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Among the recent entrants into the improving Florida property and casualty market, Olympus Insurance is part of the move to insure Florida residents through homegrown companies. With a focus solely on insuring the homes and property of Floridians, Olympus is very specific about their product offerings.
Olympus Insurance Summary
Olympus Insurance has been writing property insurance policies in Florida since 2007, joining a market that had suffered after several major hurricanes that resulted in great difficulties for insurers in the state. The company is based in Orlando, and is currently licensed only in Florida.
Olympus has taken part in the Citizens Insurance takeout program, which offers current Citizens policyholders the opportunity to move to a new insurance company. The takeout program is part of an effort to reduce the number of policies currently held by Citizens, which had been a last resort insurer for properties unable to locate coverage elsewhere.
Currently, Olympus offers a limited number of policy types. They write standard homeowner’s insurance policies and also cover rental properties and condominiums. Olympus sells its products through a network of independent agents, but offers quoting and customer policy management services through its website.
Olympus writes a few basic types of insurance to cover both owner and tenant-occupied homes and personal property in Florida.
Olympus homeowner’s policies cover the policyholder’s home at replacement cost in the event of multiple different perils including fire. Also covered are other structures on the property as well as the personal property of the residents of the house anywhere in the world. The homeowner’s policy also includes liability coverage, which protects homeowner’s from a variety of risks including lawsuits stemming from injury or negligence claims. Also available are animal liability, backup of water/sewage, and sinkhole endorsements.
Olympus writes policies similar to homeowner’s insurance to meet the particular needs of owners of townhouses with shared walls. All of the same standard coverage is available, with adjustments to how structure coverage is handled.
For landlords, Olympus writes policies to cover the structure against a variety of potential perils, but without the high level of personal property coverage needed in an owner-occupied residence. Rental insurance policies also provide liability coverage to protect landlords from the risks associated with owning a rental home.
Rental home coverage includes:
- Coverage for the home while vacant in between tenants
- Short-term rental coverage for vacation rentals
- Optional personal property coverage for furnished rentals
Olympus writes policies to meet the specific needs of condo owners, whose needs differ due to shared walls and condo association coverage on portions of the structure.
Scheduled Personal Property
In addition to a standard homeowners/townhouse policy or condominium insurance, Olympus offers the Scheduled Personal Property option. This coverage provides a broader protection with higher limits. Examples of what is covered include fine jewelry, furs, musical instruments, upscale furnishings, and other luxury assets.
Olympus entered a struggling Florida insurance market that had been impacted by a series of hurricanes resulting in large numbers of insurance payouts and the withdrawal of some major insurance companies from writing homeowner’s insurance in the state.
The creation of a number of small, local insurance companies has helped to bring down premiums overall in the state, and Olympus is among the companies offering these policies. Policy premiums vary greatly by county, home value, and construction type, making it difficult to compare Olympus rates to other companies.
Olympus offers limited online quoting capabilities, in which a request is submitted to a nearby agent for an email response. Local agents for Olympus can provide a more accurate quote. Olympus rates may not be competitive when compared to insurers offering multi-policy discounts due to their other policy offerings such as auto insurance.
Olympus offers a 24 hour a day, 7 day a week claims line for policyholders to report new claims and check on the status of open claims. There is an online claims form on the company’s website that allows non-emergency claims to be submitted at any time of day or night.
For water damage claims, Olympus has a water damage mitigation team available to respond within 15 minutes. This response team is a free service provided with all Olympus policies and is sent out to prevent water damage from worsening before the claims representatives can investigate.
Olympus Insurance has been Better Business Bureau (BBB) accredited since 2016 and currently holds an A+ rating. In the last three years, there have been six complaints filed, five of which were closed in the past 12 months.
The Florida Office of Insurance Regulation’s complaint database shows a total of 14 complaints against the company in the fourth quarter of 2016, the most recent available data. This is a ratio of 1:5880, or one complaint for every 5880 policies in force.
In addition to the standard, publicly available resources, Olympus has provided us with their internal results from a previous customer survey. The results show a generally pleased customer base, with numerous compliments about the company.
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Olympus is a newcomer to the Florida property and casualty market and requires more time to build a solid reputation, however, they have shown growth and appear to be a stable company. Florida homeowners who are participating in the Citizens takeout plan or who have faced difficulty with homeowner’s insurance in the past, such as high rates, might find Olympus a good option.
For a list of companies that we recommend, visit our Best Insurance Companies page.