Centauri Insurance Review & Complaints: Home, Dwelling Fire, Condo, Tenant’s Insurance (2024)

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Founded in Florida but only recently writing policies in that state, Centauri Insurance started with the purchase of hurricane policies in Hawaii. They then expanded through their neighboring states before finally offering products in their own home state, a rather unusual approach to expansion.

Who is Centauri Insurance Co?

Although the company is based in Florida and born of another Florida insurer, Universal Insurance, (read our “Universal Property and Casualty Insurance Review & Complaints” for more information). Centauri Specialty Insurance Company did not initially write policies in that state due to difficulties with regulations and profitability.

While building a reputation as a major hurricane insurance carrier in Hawaii, the company started writing homeowners insurance in several states in the Gulf region, where hurricanes are also common.

They have expanded since their initial purchase of hurricane policies in 2012. Currently, they write policies in Hawaii, Louisiana, Alabama, Mississippi, Texas, South Carolina, and Florida.

Policies are written through a network of independent agents, and quoting is not available online. They maintain offices in multiple states to serve the regions in which they currently write policies.

In Louisiana, the insurer is part of the Citizens Takeout program, which allows policyholders with the state’s last-resort property insurance company, Citizens, to move to other insurance companies in an effort to reduce the number of policies with Citizens.

The company’s website is working on a policy management system that will soon be available to policyholders, but currently, only online bill pay is available. Other inquiries must be made through an agent.

The company was due to be acquired by Avatar Insurance, but the deal was terminated in the midst of the COVID-19 pandemic. Avatar is not set to acquire the company anymore due to the risks of uncertainty.

What Insurance Products are Offered?

Agents write a strong combination of insurance policies, including property and casualty policies for homeowners and tenants in a range of policy types and insurance coverage levels.

Does the company offer Homeowners Insurance?

Centauri writes standard homeowners insurance policies that provide comprehensive coverage for the house itself, personal property coverage, and liability insurance to protect against lawsuits stemming from injuries or negligence. The policies also offer additional endorsements that can be added to protect high-value items such as jewelry and art.

Can you get Dwelling Fire/ Landlord Insurance?

Dwelling fire coverage is designed to protect tenant-occupied buildings and the particular risks of rental properties. The basic coverage includes protection for the house, limited personal property including appliances owned by the landlord, and liability. Landlord policies also cover income loss while a property cannot be rented.

Is Condo Insurance offered?

The insurer writes policies designed for the needs of condo owners. These policies cover structures not otherwise covered by the condo association as well as personal property and liability.

Is Tenants Insurance offered?

The company writes insurance policies for renters to cover their personal property as well as provide liability insurance protection.

Are Flood, Earthquake, and Hurricane Insurance offered?

The company’s origins are as a hurricane and earthquake insurance provider in the Island State, and they continue to write those policies, currently only in that state. They also write flood insurance policies privately and offer National Flood Insurance Program information on their site as well.

How Much are Centauri Insurance Rates?

Centauri Insurance Company does not currently offer online quotes, making it difficult to obtain quick premium comparisons. As a regional insurer offering only property and casualty coverage, they do not have the ability to offer multi-line discounts that can help to reduce premiums. However, expansion across several new states means growth and financial stability that can help reduce premiums across the board over time. Due to the company’s youth, there is little information regarding how their premiums stack up against other similar companies, or what additional coverage options are available.

As insurance is sold only through agents, commissions are likely to affect the premiums somewhat compared to direct-buy insurance companies with no agent commissions.

Centauri’s website allows policyholders to log in to make online payments, but it’s unclear what type of payment plans are available and whether or not discounts are offered for full payment.

Centauri Insurance Claims Process

Ease of Filing a Claim

Centauri Insurance offers a straightforward and accessible claims process, allowing policyholders to report claims through a 24-hour claims line. Whether online, over the phone, or through their mobile apps, Centauri Insurance prioritizes ease of filing a claim, providing multiple convenient options to suit the preferences of their customers.

Average Claim Processing Time

While specific claim processing times can vary depending on individual circumstances, Centauri Insurance is committed to swift and efficient claims handling. Policyholders can generally expect timely responses and resolutions, minimizing any potential disruptions caused by unexpected events.

Customer Feedback on Claim Resolutions and Payouts

Centauri Insurance values customer feedback and strives to deliver fair and satisfactory claim resolutions and payouts. While their reputation continues to develop, the insurer remains dedicated to addressing customer needs promptly. Feedback from policyholders plays a crucial role in improving their claims process.

Centauri Insurance Digital and Technological Features

Mobile App Features and Functionality

Centauri Insurance offers a comprehensive mobile app equipped with features designed to enhance customer experience. The app provides convenient access to policy information, claims reporting, and account management. With user-friendly mobile app features and functionalities, policyholders can easily interact with the insurer while on the go.

Online Account Management Capabilities

Centauri Insurance’s online account management platform empowers policyholders to take control of their insurance policies. Through a secure online portal, customers can review policy details, update personal information, make premium payments, and monitor claims status. These online capabilities simplify access to vital information and contribute to a seamless insurance experience.

Digital Tools and Resources

In addition to their mobile app and online account management, Centauri Insurance offers a range of digital tools and resources.

These resources may include educational materials, cost calculators, and safety tips, ensuring policyholders have access to valuable information when making insurance-related decisions. Centauri Insurance’s commitment to utilizing technology enhances customer engagement and support.

Are There many Consumer Complaints?

The life insurance company is not Better Business Bureau (BBB) accredited but has a rating of B+ based on the BBB’s multi-factor rating system. Currently, there are only 13 complaints on file in the past 3 years, two of which have been closed in the past 12 months. No government actions against it have been recorded. The BBB site states the reason for the poor rating is the 13 complaints filed against them.

As a very new entrant into the insurance market with only a few years of experience, the insurer has yet to build a firm reputation, and a search for complaints makes it clear that many insurance consumers know very little about the company. The customer experience can’t be judged easily based on this.

It is likely that a clearer picture of the insurer’s reputation will emerge over time. In spite of this, the lack of complaints, in general, is a good sign for the company so far, as many new companies face complaints early in business as systems are set up and tested.

Are the Company’s Financial Strength Ratings Good?

What’s the Bottom Line?

As a new insurer in the property & casualty market, Centauri Specialty Insurance Co still needs to firmly establish a reputation with consumers to give them peace of mind when choosing the casualty insurer. They should probably work to improve at least the knowledge of strong client relations and quality customer service for their products.

Their specialty in helping homeowners who live in hurricane-prone areas may make them a good choice for those types of homes, but lower risk homes are likely to find better options for homeowners insurance elsewhere, particularly with companies offering multi-line discounts. This is especially true in states with a lower risk of hurricanes and other major natural disasters, and where the insurance industry is strong with lots of competition.