HomeInsuranceAmica Homeowners Insurance Review

Amica Homeowners Insurance Review

4 November 2024
Amica is in the No. 2 spot on our list of the top homeowners insurance companies. There are many opportunities to save via discounts like alarm systems, protective devices, multi-policy, claims-free, loyalty, and autopay. You get all the coverages you’d expect, such as dwelling, personal property, loss of use, personal liability, and guest medical coverage here. Amica is the cheapest you’ll find among our top-rated homeowners insurance companies.

It also offers a Platinum Choice policy that covers everything in the standard policy but also includes upgrades like replacement cost coverage, water backup, and increased limits for jewelry, credit cards, personal liability, and guest medical payments.

If you live in Alaska or Hawaii, you won’t be able to purchase a homeowners policy with this company. Assuming you don’t have the Platinum Choice Home policy, you’d have to pay extra for features like water backup and dwelling and personal property replacement.

There is also the option to choose a plan that pays dividends. Amica doesn’t guarantee dividend payments but states on its website that such payments are 5-20% of your annual premiums, on average.

Amica’s Claims Handling:

Amica is our top-ranking homeowners insurer for claims handling with a score of 4.8 out of 5. The average company score in this rating is 4.2. Just over 62% of our survey respondents said they were completely satisfied with the ease of filing a claim with the insurer, with only Nationwide having a higher percentage at 65.2%. And 75% said they were either satisfied or completely satisfied with how their claim was resolved.

Amica’s Customer Service:

Amica places No. 5 in our rankings of the top home insurance companies for customer service, with a score of 4.1 out of 5 – the average score for companies in that rating. On average, 75% of survey respondents said they were satisfied or completely satisfied with the ease of opening a policy with the company. However, a slightly higher proportion, just over 59%, gave the same rating when it came to the actual service provided.

Amica’s Customer Loyalty:

Amica is No. 2 in our customer loyalty rating with a score of 4.6 out of 5; the average score in the rating is 4.2. Almost 97% of survey respondents said they were likely or very likely to renew their homeowners policy, with just over 53% saying they were very likely to renew.

Amica’s Value:

When it comes to value, Amica lands in the No. 7 spot with a score of 4.1, just below the category average score of 4.2. A little over 56% were satisfied with the value they received from their Amica homeowners insurance policy, while 31% were completely satisfied.

Amica does have solid offerings overall, including two different homeowners insurance policies and the option of earning dividends. It is both the cheapest homeowners insurance company in our rating and the one with the highest rating for claims handling. Amica is in the middle of our customer service rating and on the lower end for perceived value.

Amica offers two homeowners insurance policies: Standard Choice Home Coverage and Platinum Choice Home Coverage. Both of these policies can be purchased with a dividends option. Keep in mind that coverages vary by policy and state.

Standard Choice

This policy offers basic coverage for your home:

  • Dwelling. This coverage will pay if the structure of your home, including attached structures, is damaged and needs repairs or rebuilding after a covered claim.
  • Other structures. This coverage will pay if there is damage to structures on your property not attached to the dwelling, like a detached garage, fence, shed, or barn.
  • Personal property. This coverage pays if your clothes, furniture, electronics, or other items are damaged in a covered loss.
  • Loss of use. This coverage, also called additional living expense (ALE), will pay to temporarily house you and your family if you can’t live in your home after damage from a covered peril. It will also pay for expenses like having to eat out or pay for pet boarding.
  • Liability. If you, or someone in your household, are held legally responsible for damages to someone else’s property or injuries to others, this coverage will pay for your legal expenses.

Platinum Choice

The Platinum Choice policy offers all the basic coverages in the standard plan along with a group of coverages that can also be purchased a la carte if you choose the Standard Choice policy.

  • Dwelling replacement cost. This coverage provides up to 30% more in dwelling coverage to repair or replace your home after a covered loss.
  • Personal property replacement. When your electronics, furniture, clothing, and other items need to be replaced after a covered claim, they will be replaced with brand-new items without factoring in depreciation.
  • Liability and medical payment coverage. This coverage increases limits for liability up to $500,000 and guest medical payments up to $5,000.
  • Valuable items extended coverage. High-value items, such as antiques, fine arts, and jewelry, receive higher coverage limits under the Platinum Choice package.
  • Business property coverage. If you have business property at home, this coverage will pay up to $5,000 for damages. This amount decreases to $2,000 if your business property is damaged outside of your residence.
  • Water backup/sump overflow. This coverage will pay for damage caused by a sump pump failure or overflow or water or sewer lines backing up into your home’s drains.
  • Special computer coverage. This coverage provides broader limits for electronics, like your TV, tablet, laptop, smartphone, and other smart devices, if they are damaged by water, heat, or power surges.
  • Credit card coverage. This coverage will pay up to $5,000 if your credit card is stolen or you have fraudulent charges.
  • Loss assessment plan. This coverage is for those who live in condos or gated communities and experience losses in common areas.

Dividends

Amica also offers a dividend policy in some states, which returns between 5% to 20% of your annual premium each year in the form of a dividend payment. You can have this payment mailed to you as a check, directly deposited into your bank account, or applied to your next year’s premium. The standard policy is a traditional policy and does not receive a dividend.

Amica snags the top spot for cheapest homeowners insurance companies, with a standard monthly premium of just $146.20. This is based on a policy that has $300,000 in dwelling coverage and $100,000 in liability coverage. It also assumes the policyholder is a 47-year-old married individual with a 728 FICO score and a three-person household in a wood-framed home.

If you increase the coverage to $500,000 in dwelling and $300,000 in liability, the average monthly premium increases to $179.02.

Of course, your actual premiums will depend on your circumstances, including your home’s zip code and your desired coverages. The best way to understand the potential cost will be to get a quote from the company.

?

As an Amica policyholder, you may qualify for these homeowners insurance discounts:

  • Claim-free. This discount is for a homeowner who has not filed a claim in the last three years.
  • E-discount. Policyholders who sign up for electronic documents are eligible for this discount.
  • Autopay. By paying your premiums automatically, you will receive this discount.
  • Loyalty. If you’ve been with Amica for at least two years, you can qualify for this discount.
  • Multi-line. Bundle your homeowners policy with auto, condo, life, umbrella, or renters policies to save up to 30%.
  • Alarm system. A home with a burglar alarm, fire alarm, or automatic sprinkler system qualifies for this discount.
  • Automatic detection devices. This discount is for homes equipped with water leak detection systems, temperature monitoring systems, or gas leak detection systems.
  • New/remodeled home credit. This credit applies to new homes or newly remodeled homes.

Discount percentages and availability can vary by state. Work with an Amica representative to find out which discounts you qualify for and the savings they generate.

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