial year, echoing a sentiment that the initial low rates offered by Swyfft might not be sustainable in the long term.
Trustpilot
Trustpilot reviews reveal frustrations with Swyfft, particularly regarding unresponsive claim adjusters and the abrupt closure of claims without proper resolution. One review expressed dissatisfaction with the company's overall service, citing a lack of communication and managerial accessibility. Another highlighted the company's reluctance to engage with clients who have previously filed claims, suggesting a preference for customers who do not make claims, thereby questioning the company's support in times of need.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Swyfft company details
There are several ways to get in touch with Swyfft.
- Website: swyfft.com
- Customer service: 855-479-9338
- Claims: 877-799-3389
State availability
Swyfft insurance products are available in Alabama, California, Florida, Louisiana, Massachusetts, New York and Texas.
Swyfft tools and benefits
Being a newer company, Swyfft’s policy offerings are limited outside of homeowners’ insurance. However, the company does provide commercial insurance coverage for the following in limited states:
- Apartment buildings
- Condominium associations
- Shopping center owners and operators
- Office buildings
Frequently asked questions about Swyfft
