American Bankers Insurance Company of Florida Car Insurance Review & Ratings (2023)

Is American Bankers Insurance Company of Florida a Good Choice?

If you’re looking for insurance products from American Bankers Insurance Company of Florida, you may notice that the company is difficult to find online. This is because American Bankers Insurance Co. of Florida operates under the Assurant name. As Assurant, the company offers different types of insurance, like renters insurance, supplementary homeowners insurance, mobile device coverage, and more. 

Assurant has an A- (Excellent) financial strength rating with A.M. Best and an A+ rating with the Better Business Bureau (BBB). Still, the company has more customer complaints than you might expect for a company of its size. Many of the complaints focus on the lack of quality customer service and the company’s negligent claims handling policies.

As you shop for insurance, you should find and compare quotes for the coverage you need. As you compare quotes from Assurant and other insurance companies, you’ll learn which insurance company offers the type of insurance coverage you need at a price that works with your budget.

Insurance Industry Experience

Assurant has had more than a century of experience in the insurance industry. Because of this, the company is well-versed in all sorts of insurance topics. In addition, many Assurant customers see the company’s age and longevity as a sign that it provides good products and knows how to manage its policyholders’ insurance products well. 

Fortune 500 Company

Assurant has been a Fortune 500 company several different times. Assurant is a large insurance company with offices throughout the United States. The company’s size and scope may help some potential customers feel more comfortable pursuing Assurant for their insurance needs. 

Constant Claim Reporting

With Assurant, policyholders benefit from 24/7 claims reporting. Regardless of the day or time, Assurant representatives are there to help you file a claim. An Assurant employee will tell you the information they need to start your claim and inform you of the process as it progresses. 

Assurant’s Customer Complaints

Assurant policyholders leave more than the expected number of customer complaints for a company of its size. Complaints on the BBB website and across online platforms suggest customers believe Assurant does not handle claims well. Additionally, the company’s lack of helpful and responsive customer support leads many to believe they would be better off with a different insurance company. 

High Insurance Rates

Assurant carries a significant amount of clout. Still, the company does not do a good job of making its rates affordable when compared to other insurance companies. In many cases, Assurant’s rates are among the most expensive rates available for many of its insurance products. As a result, anyone considering purchasing an insurance policy with Assurant should find and compare quotes from several companies before doing so.

Vague Online Information

Assurant does not provide much information in terms of its company, its goals, or its insurance products. Additionally, the company actively avoids acknowledging its suboptimal customer reviews concerning support, customer service, and claims handling processes.

What’s Assurant’s customer service like? 

When it comes to customer service, Assurant leaves a lot to be desired. The company receives many customer complaints, and many past and present policyholders state that Assurant customer service standards are far too low. 

The company does offer the following perks in terms of customer service:

• 24/7 claims by phone or online
• Expansive Assurant phone directories available

According to the Assurant website, some customer service hotlines have restrictions and are only available from 8 a.m. to 8 p.m.

What’s wrong with Assurant’s customer service? 

Assurant tends to have a bad reputation for customer service. Many of the company’s policyholders complain about the company’s lack of careful consideration, and some state the company actively avoids their claims and takes too long to provide information or financial assistance when necessary.

The Disparity in Assurant Customer Reviews

According to some customers, Assurant reviews online are not accurate. While you can read plenty of positive reviews on the Assurant Insurance website or the BBB Assurant profile, the customer complaints tell a different story.

Additionally, while Assurant seems to reply to customers’ complaints and seek resolution, the company asks BBB to hide its responses rather than make them public, so it’s difficult to know exactly what’s happening behind the scenes.

While Assurant is a well-known company with an excellent reputation and solid financial strength, its positive customer reviews should not be enough to sway you before considering the multitude of online customer complaints.

If you’re considering Assurant for your personal renters insurance or flood insurance needs, consider other companies. You can compare quotes and coverage options from other insurance companies to determine which offers the coverage you want at a price that works best for you and your family. 

American Bankers Insurance Company of Florida Rates

Assurant renters insurance is one example of the company’s bad customer service reputation. Many people with an Assurant renters insurance policy state the company does not meet their expectations for assistance or service. 

Additionally, Assurant keeps higher-than-average rates for its renters insurance, giving potential customers less incentive in terms of purchasing a policy. The average customer will pay over 50% more on average for an Assurant renters insurance policy than for coverage with another company.

While renters insurance coverage with Assurant may be helpful, the company likely charges too much for its policies. Customers are unhappy with how they are treated during the claims filing and handling processes.

Is Assurant renters insurance good?

The cost of an Assurant renters insurance policy is often steep. Still, coverage may be a good idea for certain customers. 

Assurant often offers low deductible options for people who would rather pay more in monthly or annual fees and save money if they ever need to file a claim. Additionally, Assurant provides better coverage for pet owners, especially concerning certain dog breeds. If you need renters insurance for pet owners, speak with an Assurant representative to learn more about your options. 

You can read more about what renters insurance covers here.

How much is renters insurance with Assurant?

If you purchase $10,000 in coverage with Assurant, it will cost around $214 annually or $18 each month, while coverage with State Farm is around $115 annually or $10 each month. The same is true for higher levels of coverage. As a result, Assurant renters insurance consistently costs more than renters coverage with another insurance company. 

What does an Assurant renters policy cover?

Assurant renters insurance covers a lot of scenarios, including:

• Fire 
• Lightning
• Windstorms and hail
• Explosions
• Smoke
• Vandalism and theft
• Burst pipes

In addition to the coverage listed above, Assurant allows customers to add supplemental coverage options to any policy. Some of the supplemental coverages include:

• Replacement cost coverage: With this insurance, Assurant will pay for the full cost of replacing a certain item without factoring in any depreciation. 
• Sewer backup insurance: Sewer backup covers damage to your personal items after a pipe is clogged or broken and causes overflow. 
• Pet damage: Pet damage coverage pays to repair or replace furniture and other items if your pets damage them with clawing, biting, scratching, or otherwise ruining it.
• Unemployment insurance: If you’re unemployed for one month or longer, Assurant unemployment coverage will help you pay your landlord. 
• Identity fraud coverage: Assurant covers any costs associated with identity theft, like fraudulent credit card bills. 
• Earthquake coverage: If an earthquake causes damage to your items or property, Assurant will pay to repair or replace them.

Not many companies offer unemployment or other add-on coverage options for a renters insurance policy. Because of this, Assurant may be a good fit for certain individuals and their unique living situations.

Still, it’s important to consider cost and compare quotes from other companies before you choose a renters insurance policy. 

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American Bankers Insurance Company of Florida Discounts Available

Assurant offers a few discount options to businesses and individual clients. Some of the company’s most popular discounts include:

• Elevated homes discount: If your home is located in a flood zone and is elevated on concrete pillars, you may be eligible for the elevated homes discount.
• Shore home stilts discount: If you live along the shore of a body of water and elevate your home on stilts, you could get a discount on flood insurance. 
• Damage specs discount: If you live in a home built specifically to withstand wind and wave damage, you could get a damage specs discount for flood coverage. 
• Annual premium discount: Companies and individuals may qualify for an annual premium discount if they pay for their insurance in full rather than breaking payments up throughout the year.
• Bundling discount: If you purchase more than one insurance product with Assurant, you may qualify for a bundling discount. 

Find the best ways to get the cheapest car insurance quotes.

American Bankers Insurance Company of Florida Coverage Options

Finding different types of insurance coverage with different companies can be annoying. Fortunately, Assurant provides its clients with several different insurance products to help them meet their insurance needs in one place.

Some of Assurant’s most popular insurance products include:

• Mobile device protection and support
• Multifamily housing solutions
• Vehicle protection
• Home appliances and electronics
• Financial protection
• Tools, furniture, and jewelry
• Travel
• Flood solutions

Depending on the type of insurance you’re looking for, you may find that Assurant meets several of your coverage needs.

As stated earlier, Assurant offers the following insurance products:

• Mobile device protection and support
• Multifamily housing solutions
• Vehicle protection
• Home appliances and electronics
• Financial protection
• Tools, furniture, and jewelry
• Travel
• Flood solutions

If any of these products interest you, you may want to learn more about Assurant’s approach to coverage and what you can expect from the company.

Mobile Device Protection and Support

Assurant approaches its mobile device protection from a business owner’s perspective. With Assurant, business owners can use the research and information Assurant provides to beat competitors while learning how to incentivize their own customers to choose new devices. 

Currently, Assurant protects more than 63 million mobile devices. The company operates in a global distribution network of 21 countries and boasts trade-in offers that are at least 20% higher, if not more.

Within Assurant’s mobile device protection and support policies, the company provides individual device protection, tech support, trade-in or upgrade programs, asset disposition and reverse logistics, claims handling, and a convergent of mobile technology in smart homes and vehicles.

Multifamily Housing Solutions

For the people who rent out their homes and the people paying to live in them, Assurant offers a unique set of services. Assurant’s multifamily housing solutions include:

• Renters insurance programs: Companies can use Assurant’s renters insurance as a part of their portfolios to reduce risk and make renters insurance more accessible to many.
• Deposit alternatives: Assurant helps landlords and property management companies reduce their debt and lower initial move-in costs.
• Debt recovery: Assurant helps companies and businesses decrease debt to run more efficiently and profitably.

Assurant’s multifamily housing solution currently covers more than 2.6 million units and is accessible in each of the 50 states in the U.S.

Vehicle Protection

Assurant does not offer standard car insurance coverage to individuals. Still, the company provides vehicle protection to many groups, organizations, and businesses.

With Assurant’s vehicle protection, companies can trust that Assurant is looking out to protect their assets and maintain their financial stability. Assurant’s vehicle protection plans are available for car dealers, agents, financial institutions, third-party administrators, and manufacturers.

More than 53 million vehicles have protection through one of Assurant’s vehicle protection plans worldwide. 

Home Appliances and Electronics

Assurant helps with home appliances and electronic information and coverage for businesses that sell these products. Assurant aims to provide sound customer research for different products and handle any necessary technical support so business owners can focus on more important things.

Assurant home appliance and electronic coverage is available to carriers, manufacturers, multi-service operators, and retailers. In addition, the company provides tech support, extended warranty programs, and claims support.

Financial Protection

Assurant has decades of experience dealing with mortgages. Because of the company’s background, it can help protect business owners’ assets and multifamily housing situations so there is no financial issue down the line.

Assurant works to ensure its clients are taken care of so they can keep running their businesses and helping their customers however they can. 

Tools, Furniture, and Jewelry

Assurant’s tool, furniture, and jewelry coverage is similar to the company’s home appliances and electronics coverage.

Assurant provides customer research and information to help business owners handle technical support when needed. Additionally, with Assurant, companies have asset repair and disposition to continue to generate revenue and beat competitors. 

Travel Insurance

Assurant provides travel support when companies need it most. With Assurant’s travel insurance, companies can rest assured that all travel expenses will be covered if they run into hiccups along the way. 

Flood Solutions

Assurant offers flood solutions to individuals and businesses through the National Flood Insurance Program (NFIP). Assurant’s flood insurance is the second-largest flood protection option in the U.S.

Flood insurance solutions have changed because of the NFIP, climate change, flood reform, and other variables. Still, Assurant offers helpful flood insurance options that add peace of mind to a business or personal property. 

With Assurant, you can get:

• NFIP coverage
• Private flood products
• FlexCash coverage
• Flood technology solutions

American Bankers’ flood insurance and renters insurance coverage may be available if you’re interested in private or personal insurance products with Assurant. You can speak with an Assurant representative to learn more about your options.

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