Though it's not a name you may hear as frequently as its competitors', Amica is the oldest mutual insurer of automobiles in the U.S. — hence its name, derived from Automobile Mutual Insurance Company of America. Founded in 1907, it's also among the top 20 of largest home insurers, with a market share of nearly one percent. And it's a powerhouse when it comes to customer satisfaction, earning the highest ranking from JD Power for a staggering 18 consecutive years for its property insurance claims experience.
Amica Home Insurance Review: Service, Cost & More (2024)
Updated: November 6, 2024
Advertising & Editorial Disclosure
Overview of Amica Home Insurance
How Does Amica Home Insurance Rate?
Financial Strength Rating
Source | Rating |
|---|---|
A.M. Best | A+ |
Effective Date: January 2020
A.M. Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company's financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best's Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.
Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second "+" or a "-" indicates the gradation of financial strength within the category. We can't guarantee that the subsidiary of Nationwide Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best's Financial Strength Rating Guide for more information.
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Pros and Cons of Amica Home Insurance
pros
To reiterate - Amica was the award recipient in the 2019 J.D. Power Homeowners Insurance customer satisfaction study, rating five out of five in nearly every category. It has ranked highest in the homeowners insurance segment for 18 consecutive years.
The online quote tool is more streamlined than those offered by other home insurance company websites and offers a detailed level of customization as you build your home quote, including options for very high liability limits.
Amica also offers auto and life insurance, as well as specialty lines such as small business, motorcycle, and watercraft, allowing customers to keep several insurance policies within one company.
In most areas of the country, Amica offers its customers assistance in finding qualified contractors to perform repairs.
You may choose from several payment plans: monthly, quarterly, and annual.
cons
The online quote tool may ask you to choose your own replacement value rather than calculating it for you (and some users may find it difficult to calculate).
You may be required to enter the architectural style of your home, which some users may not know. In addition, certain types of structures—such as mobile homes—are not eligible, nor are farms or ranches.
Amica's longstanding financial strength rating of A++ (superior) by A.M. Best was downgraded in 2017 to A+, with its outlook downgraded from stable to negative. The cause was attributed to increased catastrophic losses, the results of which were higher premiums for customers.
Amica Home Insurance Coverage
Amica's home insurance coverage is what you would expect from a solid, full-service insurance company. They offer a variety of standard and optional coverage possibilities, and they allow you to customize the limits according to your preferences.
Amica's Standard Coverage Options
Amica's standard coverages are explained well on the website. The online quote tool provides a choice of packages based on the information you provide, or lets you choose your own coverage levels.
Dwelling coverage
Rather than using insurance industry software to come up with a dwelling or replacement cost coverage, Amica uses the amount that you enter in the online quote tool.
Other structures
This coverage is set at 10 percent of the dwelling coverage amount, to protect sheds, fences and other detached structures.
Personal property coverage
Protection for your personal belongings is typically set at 75 percent of the dwelling coverage limit. Amica does note that you will need to determine if this amount is sufficient and that you can purchase a higher limit if you wish.
Loss of use
The monetary limit set for the loss of use coverage is 30 percent of the dwelling coverage.
Deductible
Amica does not offer a separate deductible for wind or hail losses, but it does let you choose from a wide range of deductible amounts, from $500 up to $25,000.
Liability
Compared to industry averages, Amica offers extremely high liability coverage. Other companies may let customers set a limit of $1 million, but Amica extends that to $2 million.
Medical payments
This coverage is offered from $1,000 to $5,000 in thousand-dollar increments.
Amica's Additional Coverage Options
The company's home policies offer the standard extra options that usually come with property insurance, and let you choose from among a wide range of coverage limits.
Special computer coverage
The standard coverage for computer equipment is usually not enough protection if you have more than a basic selection of hardware. This coverage allows you to choose extra coverage ranging from $500 to $4,500, with several deductible options.
Water backup and sump overflow
This extra option is usually available to avoid any issues posed by backed-up sewers and drains. Coverage limits have stretched up to $50,000, with corresponding deductibles.
Automatic dwelling coverage increase
This option adds a 30 percent buffer to protect against the chance that your replacement cost exceeds your dwelling coverage limit.
Identity fraud expense coverage
With this extra coverage on your policy, you'll have $15,000 to apply to recovering from an identity theft incident, plus access to an expert who can help you navigate the process of restoring your name.
Personal property replacement coverage
This coverage option reimburses you for the replacement cost, not the depreciated value of your personal property.
Scheduled personal property coverage
Higher-value items such as jewelry and fine art may fall into this category, which extends protection beyond fire or theft.
Earthquake
In order to add earthquake coverage to your policy, you need to discuss the option with an agent.
Flood
Not all home insurance companies offer flood insurance, but Amica makes this coverage available through participation with the National Flood Insurance Program. Flood insurance policies are written separately from the main policy.
Available Discounts on Amica Home Insurance Coverage
Investments in your home—and some smart shopping—can bring the cost of insurance down significantly. Amica's high scores in customer satisfaction could be tied to the selection of discounts that it makes available.
Type of Discount | Description |
|---|---|
Multi-line discount | If you bundle home and auto insurance with Amica, you may qualify for a discount of up to 15 percent, and in some cases, this can also apply to an umbrella policy. |
Alarm system | Installing burglar alarms, sprinkler systems, and fire alarms in your home can help reduce your premium. |
New/remodeled home credit | New homes or homes that have significant renovations can get home insurance discounts. |
Automatic detection devices | Smart technology that monitors events such as gas or water leaks can make your home eligible for discounts. |
Loyalty discount | Savings are available for longtime customers (2+ years). |
Claim-free discount | You can save money on your insurance premiums if you have a record of not filing claims in the past three years. |
E-discount | Enrolling in Amica's e-policy and e-bill programs may earn you a discount. |
Automatic payment plan | Paying your bill through automatic payments can also lower your costs. |
How to Make a Home Insurance Claim with Amica
Amica lets customers file a claim by phone, online, or through the mobile app. To file online, you'll need to log in to your account, but the website does feature a virtual adviser to help you through the steps of the claims process. When you file a claim, a claims representative will go over your policy with you, discussing your coverages and deductibles. Claims resolution may include Amica issuing a debit card with which you can pay for repairs, and you'll be able to track the claim progress online or by calling the claims center.
How to Contact Amica Home Insurance
CUSTOMER SERVICE PHONE NUMBER
800-242-6422
CLAIM PHONE NUMBER
800-242-6422
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.