Frankenmuth Insurance Company(MI): Contact Details, Products, Financials, Ratings, Claims, Cancellations and Renewals.

Frankenmuth Insurance Company, headquartered in Frankenmuth, Michigan, was established in 1870, and its ownership rests with policyholders.

Operating as a super-regional carrier, it extends its services across multiple states.

Frankenmuth Insurance Company

With licenses to conduct business in 15 states and the District of Columbia, Frankenmuth Insurance serves a broad geographical range.

Contact Details

Company Name Frankenmuth Insurance Company
Address 1 Mutual Avenue, Frankenmuth, MI 48787
Phone (989) 652-6121
Toll-Free Phone 1-800-234-1133
Claims Phone 1-800-234-4433
Website https://www.fmins.com/

Frankenmuth Insurance Company Services and Products

Business Insurance:

Frankenmuth Insurance provides diverse business insurance products.

Business owners’ policy (BOP) combines general liability and commercial property insurance, offering a cost-effective solution for small businesses.

Commercial auto insurance covers business vehicles in the event of an accident or covered loss.

Workers’ compensation provides benefits to injured or ill employees on the job.

Commercial umbrella insurance extends liability coverage beyond other business insurance policies.

Cyber and information protection insurance covers costs related to data breaches and cyberattacks.

Commercial package policy (CPP) bundles various types of business insurance into one policy, including property, liability, and auto insurance.

Safety services are available to help businesses minimize the risk of accidents and injuries.

Specialized business insurance products are tailored for industries like;

  • Contractors,
  • Construction,
  • Offices and professional services,
  • Manufacturing,
  • Retail,
  • Hospitality,
  • Healthcare,
  • Education,
  • Nonprofit organizations.

Home Insurance:

Frankenmuth Insurance offers a variety of home insurance products.

Homeowners insurance covers homes and their contents in the event of a covered loss.

Homeowners’ equipment breakdown insurance covers the repair or replacement of home appliances and systems.

Renters insurance provides coverage for personal property and liability in rental homes or apartments.

Condominium unit owners‘ insurance safeguards condominium units and contents.

Dwellings under construction insurance protects homes during construction or remodeling.

Manufactured home insurance covers manufactured homes and their contents.

Rental property owners insurance protects rental properties and offers liability coverage.

Personal umbrella insurance provides additional liability coverage beyond homeowners insurance policies.

Auto Insurance:

Frankenmuth Insurance offers various auto insurance products.

Personal auto insurance covers personal vehicles in the event of accidents or other covered losses.

Commercial auto insurance covers business vehicles in the event of accidents or other covered losses.

Collector car insurance provides specialized coverage for collector cars.

Recreational vehicles insurance covers vehicles like motorhomes, campers, and travel trailers.

Boat and sport vehicle insurance covers watercraft such as yachts and jet skis.

Life Insurance:

Frankenmuth Insurance offers a selection of life insurance products.

Whole life insurance provides lifelong coverage and accumulates cash value.

Term life insurance offers temporary coverage for specific time periods.

Business life insurance safeguards businesses in the event of the death of a key employee.

Final expense whole life insurance covers funeral and final expenses.

Surety Bonds:

Frankenmuth Insurance provides surety bonds for various purposes.

Bid bonds guarantee that a contractor will enter into a contract if their bid is accepted.

Performance bonds ensure that a contractor will complete a project according to the contract terms.

Payment bonds guarantee that a contractor will pay subcontractors and suppliers.

Financial Strength Rating

Frankenmuth Insurance has an AM Best rating of “A” (Excellent).

This rating indicates that Frankenmuth Insurance has a strong financial position and is able to meet its obligations to policyholders.

Revenue and Net Income

Frankenmuth Insurance’s revenue and net income have been growing steadily in recent years. In 2022, the company’s revenue was $470 million and its net income was $250 million.

Customer Reputation

Frankenmuth Insurance has a good reputation among its customers. It has a rating of 4.2 out of 5 stars on the Better Business Bureau website.

Overall, Frankenmuth Insurance is a financially sound company with a good reputation among its customers.

Additional Financial Details

Here are some additional financial details about Frankenmuth Insurance:

  • Assets: $2.3 billion
  • Liabilities: $1.8 billion
  • Policyholders’ surplus: $500 million
  • Return on equity: 15%

These financial details indicate that Frankenmuth Insurance is a well-capitalized company with a strong financial position.

Frankenmuth Insurance Company Claims Process

  1. Report the Claim
    • As soon as you experience a covered loss, promptly report it to Frankenmuth Insurance.
    • You can initiate the claim by contacting your local independent agent or by using the company’s toll-free claims number at 1-800-234-4433.
  2. Gather Your Documentation
    • Following the claim report, you must assemble supporting documentation. This may entail collecting items such as:
      • A copy of your insurance policy
      • A police report (if applicable)
      • A repair estimate or other proof of loss
      • Medical records (if applicable)
  3. Submit Your Claim
    • Once you’ve compiled all necessary documentation, submit your claim to Frankenmuth Insurance.
    • You have the option to send it via mail, fax, or online.
  4. Frankenmuth Insurance Investigates
  5. Claim Decision
    • After the claims adjuster concludes their investigation, they will reach a decision on your claim.
    • If your claim is approved, Frankenmuth Insurance will issue a payment to you or directly to the repair shop or vendor involved.
  6. Appeal Process

Additional Tips for Filing a Claim:

Frankenmuth Insurance is dedicated to offering its customers a transparent and efficient claims process.

Cancellations and Renewals:

Affiliates and Partnerships:

  • Frankenmuth Insurance collaborates with a network of independent agents to distribute its products and services.
  • Additionally, Frankenmuth Insurance is a proud member of the Michigan Mutual Insurance Association.

Customer Reviews:

  • Frankenmuth Insurance garners positive feedback from its customers.
  • They specifically praise the company for its competitive rates, excellent customer service, and efficient claims processing.

FAQs

 What’s the distinction between a mutual insurance company and a stock insurance company?

  • A mutual insurance company is owned by its policyholders.
  • In contrast, a stock insurance company is owned by its shareholders.
  • Mutual insurance companies prioritize providing value to their policyholders, while stock insurance companies focus on maximizing profits for their shareholders.

 What does an AM Best rating signify?

 How can I initiate a claim with Frankenmuth Insurance?

 Is it possible to cancel my Frankenmuth Insurance policy at any time?

  • Yes, you have the flexibility to cancel your Frankenmuth Insurance policy at any time.
  • Please be aware that you might be subject to a cancellation fee.

 What is the procedure for renewing my Frankenmuth Insurance policy?

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