Amica Homeowners Insurance Review in 2023
Amica and American Family Insurance are tied for first place in our rankings of the best homeowners insurance providers for 2023. Amica was established in 1907 as the Automobile Mutual Insurance Company of America and is headquartered in Lincoln, Rhode Island. Amica currently provides a range of insurance products in addition to house insurance, including car, life, pet, renters, and small business insurance, as well as retirement annuities.
Amica, the top-ranked insurer in our ranking of the Best Home Insurance Companies of 2023, provides a variety of coverage options and ways to reduce the price of home insurance.
The Standard Choice insurance from Amica covers your house and any additional structures on your land, as well as your personal property, belongings, and the costs of temporary accommodation in the event that a loss renders your home temporarily uninhabitable. Options include protection against damage to computer equipment and water backup coverage.
All of the coverages from the regular policy, along with extra benefits, are included in the Platinum Choice policy. These include expanded coverage for specific types of property, such jewellery, as well as increased compensation for rebuilding or repair costs. Other advantages include extended coverage for damage to commercial property and protection against credit card theft.
Amica offers both dividend and non-dividend versions of its insurance. Dividend plans give policyholders a portion of their premium payments back; they are unavailable in California, Florida, Missouri, and North Carolina. Bundling house insurance with auto insurance or other policies, receiving discounts for repeat business, and receiving discounts for security features like sprinkler systems are additional ways to save with an Amica policy.
Our example policy, which applies a standard set of characteristics across the companies studied, estimates Amica’s monthly premium at $167.
The independent grading organisation AM Best has given the business an A+ grade. Alaska and Hawaii do not offer the company’s house insurance plans.
Amica vs. Allstate
One of just two companies that offer “green improvement reimbursement coverage,” which covers the cost of replacing damaged or destroyed goods with more energy-efficient alternatives, is Allstate, which came in at No. 3 in our ranking of the Best Home Insurance Companies of 2023.
One of the differences between the firms in terms of the sorts of coverage supplied is that No. 1 Amica does not offer this kind of coverage.
In most other respects, the typical coverages offered by the insurers are comparable. These include well-known safeguards such housing insurance, which covers the actual structure of a policyholder’s home, as well as liability and personal property coverage. Both businesses provide optional coverage for water backup and identity theft. Amica and Allstate offer flood insurance under the National Flood Insurance Programme, just as the other businesses we evaluated.
Both Amica and Allstate provide savings for combining house insurance with other coverages and for being a devoted customer. Amica, but not Allstate, offers a discount to policyholders who choose electronic document delivery. While Amica does not, Allstate does provide a discount for a history of on-time payments.
In all 50 states, neither choice provides home insurance coverage. In Alaska and Hawaii, Amica does not write policies, while Allstate is not available in California.
Our sample policy indicates that Allstate is the more expensive option, with a monthly premium of $264. The monthly sample rate for Amica is $167. AM Best has given Amica and Allstate both A+ ratings.
Amica vs. State Farm
The top-ranked insurer in our ranking, Amica, doesn’t offer home insurance in Hawaii or Alaska. State Farm, the second-placed business in our ranking, does not provide house insurance coverage in California, Massachusetts, or Rhode Island.
Both businesses provide a range of possibilities in addition to the most popular types of coverage. They also provide chances to bundle policies to receive discounts and reduce rates.
The basic coverage for a policyholder’s house, as well as personal property and liability coverage, among other typical safeguards, are all included in our sample policies for both Amica and State Farm. Additionally, both insurers provide an add-on policy that covers damages brought on by water backup.
In terms of the variety of offered discounts, Amica surpasses State Farm. Both companies provide discounts to policyholders who install alarms and other security- and safety-related equipment. The same is true, among others, for discounts for no claims and for client loyalty. Amica also provides discounts for newly constructed or renovated homes, as well as a “e-discount” for consenting to receive policy information and bills electronically.