American Bankers Insurance Company Review & Complaints: Home Insurance (2024)

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American Bankers Insurance Company of Florida is a property & casualty insurance company that operates under the name Assurant; this is the name that is front and center on the company website. They write specialty home insurance across the nation.

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What is American Bankers?

American Bankers was founded in 1947 and has its headquarters in Miami, Florida. They operate as a subsidiary of American Bankers Insurance Group, and they use the name Assurant as their DBA (doing business as) brand.

American Bankers underwrites home and flood insurance policies in most states under the Assurant Specialty Property name, while two other subsidiary companies are the underwriter for Assurant in Minnesota and Georgia.

The company writes specialty homeowners that include manufactured homes and has a strong focus on renters insurance. The website set up is confusing, with several web addresses and links, all with different information. Unless you know to look under the name Assurant Specialty Property, you would have a hard time finding the correct website. The last time we reviewed this company the offerings were more widespread, but they appear to have focused on two main products. If you are in need of a short term rental, learn more about the best home insurance for short term rentals.

Assurant does offer coverage to individuals but also has a lot of business in the lender-placed insurance market. That means they provide force-placed insurance policies on homes for lenders when the owners fail to meet the insurance requirements.

What products does American Bankers/Assurant offer?

The company website has a very limited description of the available policies, making it very difficult to make sense of what they offer. It is also difficult to make clear which policies are underwritten by American Bankers and which by other companies.

Listed on the main website are homeowner’s insurance and renters insurance; there is also a link to a manufactured home insurance program.

The homeowner’s insurance offerings are named – Choice and First Select – however, we were unable to find further information on them.

Manufactured home insurance appears to be mainly a product offered to lenders and manufactured home communities, although there is a direct to consumer policy available as well. Manufactured home insurance links off to a different part of the website under the name Property Solutions, adding to the confusion. This part of the site was more helpful than other areas.

Renters insurance is also available and again appears to have its own separate web link, where little in the way of detail is available once again. This coverage is specifically listed as being underwritten by American Bankers, unlike the other sections where the underwriter is not made clear.

Flood insurance is also available through the National Flood Insurance Program. Also, does homeowners insurance cover mold? Even with flood insurance, you usually don’t get mold covered.

Are the company’s rates affordable?

The only part of the website that offers an online quote is for manufactured homes, so we ran a sample. The system was easy to use and straightforward. We used a standard single-wide manufactured home in our usual Southern California area for the sample, with a value of $75,000.

The rate returned for our quote was $759/year.

Since we do not normally run samples on manufactured home coverage, we are unable to provide a comparison for this rate or offer an opinion on the value offered. Read more on the best home insurance for manufactured homes if you are interested in this type coverage. The system did offer several payment options which are helpful, and a variety of choices for coverage and deductibles.

American Bankers Insurance Company Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

American Bankers Insurance Company, operating under the name Assurant, offers multiple options for filing insurance claims. Policyholders can conveniently file claims online through the member login area on myassurantpolicy.com.

Additionally, a toll-free phone number is available 24/7 for reporting claims. While the information regarding claims filing is primarily found in the section for renter’s insurance, it appears to be the designated place for filing claims for all individual Assurant products.

Average Claim Processing Time

Unfortunately, the provided information does not specify the average claim processing time for American Bankers Insurance Company or Assurant. It’s essential for potential policyholders to inquire directly with the company or their agents for more specific details about claim processing times.

Customer Feedback on Claim Resolutions and Payouts

American Bankers Insurance Company, operating as Assurant, has received mixed customer feedback when it comes to claim resolutions and payouts. While the Better Business Bureau (BBB) gives the company an A+ rating, there are 1,258 complaints filed in the past three years.

Consumer reviews on various platforms, including Consumer Affairs and Yelp, indicate a significant number of one-star reviews. Many complaints reference denied claims and difficulties in getting responses or contact from the company. Potential customers should consider these reviews when evaluating the company’s claims handling reputation.

Digital and Technological Features of American Bankers Insurance Company

Mobile App Features and Functionality

The provided content does not offer specific details about the features and functionality of American Bankers Insurance Company’s mobile app. It’s recommended that individuals interested in the company’s mobile app capabilities visit the official website or contact the company directly for up-to-date information regarding their mobile app offerings.

Online Account Management Capabilities

Similarly, the content does not provide information about the online account management capabilities offered by American Bankers Insurance Company. Prospective policyholders should visit the official website or contact the company directly to learn more about their online account management tools and resources.

Digital Tools and Resources

The content mentions that claims can be filed online through the member login area on myassurantpolicy.com. However, it does not delve into other digital tools and resources that may be available to policyholders.

To gain a comprehensive understanding of the digital tools and resources provided by American Bankers Insurance Company, individuals should explore the company’s website or reach out to their customer service for detailed information.

Are the company’s ratings and consumer reviews positive?

American Bankers Better Business Bureau (BBB) file is found under the Assurant name, where they have an A+ rating. There are 1,258 complaints on file in the past three years. This is a bit of an alarming number, but it has not affected the overall BBB rating. The company has been accredited since 2009.

Consumer Affairs has a page dedicated specifically to Assurant renter’s insurance, which is underwritten by American Bankers. Of the 64 reviews, 59 are one-star reviews. Many complaints refer to denied claims, and there are also comments about the difficulty in getting any response or contact from the company.

Yelp has a handful of positive reviews mixed in with the negative ones, but the overall rating is still a dismal 1.5 star based on 31 reviews. Complaints are similar here. Read the review directory for more information on insurance reviews.

What’s the bottom line?

This company has a confusing website and a confusing system for obtaining information, and with that, it does not come as a surprise to read that customers had trouble with claims. Those in search of a simple and straightforward approach to buying basic property insurance might find that there is more readily available and clear information available with other companies.

There are plenty of types of home insurance policies, and you may find that comparing the service of each insurer leads you to a better business profile. One where customer reviews are better, and the process isn’t as confusing.