This Homeowners of America Insurance Company review will evaluate, for the most recent three year period where reliable statistics are available (2012, 2013, & 2014), the homeowners insurance complaint record for the company, to determine if Homeowners of America Insurance Company has a better-than-average, average, or worse-than-average customer complaint history compared to other insurance companies. This review will also look at the AM Best, Better Business Bureau & JD Power ratings for Homeowners of America Insurance Company, as well as the price competitiveness of its homeowners, condo, and renters insurance rates.
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The detailed information in this review compares the homeowners insurance for Homeowners of America Insurance Company to the industry average and competing companies for customer service, claims processing performance, customer complaints, financial strength, and insurance rates, but if If you don’t want to read all the details, you can skip to the end of this review and read the summary, and go to this review on my website here, to see if Homeowners of America Insurance Company consistently performs better than average, average, or worse than average for customer service, claims, and pricing compared to over 40 other U.S. home insurance companies.
I update my reviews throughout the year as new data becomes available, so be sure to bookmark or place my website in your favorites, so you can keep up on how Homeowners of America Insurance Company and other major insurance companies perform in the future. If the information in this review helps you, please like this review on Facebook and share the link to it on the Web and through social media.
Homeowners of America Insurance Company Home Insurance Complaints & Ratings Review
Homeowners of America Insurance Company is a Texas-based property & casualty insurance company founded in 2005, specializing in residential property coverage, and is licensed and insuring homes in the states of Arizona, South Carolina, and Texas only at this time, although it is licensed to provide insurance in many other states. Homeowners of America Insurance Company offers homeowners, condo, renters, and dwelling insurance policies in Texas, and homeowners insurance policies only in Arizona & South Carolina. Homeowners of America Insurance Company does not provide any other line of insurance other than residential property insurance, such as auto insurance.
By the end of 2010, Homeowners of America Insurance Company had more than 50,000 policyholders. By the end of 2012, Homeowners of America Insurance Company became the 19th largest homeowners insurance company in Texas. The company began expanding to states other than Texas in 2014, so most of its customers at this time are Texas property owners.
Homeowners of America Insurance Company sells its insurance coverage through independent insurance agencies appointed to represent the company. You can find an agent in your area representing Homeowners of America, by contacting customer service or the marketing department here:
Homeowners of America Insurance Company
PO Box 167808
Irving, TX 75016-7808
Toll Free: 866-407-9896
Local: 972-607-4241
Se habla Español: 866-407-9896
Fax: 469-417-0490
Email: customerservice@hoaic.com
Claims phone number: 866-407-9896
Source: Homeowners of America Insurance Company website
This Homeowners of America Insurance Company review is divided into five sections, consisting of: 1. The AM Best Financial Strength ratings for Homeowners of America Insurance Company, 2. Any recent JD Power ratings for Homeowners of America Insurance Company, 3. the Better Business Bureau ratings & complaints for Homeowners of America Insurance Company, and 4. the home insurance complaint record for Homeowners of America Insurance Company, and 5. a review summary, analyzing the competitiveness of Homeowners of America Insurance Company insurance rates, based on trends for its homeowners insurance market share.
1. Homeowners of America Insurance Company AM Best & Demotech Financial Ratings
AM Best, the most well-known of the insurance company rating agencies, does not rate Homeowners of America Insurance Company. This is not unusual for AM Best to not rate smaller or newer insurance companies.
Homeowners of America Insurance Company is rated for financial stability by a company called Demotech, Inc., which rates some smaller or newer insurance companies not rated by other insurance company rating agencies, like AM Best, Moodys, Fitch, Weiss or Standard & Poor. Homeowners of America Insurance Company had its A (Exceptional) Demotech financial stability rating affirmed on 6/17/2015. The rating of “A” is the third highest Demotech rating. However, in my opinion, even the highest rating from Demotech is not enough to be confident in the financial stability of an insurance company.
Homeowners free of recent claims or properties outside of areas with high risk exposure to catastrophic damage from events like hurricanes, windstorms, or wildfires (such as coastal properties or rural properties near forest land) should not have a problem qualifying for homeowners insurance from multiple companies with AM Best ratings of “A-” or better. I prefer to avoid insuring with any homeowners insurance company or subsidiary with no AM Best rating, and those companies with less than an A- rating for financial strength from AM Best.
Source: Homeowners of America Insurance Company AM Best rating: NR (not rated) and Homeowners of America Insurance Company Demotech rating.
2. JD Power Customer Satisfaction & Claims Satisfaction Ratings for Homeowners of America Insurance Company
Homeowners of America Insurance Company has not been included or rated in any of the annual JD Power insurance studies in the last several years. Although Homeowners of America Insurance Company is a large home insurer in Texas, it does not have enough market share nationally, or in any one state or US region, to be included in the JD Power ratings, which rates only the largest companies with major market share. Homeowners of America Insurance Company not being rated by JD Power is not a negative against or a positive for the company, but its lack of rating means there is one less objective source to evaluate the customer & claims service provided by Homeowners of America Insurance Company.
3. Better Business Bureau Ratings for Homeowners of America Insurance Company
Although customer complaints are best directed toward a customer’s state department of insurance, the Better Business Bureau is a well-known and popular choice for consumers filing complaints against companies. If many customers are having difficulty resolving an issue with their insurance company and take the time to contact the Better Business Bureau about it, it’s a pretty good sign customers in general may be unhappy with the service provided by their insurance company. If a lot of complaints are made to the BBB about a company, in greater numbers than similar-sized insurance companies, it’s reflected in the BBB rating, and is one indicator the company may have more dissatisfied customers than some of its competitors. I don’t consider an A+ BBB rating to be a reliable indication of a good insurance company, but a lower than “A” rating may be considered as a sign of below average customer service.
As of the date of this review, Homeowners of America Insurance Company has only one company profile on the BBB website with a BBB rating or complaints filed:
Homeowners of America Insurance Co.
Homeowners of America Insurance Co. has the highest rating of “A+” from the Dallas and Northeast Texas office of the Better Business Bureau, and it has been BBB accredited by this BBB office since 10/11/2010. Businesses are under no obligation to seek BBB accreditation, and businesses not accredited are not accredited simply because they have not sought BBB accreditation.
Homeowners of America Insurance Co. had 8 BBB complaints in the last three years, with 5 complaints closed in the last 12 months. Six complaints were for the category of a problem with service, one complaint was for Guarantee/Warranty issues, and one complaint was for Billing/ Collections issues. According to the BBB webpage, reasons for the highest rating for Homeowners of America Insurance Co. are for the length of time the business has been operating, its complaint volume filed with BBB for a business of this size, and the response & resolution to all eight complaints.
The BBB rating for Homeowners of America Insurance Company raises no concerns and no BBB complaints were ignored by the company as of the date of this review.
Source: BBB rating for Homeowners of America Insurance Co..
4. Home Insurance Complaint Record for Homeowners of America Insurance Company 2012-2014
You may really like your insurance company, or you may have heard from relatives or friends about the insurance companies they think are best, but you never really know how good your insurance company will be, until you have a serious claim. A great way to evaluate your auto or home insurance company’s claims service is to look at its customer complaint record.
A measure of quality for an auto or homeowners insurance company is the number of upheld complaints filed against it with a state’s insurance regulatory authority, compared to the industry average and competing companies. Some of the most common reasons, for people to file auto & home insurance complaints with a state insurance department against insurance companies, are for delays in a claim payment, unsatisfactory payment of a claim, and denial of a claim.
This section of the review will show you if the homeowners, condo, or renters insurance for Homeowners of America Insurance Company has a better-than-average, average, or below-average complaint record, based on its 2012, 2013 & 2014 customer complaint statistics. This portion of the review provides valuable information, to help you decide if Homeowners of America Insurance Company, or a competitor, like State Farm or Texas Farm Bureau, is a better insurance company for you. By choosing a company with a better-than-average complaint history, or at least avoiding companies with consistent, worse-than-average complaint records, you decrease the likelihood you will have a negative experience, when you need your insurance company.
The complaint statistics, called complaint ratios, used in this Homeowners of America Insurance Company review are the number of upheld complaints filed against Homeowners of America Insurance Company with a state’s insurance regulatory authority, adjusted for its market share, as determined by the National Association of Insurance Commissioners.
The complaint ratios for Homeowners of America Insurance Company listed below display the ratio of the company’s U.S. Market Share of closed complaints compared to the company’s U.S. Market Share of premiums for a specific policy type. Complaint ratios lower than “1” have less complaints than average, and complaint ratios over “1” have more complaints than average. The lower the complaint ratio, the less complaints against the company. Ideally, you want to choose an auto or home insurance company with complaint ratios less than 1.00 each year, at least over the most recent three years.
So you don’t have to worry about comparing complaint ratio numbers, I devised a rating system to help you identify if Homeowners of America Insurance Company has a good or poor complaint record.
Here’s how I establish my homeowners insurance complaint ratings:
B = Better than average. Insurance companies with complaint ratios less than 75% of the average insurance company.
C = Average. Insurance companies with complaint ratios from 75% to 125% of the average insurance company. I use a minus sign (-) to indicate auto insurance complaint ratios slightly worse than average (1.05 to 1.25) and a plus sign (+) for auto insurance complaint ratios slightly better than average (.95 to .75).
W = Worse than average. Insurance companies with complaint ratios more than 125% of the average insurance company.
I prefer companies with the longest recent history of “B” ratings each year (or at least in the most recent three years). Companies with “B” or “C+” ratings are okay, too, particularly if they have less market share, with less than $50,000,000 in premiums for that line of insurance (auto or home) each year. I prefer to avoid companies with a consistently higher than average number of complaints, or with inconsistent complaint records, unless there are mitigating factors, such as very small market share.
B = Better than Average C = Average W = Worse than Average
2017 Home Insurance Complaint Ratio = B (.18)
2017 home insurance premium = $120,143,736
2016 Home Insurance Complaint Ratio = B (.50)
2016 home insurance premium = $104,193,104
2015 Home Insurance Complaint Ratio = B (.13)
2015 home insurance premium = $79,542,012
2014 Home Insurance Complaint Ratio = B (.31)
2014 home insurance premium = $59,764,894
2013 Home Insurance Complaint Ratio = B (.23)
2013 US home insurance premium = $47,623,310
2012 Home Insurance Complaint Ratio = B (0) (No complaints)
2012 US home insurance premium = $41,394,495
Homeowners of America Insurance Company has a consistently better than average home insurance complaint record each year from 2012 to 2014, with its number of home insurance complaints in its worst year during this period at only 31% of the industry average. The home insurance market share for Homeowners of America Insurance Company has grown each year since 2012, so Homeowners of America Insurance Company may have competitive homeowners insurance rates.
5. Homeowners of America Insurance Company Review Summary
Here’s my summary to give you the bottom line on the customer service & rates for Homeowners of America Insurance Company, to see if it performs better than average, average, or worse than average.
Homeowners of America Insurance Company customer & claims service for homeowners insurance, as measured by its 2012-2014 complaint record for its largest subsidiaries:
Better than average
How does Homeowners of America Insurance Company compare to other major insurance companies, like State Farm, Allstate, Nationwide, GEICO, Progressive, and others? Compare Homeowners of America Insurance Company with over forty other companies at my review here.
AM Best Financial Strength Rating for Homeowners of America Insurance Company:
Homeowners of America Insurance Company is not rated by AM Best for financial strength, although it’s rated by Demotech, Inc. for financial stability. I try to avoid any home insurance company not rated by AM Best, unless there is very compelling reason for choosing it, or no companies with an AM Best rating (preferably rate “A-” or higher) are available to you.
JD Power Homeowners Insurance Claims & Customer Satisfaction Ratings:
Homeowners of America Insurance Company is not rated in any recent JD Power insurance studies.
Homeowners of America Insurance Company Insurance Rates
For pricing, the most reliable way to know if Homeowners of America Insurance Company has high or low homeowners, condo, or renters insurance rates, is to conduct your own pricing survey, by obtaining price quotes from all the leading insurance companies in your state, to find the best company for you. However, a recent rapid increase or decrease in market share may indicate whether a company has higher or lower insurance rates for at least some people applying for its insurance coverage.
If you look at the annual home insurance premiums for Homeowners of America Insurance Company in section #4 of this review, its home insurance market share has increased each year from 2012 to 2014, which may indicate Homeowners of America Insurance Company has competitive homeowners insurance rates.