Homeowners of America Insurance Company, Texas (TX): Overview, Services, Contacts, Market Share, Financial Rating, Claim Process, Partnerships and Affiliates

How to Protect Your Home with Homeowners of America Insurance Company

Your home is one of your most valuable assets. It is where you live, relax, and create memories with your loved ones. It is also where you store your belongings and personal items. That is why you need to protect it from any potential risks and damages that may occur due to natural or man-made disasters.

But how do you choose the best home insurance company for your needs?

There are many factors to consider, such as the coverage, the cost, the customer service, and the reputation of the company. In this post, we will introduce you to one of the leading home insurance companies in Texas: Homeowners of America Insurance Company (HOAIC).

 

An iamge Illustration of Homeowners of America Insurance Company
Homeowners of America Insurance Company: Your Trusted Insurance Partner
Photo Courtesy: thepaullongagency.com

 

What is Homeowners of America Insurance Company?

HOAIC is a home insurance company that was founded in 2006 in Irving, Texas. It is a subsidiary of Porch Group, Inc., a leading software and services platform for the home improvement industry. HOAIC provides a comprehensive range of home insurance products and services to homeowners and renters in Texas, Arizona, Georgia, North Carolina, South Carolina, and Virginia.

HOAIC’s mission is to provide quality products and services at competitive prices while maintaining a high level of customer satisfaction and financial stability. HOAIC has been rated “A” exceptional by Demotech, Inc., an independent rating agency that evaluates the financial strength and performance of insurance companies.

 

Homeowners of America Insurance Company (HOAIC) Overview

HOAIC is led by a team of experienced and dedicated professionals who have over 40 years of combined experience in the insurance industry. The executive vice president of HOAIC is Spencer Tucker, who founded the company in 2006 after seeing the need for a better home insurance option for Texans. The president and chief executive officer of Porch Group, Inc., the parent company of HOAIC, is Matt Ehrlichman, who also serves as the chairman of the board of directors.

 

Homeowners of America Insurance Company (HOAIC) Market Share

HOAIC has a market share of 1.5% in Texas, making it the 12th largest home insurance company in the state. The Company has also expanded its presence to other states in recent years, such as Arizona in 2010, Georgia in 2012, North Carolina in 2015, South Carolina in 2017, and Virginia in 20181. Furthermore, HOAIC has over 200,000 policyholders and over $100 million in annual premium revenue.

 

What are the partnerships and affiliates of HOAIC?

HOAIC has established partnerships and affiliations with various businesses and organizations that share its vision and values. Some of these include:

Porch Group, Inc.:

HOAIC became a subsidiary of Porch Group, Inc. in January 2021, when Porch acquired all the outstanding shares of HOAIC for $100 million4. Porch is a leading software and services platform that connects homeowners with home improvement professionals and provides them with tools and resources to manage their home projects. Porch also offers other services such as moving assistance, utility setup, security system installation, and home warranty plans.

Independent Agents:

HOAIC works with over 2,000 independent agents across its operating states who help customers find the best coverage and price for their home insurance needs. HOAIC values its agent partners and provides them with training, support, and incentives to grow their business.

Community Associations Institute (CAI):

HOAIC is a member of CAI, a national organization that represents the interests of homeowners associations (HOAs), condominium associations, cooperatives, and other community associations. HOAIC offers specialized insurance products for HOAs and their members, such as directors’ and officers’ liability insurance, fidelity bond insurance, umbrella liability insurance, and property insurance.

Texas Windstorm Insurance Association (TWIA):

HOAIC is a participating member of TWIA, a state-created pool that provides windstorm and hail coverage for coastal properties that are unable to obtain insurance from the private market. HOAIC offers supplemental coverage for TWIA policyholders who need additional protection for their homes from other perils such as fire, theft, vandalism, water damage, and liability.

 

Homeowners of America Insurance Company(HOAIC) Contact Information

If you need to get in touch with Homeowners of America Insurance Company, you have several options:

  • Phone: For immediate assistance, you can call their customer service team at either 866-407-9896 or 972-607-4241.
  • Email: If you prefer electronic communication, you can easily reach out by clicking on their email link.
  • Mailing Address: For general correspondence, you can send letters to the following address:

    Homeowners of America Insurance Company
    PO Box 167808
    Irving, TX 75016-7808

Policy Changes

If you are an existing customer and wish to make changes to your policy, please contact your designated agent. Your agent’s contact details, including their name, address, and telephone number, can be found on your policy declaration page.

What Services does HOAIC offer?

HOAIC offers a variety of home insurance products and services that cater to different needs and preferences of homeowners and renters. Some of these include:

Homeowners Insurance:

HOAIC offers standard homeowners insurance policies that cover the dwelling, personal property, personal liability, medical payments, and additional living expenses of the policyholder in case of a covered loss. HOAIC also offers optional endorsements that can enhance the coverage and benefits of the policy, such as replacement cost coverage, identity theft coverage, water backup coverage, equipment breakdown coverage, and service line coverage.

Renters Insurance:

HOAIC offers renters insurance policies that cover the personal property, personal liability, medical payments, and additional living expenses of the policyholder who rents a home or apartment from a landlord. Renters insurance can protect the policyholder from losses due to theft, fire, smoke, water damage, vandalism, and other perils.

Condo Insurance:

HOAIC offers condo insurance policies that cover the personal property, personal liability, medical payments, and additional living expenses of the policyholder who owns a condominium unit. Condo insurance can also cover the improvements and additions made to the unit by the policyholder, as well as the loss assessment charged by the condo association for a covered loss.

Dwelling Fire Insurance:

HOAIC offers dwelling fire insurance policies that cover the dwelling and other structures of a property that is not occupied by the owner or rented to others. Dwelling fire insurance can protect the property from losses due to fire, lightning, windstorm, hail, explosion, and other perils.

Special Package:

HOAIC offers a special package for customers who have multiple policies with HOAIC or Porch Group, Inc. The special package can provide discounts on premiums, enhanced coverage options, and additional benefits such as free home inspection, free home warranty plan, free security system installation, and free moving assistance.

Why Opt for Homeowners of America Insurance Company (HOAIC)

HOAIC is one of the leading home insurance companies in Texas, but it is not the only option for homeowners in the state. Many other home insurance companies offer different products, prices, services, and reputations. To help you compare HOAIC with other home insurance companies in Texas, here are some factors to consider:

Products:

HOAIC offers a variety of home insurance products and services that cater to different needs and preferences of homeowners and renters. HOAIC also offers optional endorsements that can enhance the coverage and benefits of its policies.

However, some other home insurance companies may offer more or less coverage options, such as earthquake, flood, or mold coverage, than HOAIC. You should compare the policy terms and conditions of each company to see what they cover and what they exclude.

Prices:

HOAIC strives to provide affordable and competitive home insurance rates for its customers. HOAIC also offers various payment options, discounts, and promotions for its customers to help them save money on their home insurance.

However, some other home insurance companies may offer lower or higher rates than HOAIC, depending on various factors such as the location, age, condition, and value of the property, the coverage and deductible options chosen by the customer, the credit score and claims history of the customer, and the discounts and promotions available for the customer. You should compare the quotes from different companies to see which one offers the best value for your money.

Services:

HOAIC is committed to providing excellent customer service and support to its customers and agents. HOAIC has a friendly and knowledgeable staff that is ready to assist its customers and agents with any questions or concerns they may have. The ComHOAIC also has a user-friendly website that provides information and resources for its customers and agents.

However, some other home insurance companies may have better or worse customer service and support than HOAIC, depending on their staff quality, availability, responsiveness, and professionalism. You should check the reviews and ratings from other customers and agents to see how they rate their experience with each company.

Reputations:

HOAIC has a reliable and reputable reputation in the home insurance industry. HOAIC has been rated “A” exceptional by Demotech, Inc., an independent rating agency that evaluates the financial strength and performance of insurance companies.

It has also been accredited by the Better Business Bureau (BBB) with an A+ rating. HOAIC has also been recognized by various awards and honors for its financial achievements and excellence.

However, some other home insurance companies may have better or worse reputations than HOAIC, depending on their financial stability, performance, compliance, transparency, integrity, and social responsibility. You should check the ratings and reports from independent rating agencies such as AM Best, Standard & Poor’s, Moody’s, Fitch Ratings, BBB, Consumer Reports, J.D. Power, etc., to see how they evaluate each company.

As you can see, there are many factors to consider when comparing HOAIC with other home insurance companies in Texas. There is no one-size-fits-all answer to which company is the best for you.

You should also consult with an independent agent who can help you find the best coverage and price for your home insurance needs.

 

Financial Strength of Homeowners of America Insurance Company (HOAIC)

Homeowners of America Insurance Company, also known as HOAIC, has received a noteworthy Financial Stability Rating® (FSR) of A, which signifies an “Exceptional” level of financial stability. This assessment comes from Demotech, Inc., a reputable actuarial consulting and financial analysis firm.

Significance of Financial Stability Ratings®: It’s important to understand that Financial Stability Ratings® hold significant weight and are widely recognized and accepted by lenders. These ratings provide valuable insights into the financial health and stability of insurance companies, offering peace of mind to policyholders and lenders alike. HOAIC’s Exceptional rating underscores its strong financial position, which is a reassuring factor for those considering their insurance services.

 

How to File a Claim with Homeowners of America Insurance Company

Filing a claim with HOAIC is easy and convenient. You can choose from the following options:

  • Online: You can report your claim online by visiting HOAIC’s Report a Claim page and filling out a simple form. You can also upload any attachments such as photos or videos of the damage.
  • Phone: You can call HOAIC’s Claims Center at 866-407-9896 and speak with a Claims Associate who will assist you with your claim. You can also email the claims department at claims@hoaic.com.
  • Email: You can email the claims department directly at claims@hoaic.com and provide your policy number, contact information, date and time of loss, description of loss, and any other relevant information. You can also attach any photos or videos of the damage.

After you report your claim, a claims representative will contact you within 24 hours to confirm the details, explain the coverage, answer any questions, and provide guidance on what to do next.

They will also arrange for an inspection by an adjuster who will assess the damage and prepare an estimate of repairs or replacement. Your claim will be settled based on the policy terms and conditions in a fast, fair, and friendly manner.

Homeowners of America Insurance Company(HOAIC)  Pros and Cons

Homeowners of America Insurance Company, often referred to as HOAIC, is a relatively new insurance company. Despite its status as a newcomer, it offers competitive rates and a wide range of customizable options for policyholders. While it may not have an extensive track record in the industry, it’s worth considering for those who prioritize affordability and flexibility.

Pros:

  • Minimal Consumer Complaints: One notable advantage of HOAIC is its low volume of consumer complaints. This suggests a positive customer experience and a commitment to addressing customer concerns effectively.
  • Abundant Discounts: HOAIC offers numerous discounts to its policyholders. These discounts can help you save on your insurance premiums, making it an attractive option for cost-conscious consumers.
Cons:
  • Limited Availability: It’s important to note that HOAIC is not available in all states. This geographical restriction can be a drawback for individuals residing in areas where the company does not operate.
  • Lack of Online Quoting and Mobile App: HOAIC does not provide the convenience of online quoting or a dedicated mobile app. This means potential customers won’t have the ease of obtaining quotes or managing their policies via a mobile application.

In summary, HOAIC offers competitive pricing and an array of customization options, but its availability is restricted to certain states, and it lacks some of the digital conveniences provided by larger insurers. This information can help you make an informed decision when considering HOAIC for your insurance needs.

Explore Related Contents

  • Americo Financial Life and Annuity Insurance Company, Texas (TX): Contacts, Claims, Agent Login, Financial Details, Reviews, Coverage Details, Legal and Compliance
  • Boston Mutual Life Insurance Company, Massachusetts (MA): Contact Information And Address, History, Products And Reviews
  • Upstream Life Insurance Company, Texas (TX): Contacts, Address, Products, Services, Claims, Coverage Details, Reviews
  • Wellfleet Insurance Company, Indiana (IN): Contact information, Provider Portal, Claims, Services, Login, Ratings, Reviews, Careers

 

Spread the love