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SafePoint Insurance Summary
Safepoint Insurance was created in 2013 to provide Florida property insurance customers a new option in an improving market. The company created a solid client base in 2014 after being approved to assume thousands of policies from Citizens Insurance, a nonprofit Florida insurance company that was created to insure customers who are unable to obtain a policy from another insurer. This assuming of policies is part of a takeout system that is passing policies from Citizens to other insurers, and insured parties are permitted to choose whether or not to accept the new company.
Safepoint is based in Tampa Bay, Florida and insures a little more than 50,000 homeowners in the state. Currently they offer only homeowner’s insurance policies at several levels and extended equipment breakdown coverage that can be added to a homeowner’s policy. All of the company’s policies are written through independent agents, and online quoting is not currently available. Safepoint Insurance currently writes policies only in Florida.
Safepoint covers several types of Florida homes with a variety of different coverage options to suit each homeowner’s coverage needs. Customers who are being offered a takeout policy to move from Citizens will be given the choice to move to Safepoint. The company offers a comparison of their home policies and those offered through Citizens here.
Safepoint’s HO3 homeowner’s insurance is a package policy covering multiple perils. Coverage under this type of policy is available for homes that qualify under the company’s standards, and includes a list of benefits for policyholders that includes:
- Replacement cost coverage for the structure itself
- Other structures coverage (buildings that are not the primary structure)
- Contents coverage for personal property
- Liability coverage for the homeowner to pay any claims for injury or damage
- Loss of Use to cover lodging costs during repairs
- Medical Payments
These policies also include a variety of other coverage to create a comprehensive protection plan for homeowners.
Dwelling Fire Insurance
Safepoint writes insurance policies for homes that do not qualify for the homeowner’s package policy as dwelling fire policies. This type of policy can cover a tenant-occupied home or any other policy that does not meet the underwriting requirements for homeowner’s.
This type of policy is available in two levels, each with specific perils covered and differing limits for coverage. In the lowest form, coverage is limited because of the higher risk to the insurance company.
Policies from Safepoint for condominiums are designed to meet the specific needs of condo owners, as they differ from single-family residences. This includes contents coverage and property coverage for those portions of the building that fall under the owner’s responsibility, as well as liability coverage.
Safepoint offers this coverage enhancement on homeowner’s insurance policies to act as a type of home warranty coverage. It helps to pay for repairs and replacement of covered equipment in the home.
Safepoint does not offer online quoting and is a new insurance company with little in the way of records for comparison available. Because they have taken on a large number of policies from Citizens, which is a “last resort” insurance company with relatively high rates, policyholders who were previously with Citizens may find the new rates more affordable.
As a small company, rates may be higher than some larger insurers, especially for lower-risk homes. Safepoint does employ a paperless system for policies and billing, which helps to reduce costs and may reduce rates, and also makes paying and managing insurance bills easier for customers.
Safepoint has a 24/7 claims department that is available for filing of claims via a toll-free phone number, 855-CLAIM15. There is a form available online for those who prefer to initiate the claim online. Filing information is readily available on the Safepoint website, including phone numbers and email addresses.
The website does offer some detail regarding their claims process. A claim number is assigned immediately upon submission of the claim, and the company promises that customers will be assigned to and contacted by an adjuster within 24 hours. The length of the claims process depends greatly upon the type of claim and the extent of the loss. Safepoint sends out representatives in the event of a major disaster such as a hurricane to provide aid and claims assistance, and important factor considering Florida’s difficult hurricane season.
The claims line is also available 24/7 in order to handle inquiries regarding the claims process and status, and customers can also contact their insurance agent for assistance.
Safepoint is listed on the Better Business Bureau (BBB) website, and although they aren’t accredited, they are given an A+ rating. There has been only one complaint filed in the last three years and it has been closed. This is a very small number of complaints, however the company is still very new and the complaint number likely due to this reason.
The Florida Office of Insurance Regulation keeps records of complaints against insurance companies. The most recent available data for Safepoint is for the fourth quarter of 2016, during which the company had 15 complaints recorded.
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Safepoint is a new insurance company and still working on establishing a presence and a reputation in the Florida insurance market. Customers with a strong insurance record and a lower risk home are likely to find rates more affordable through larger insurers. Safepoint is a good option for those with higher-risk dwellings or who are having trouble finding coverage elsewhere. As the company grows, rates may become more competitive, and as more records become available on Safepoint’s performance it may become a stronger choice for Florida homeowners. Citizen’s Insurance customers particularly may find Safepoint to be an affordable option if they are offered a takeout policy.
For a list of companies that we recommend, visit our Best Insurance Companies page.